LSR(002858) 华鑫证券·2024-08-28 00:23Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company's revenue for the first half of 2024 reached 220 million yuan, representing a year-over-year increase of 22.76%. The net profit attributable to the parent company and the net profit after deducting non-recurring gains and losses were 13.7 million and 12 million yuan, respectively, with year-over-year increases of 15.6% and 22.54% [1] - The report highlights the potential for commercialization of event IP, indicating a positive outlook for the company's main business [1][2] - The company is expected to benefit from the growth of its international motorsport events and the establishment of a new electric vehicle experience center in Hainan, which is projected to enhance annual profits by over 50 million yuan [2] Summary by Sections Financial Performance - In the first half of 2024, the company's revenue increased by 22.76%, with operating costs rising by 39.74% and sales expenses increasing by 18.9%. Management expenses decreased by 17.33% [1] - The company reported a net operating cash flow of 103 million yuan, indicating an improvement in cash flow [1] - For Q2 2024, the company achieved a revenue of 118 million yuan, a year-over-year increase of 32.46%, with net profits of 2 million and 1 million yuan, reflecting year-over-year growth of 18.63% and 44.93% respectively [1] Revenue Breakdown - The revenue from venue operations, event operations, equipment, and marketing for the first half of 2024 was 55 million, 147 million, 5.7 million, and 10 million yuan, respectively, all showing double-digit growth [1] - Event revenue accounted for 66% of total revenue, with significant contributions from international events [1][2] Future Projections - Revenue forecasts for 2024-2026 are projected at 508 million, 585 million, and 660 million yuan, with net profits of 55 million, 102 million, and 130 million yuan respectively [3] - The report anticipates continued growth in the company's sports event IP matrix and the potential for new technological applications in the sports industry [3]