Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's revenue and profit exceeded expectations, driven by successful IP launches and a focus on the release schedule of new productions [1] - The financial overview for the first half of 2024 shows total revenue of 41.9 billion, surpassing Bloomberg consensus of 37.2 billion, with a year-on-year increase of 27.7% [1] - The company is expected to maintain a strong content ecosystem and diverse business expansion capabilities, which will help build barriers and steadily improve profitability [1] Financial Overview - Total revenue for the first half of 2024 was 41.9 billion, exceeding Bloomberg consensus of 37.2 billion, with a year-on-year increase of 27.7% [1] - Gross margin was 49.7%, below Bloomberg consensus of 51.8%, with a year-on-year increase of 0.8 percentage points [1] - Operating profit was 4.5 billion, below Bloomberg consensus of 5.0 billion, with a year-on-year increase of 46.1% [1] - Non-IFRS net profit attributable to shareholders was 7.0 billion, exceeding Bloomberg consensus of 6.5 billion, with a year-on-year increase of 16.4% [1] Revenue Breakdown - Online business revenue was 19.4 billion, a year-on-year decrease of 2.2% [1] - Revenue from the company's own platform was 16.9 billion, a year-on-year decrease of 0.9% [1] - Revenue from Tencent product channels was 1.3 billion, a year-on-year decrease of 26.2% [1] - Third-party platform revenue was 1.2 billion, a year-on-year increase of 18.2% [1] - IP operation and other revenue was 22.5 billion, a year-on-year increase of 73.3% [1] IP Development and Performance - The successful sequel of a top IP, "Qing Yu Nian Season 2," achieved high ratings and viewership, demonstrating the effectiveness of the company's full industry chain operation mechanism [1] - The company has launched various merchandise and promotional activities related to its IP, significantly increasing engagement and sales [1] - The online reading content ecosystem continues to grow, with a significant increase in new authors and works [1] Future Outlook - The company has a rich pipeline of upcoming projects, including several anticipated dramas and films set to be released in the next two years [1] - The company is actively exploring new technologies and business models, including AI integration and short drama production [1] - The forecast for Non-IFRS net profit for 2024E-2026E is 12.6 billion, 15.3 billion, and 18.7 billion respectively, maintaining a "Buy" rating [1]
阅文集团：爆款IP助力收入、利润超预期，关注剧目上线节奏