Guangzhou Wahlap Technology (301011) 东吴证券·2024-11-01 04:30Investment Rating - Buy (Maintained) [1] Core Views - The company's performance exceeded expectations, driven by strong growth in equipment sales and IP derivative products [1][2] - Revenue for 2024Q1-3 reached 752 million yuan, a year-on-year increase of 26.39%, with net profit attributable to the parent company at 70 million yuan, up 55.74% year-on-year [2] - In 2024Q3, revenue was 290 million yuan, up 24.14% year-on-year and 17.55% quarter-on-quarter, with net profit attributable to the parent company at 34 million yuan, up 23.45% year-on-year and 109.65% quarter-on-quarter [2] Financial Performance - Gross margin for 2024Q3 was 31.64%, down 0.89 percentage points year-on-year but up 1.38 percentage points quarter-on-quarter [3] - Net profit margin attributable to the parent company and non-GAAP net profit margin for 2024Q3 were 11.58% and 11.11%, respectively, up 5.09 and 4.28 percentage points quarter-on-quarter [3] - Sales/management/R&D/financial expense ratios for 2024Q3 were 6.53%, 4.99%, 3.48%, and 0.65%, respectively [3] Business Segments - Anime IP Derivatives: Revenue for 2024Q3 was 103 million yuan, up 27.39% year-on-year, with a gross margin of 42.16% [4] - Game and Entertainment Equipment Sales: Revenue for 2024Q3 was 148 million yuan, up 37.77% year-on-year, with a gross margin of 27.76% [4] - Amusement Park Operations: Revenue for 2024Q3 was 31.56 million yuan, down 10.16% year-on-year, with a gross margin of 20.40% [5] - Equipment Operations: Revenue for 2024Q3 was 3.74 million yuan, down 48.39% year-on-year [5] Financial Forecasts - Revenue for 2024E, 2025E, and 2026E is projected to be 973.38 million yuan, 1,115.12 million yuan, and 1,239.36 million yuan, respectively [1] - Net profit attributable to the parent company for 2024E, 2025E, and 2026E is projected to be 84.35 million yuan, 104.14 million yuan, and 127.98 million yuan, respectively [1] - EPS for 2024E, 2025E, and 2026E is projected to be 0.58 yuan, 0.71 yuan, and 0.87 yuan, respectively [1] Valuation Metrics - Current P/E ratio is 57.82x, with projected P/E ratios for 2024E, 2025E, and 2026E at 35.62x, 28.85x, and 23.47x, respectively [1] - Current P/B ratio is 4.14x [7] - ROE for 2024E, 2025E, and 2026E is projected to be 10.88%, 11.85%, and 12.71%, respectively [12] Market Data - Closing price: 20.62 yuan [7] - 52-week low/high: 11.80 yuan / 25.46 yuan [7] - Market capitalization: 3,024.79 million yuan [7] Key Financial Indicators - Total assets for 2024E, 2025E, and 2026E are projected to be 1,381 million yuan, 1,551 million yuan, and 1,735 million yuan, respectively [11] - Total liabilities for 2024E, 2025E, and 2026E are projected to be 606 million yuan, 672 million yuan, and 728 million yuan, respectively [11] - Net cash flow from operating activities for 2024E, 2025E, and 2026E is projected to be 314 million yuan, 220 million yuan, and 339 million yuan, respectively [12]