Core Insights - The company achieved a revenue of 1.017 billion yuan in 2024, representing a year-over-year increase of 24.65%, with a net profit attributable to shareholders of 85 million yuan, up 62.93% year-over-year [1] - The gross margin continued to recover, reaching 29.97% in 2024, an increase of 1.32 percentage points year-over-year, driven by high-margin equipment sales and improved profitability of anime IP derivatives [1] Revenue Breakdown - Equipment sales generated revenue of 549 million yuan in 2024, a year-over-year increase of 37.85%, accounting for 53.95% of total revenue [2] - Anime IP derivative products achieved revenue of 327 million yuan, up 26.14% year-over-year, representing 32.09% of total revenue [3] - The company's amusement park operations generated revenue of 106 million yuan, a slight decline of 1.70% year-over-year, accounting for 10.39% of total revenue [3] Profitability Metrics - The net profit margin for 2024 was 8.32%, an increase of 1.95 percentage points year-over-year, supported by effective cost control in sales, management, R&D, and financial expenses [1] - The gross margin for equipment sales was 27.44%, up 0.62 percentage points year-over-year, while the gross margin for anime IP derivatives was 42.75%, an increase of 1.60 percentage points year-over-year [2][3] Future Outlook - The company maintains earnings per share (EPS) forecasts for 2025-2027 at 0.71, 0.87, and 0.93 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 38, 31, and 29 times [4] - The company is expected to continue leveraging its strengths in offline entertainment consumption and IP empowerment, with potential for gradual profit release [4]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company achieved a revenue of 1.017 billion yuan in 2024, representing a year-on-year growth of 24.65%, and a net profit attributable to shareholders of 84.65 million yuan, up 62.93% year-on-year [1] - The sales revenue from amusement equipment increased by 37.85% year-on-year to 549 million yuan, accounting for 53.95% of total revenue, with a gross margin of 27.44% [2] - The anime IP derivative products business generated revenue of 327 million yuan, growing 26.14% year-on-year, with a gross margin of 42.75% [3] - The amusement park operation business reported revenue of 106 million yuan, a slight decline of 1.70% year-on-year, but with an improved gross margin of 2.77% [4] Revenue Breakdown - Amusement equipment sales contributed 549 million yuan, 53.95% of total revenue, with a gross margin increase of 0.62 percentage points [2] - Anime IP derivative products generated 327 million yuan, 32.09% of total revenue, with a gross margin increase of 1.60 percentage points [3] - Amusement park operations accounted for 106 million yuan, 10.39% of total revenue, with a gross margin increase of 1.71 percentage points [4] Financial Forecast - The company is projected to achieve revenues of 1.14 billion yuan, 1.225 billion yuan, and 1.3 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 12.0%, 7.5%, and 6.1% [4] - Net profit attributable to shareholders is expected to reach 970 million yuan, 1.1 billion yuan, and 1.23 billion yuan for the same years, with growth rates of 14.4%, 13.8%, and 11.3% respectively [4]