Investment Rating - The report maintains a "Buy" rating for the company [1][19][20] Core Views - The company's online business remains stable, and the release of quality IP has driven performance beyond expectations [1][3] - In H1 2024, the company achieved revenue of 4.191 billion yuan, a year-on-year increase of 28%, with operating profit rising by 46% to 454 million yuan, and net profit increasing by 34% to 504 million yuan [2][9] - The company is expected to continue strengthening its IP construction across the entire industry chain and explore the integration of AI technology with various IP content forms [16][17] Summary by Sections Operating Performance - The average monthly active users (MAU) for the platform in H1 2024 was 17.6 million, a decrease of 16.9% year-on-year, while the number of paying users increased by 0.4% to 8.8 million [3][8] - The average monthly revenue per paying user decreased by 1.9% to 31.7 yuan due to changes in the revenue mix of different products [8] Overall Performance - The company achieved revenue of 4.191 billion yuan in H1 2024, driven mainly by copyright operations and other business income [9][10] - Non-IFRS net profit increased by 16.4% to 702 million yuan, exceeding market expectations [9][10] Online Business - Online business revenue in H1 2024 was 1.94 billion yuan, a decline of 2.2% year-on-year, accounting for 46.3% of total revenue [9][15] - The company continues to invest in high-quality content, with a steady increase in the number of writers and works [15] Copyright Operations and Other Businesses - Revenue from copyright operations and other businesses reached 2.251 billion yuan, a year-on-year increase of 73.3%, driven by the success of popular IP adaptations [9][16] - The company plans to enhance its IP visualization and commercialization efforts, with significant breakthroughs expected in the future [16][17] Earnings Forecast and Valuation - The report slightly raises revenue and profit forecasts, expecting revenues of 7.6 billion, 7.9 billion, and 8.2 billion yuan for FY2024-2026, with adjusted net profits of 1.41 billion, 1.62 billion, and 1.78 billion yuan respectively [19][20] - The target market capitalization for 2024 is estimated at 28.3 billion yuan, with a target price of 28 yuan or 30 HKD [19][20]
阅文集团：2024H1财报点评：在线业务持稳，优质IP释放带动业绩超预期