SFC(601595) 开源证券·2024-09-01 10:06Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown a strong performance in its IP development business, with significant growth in revenue and profit, driven by the successful integration of Shanghai Film Group and the robust performance of its major IP projects [2][4] - The company is expected to continue its growth trajectory in the IP development and film business, with revenue forecasts for 2024-2026 projected at 11.09 billion, 13.31 billion, and 15.20 billion yuan respectively, and net profits at 2.37 billion, 3.45 billion, and 4.64 billion yuan [2] - The overall gross margin for the company improved to 26.70% in H1 2024, primarily due to the higher revenue contribution from the IP development business [3] Financial Performance Summary - In H1 2024, the company achieved revenue of 381 million yuan (up 2.39% year-on-year) and a net profit of 69 million yuan (up 4.92% year-on-year) [2] - The company’s Q2 2024 revenue was 171 million yuan (down 12.09% year-on-year, down 18.60% quarter-on-quarter), with a net profit of 23 million yuan (down 23.09% year-on-year, down 50.19% quarter-on-quarter) [2] - The company’s EPS for 2024-2026 is projected to be 0.53, 0.77, and 1.04 yuan respectively, with corresponding P/E ratios of 34.4, 23.7, and 17.5 times [2][5] IP Development and Business Growth - The company’s IP development business has accelerated its commercialization, with revenue and profit growth exceeding 100% in H1 2024 [4] - New IP products and collaborations with various games have significantly increased the company's market exposure, with total exposure exceeding 3 billion [4] - The company is set to release new films and entertainment products, which are expected to further enhance its revenue streams [4]