Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Insights - The company achieved a revenue of 4.19 billion yuan in H1 2024, representing a year-on-year increase of 27.7%, driven by the release of popular films and significant breakthroughs in IP development [2]. - The adjusted net profit attributable to shareholders reached 700 million yuan, up 16.4% year-on-year, with a gross profit margin of 49.7% [2]. - The online business showed signs of stabilization, with a slight decline in revenue, while the company is focusing on enhancing its self-owned reading platform and exploring new revenue streams through AIGC technology [2]. Summary by Sections Revenue Performance - The company reported a total revenue of 4.19 billion yuan in H1 2024, with a gross profit of 2.08 billion yuan, marking a gross profit margin of 49.7% [2]. - Online business revenue was 1.94 billion yuan, a decrease of 2.2% year-on-year, with self-owned platform revenue slightly declining by 0.9% to 1.69 billion yuan [2]. IP Development and Content Strategy - The company has launched several successful TV series and films, including "The Story of Rose" and "Celebrating the Year 2," contributing to a significant increase in copyright operations and other revenues, which grew by 73.3% to 2.25 billion yuan [2]. - The company is actively expanding its IP portfolio across various sectors, including animation, comics, and games, with notable projects in the pipeline for the coming years [2]. Financial Forecast and Valuation - The revenue forecast for 2024 and 2025 has been slightly adjusted upwards to 7.84 billion yuan and 8.12 billion yuan, respectively, while the adjusted net profit estimates have been revised downwards to 1.38 billion yuan and 1.51 billion yuan [2]. - The report emphasizes the importance of the company's IP reserves and the potential for diversified monetization strategies moving forward [2].
阅文集团：2024H1业绩点评：自有IP运营业务超预期，关注后续储备释放