Core Insights - The company has successfully transformed from a leading global digital content copyright protection SaaS provider to an AI-driven value hub for global content creators, with accelerated revenue growth expected by 2025 due to the explosion of AIGC ecosystems [1][2] - The introduction of two strategic platforms, DreamMaker and VobileMAX, aims to create a complete commercial loop from AI creation to monetization, enhancing the company's role as an ecosystem enabler [1][2] Revenue and Profitability - The company is experiencing a robust growth trajectory, with AI-related businesses contributing to high-quality revenue growth, demonstrating strong resilience and high growth potential in its business model [1] - Financial structure optimization has been achieved through zero-coupon convertible bonds, supporting larger R&D investments and market expansion in the AI era [1] Strategic Platforms - DreamMaker is an integrated audio and video creation platform based on multimodal AI models, leveraging partnerships with tech giants like NVIDIA for powerful cloud GPU support [1] - VobileMAX serves as a trading and operational platform for digital content assets, managing a vast amount of AI-generated content throughout its lifecycle [2] Future Outlook - The company aims to maintain a buy rating by focusing on multimodal AI R&D applications, developing industry-leading content generation, understanding, and review technologies [2] - The unique business model is expected to showcase significant scale effects and profit elasticity by 2025, with plans to develop more AI value-added services based on data insights [2] - The target price is set at HKD 6.60, reflecting a 24.6% upside potential, with a corresponding 58 times PE valuation for 2026 and 4.6 times PS [2]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HKD 6.60, indicating a potential upside of 24.6% from the current price of HKD 5.30 [1][7][13]. Core Insights - The company has successfully transformed from a leading global digital content copyright protection SaaS provider to an AI-driven value hub for global content creators. This transition is expected to accelerate revenue growth, particularly in 2025, driven by the explosion of AIGC (AI-Generated Content) and advancements in AI multimodal models [5][9][10]. - The launch of two strategic platforms, DreamMaker and VobileMAX, aims to create a complete commercial loop from AI creation to monetization. DreamMaker is an integrated audio-video creation platform, while VobileMAX serves as a trading and operation platform for digital content assets [6][12][13]. - The company is positioned to build a global economic value hub for content creators, focusing on multimodal AI research and applications. This unique business model is expected to showcase strong scalability and profitability by 2025, with a projected PE ratio of 58 times and a PS ratio of 4.6 times [7][13]. Financial Summary - The company anticipates significant revenue growth, with projected revenues of HKD 2,001 million in FY2023, increasing to HKD 4,463 million by FY2027, reflecting a compound annual growth rate (CAGR) of approximately 21.8% [8][19]. - The gross margin is expected to improve from 42.5% in FY2023 to around 44.6% by FY2027, indicating enhanced profitability [8][19]. - The net profit is projected to turn positive in FY2024, reaching HKD 143 million, and further increasing to HKD 359 million by FY2027, showcasing a strong recovery and growth trajectory [8][19].