Investment Rating - The report maintains a "Buy" rating for the company [5][8]. Core Views - The company's revenue for 2024 is projected at 2.866 billion RMB, reflecting a year-over-year increase of 2.36%, while the net profit attributable to the parent company is expected to decline by 47.04% to 238 million RMB due to a weak film industry impacting its core film copyright operations [1][2]. - The film industry has shown signs of recovery since 2025, which is expected to positively influence the company's performance [1]. - The company is a leader in the film copyright operation industry and has initiated a digital marketing business to diversify its revenue streams [2][3]. Summary by Sections Financial Performance - In 2024, the company's main business, film copyright operations, saw a revenue decline of 7.26% due to a weak film industry [2]. - The overall gross margin decreased to 18.81%, down 12.69 percentage points, primarily due to a lower gross margin from the new digital marketing business [2]. - The company adjusted its net profit forecasts for 2025-2027 to 497 million RMB, 560 million RMB, and 617 million RMB respectively, reflecting a downward adjustment of 18.5% and 16.9% for 2025 and 2026 [5][7]. Strategic Initiatives - The company is advancing its "One Body, Two Wings" strategy, focusing on content copyright operations while leveraging AI to enhance its business model [3]. - The AI-powered creative engine, ChatPV, is being developed to provide various services for both B2B and B2C segments, aiming to enhance productivity in content creation [4]. Valuation and Price Target - The target price for the company is set at 5.89 RMB, based on a projected PE ratio of 31 times for 2025, reflecting the company's investment in AI and new growth points [5][9].