Investment Rating - The report maintains a "Buy" rating for the company [1][8]. Core Insights - The company's performance is under short-term pressure due to platform scheduling, with a significant year-over-year revenue decline of 54.4% in 2024H1, resulting in revenue of 193 million yuan and an adjusted net loss of 49.41 million yuan [4][6]. - Despite the short-term challenges, the company is focusing on developing high-quality series and has seen rapid growth in its overseas business, with overseas revenue reaching 13.36 million yuan, a year-over-year increase of 92.5% [3][4]. - The company is actively expanding its short drama production capabilities, both domestically and internationally, with over 2000 minutes of short dramas launched in 2024H1 [4][6]. Summary by Sections Performance Overview - In 2024H1, the company aired one 36-episode series compared to one 38-episode series in 2023H1, impacting revenue recognition [4]. - The gross margin for 2024H1 was 22.4%, a decrease of 27.3 percentage points year-over-year, while the adjusted net margin was -25.7% [4][6]. Business Development - The company has launched new projects, including three new licensed drama projects, and has a strong pipeline with several projects completed or in production [3][4]. - The company has signed business cooperation agreements exceeding 60 million yuan in 2024H1, with multiple brand contracts exceeding 10 million yuan [4]. Financial Projections - Revenue projections for 2024-2026 are estimated at 911.8 million yuan, 1.482 billion yuan, and 1.961 billion yuan, respectively, with corresponding net profits of 126.15 million yuan, 216.86 million yuan, and 274.14 million yuan [7][8]. - The report anticipates a recovery in revenue growth starting in 2025, with a projected growth rate of 62.54% for that year [7].
柠萌影视：2024H1业绩点评：业绩短期承压，短剧与海外业务高增