Guangbo(002103) 甬兴证券·2025-03-26 03:16Investment Rating - The report initiates coverage with a "Buy" rating for the company, highlighting its position as a leading player in the domestic educational supplies sector and its active development of cultural and creative products [3]. Core Viewpoints - The company is a leading domestic educational and office supplies enterprise, with significant revenue growth expected in the coming years. In the first three quarters of 2024, the company achieved revenue of 1.758 billion yuan and a net profit of 105 million yuan, showing a substantial increase when excluding one-time gains from the previous year [1][22]. - The office direct sales sector is experiencing steady growth, with the company focusing on centralized and e-commerce procurement for government and large enterprises. The company has won several procurement projects, enhancing its sales capabilities [1][20]. - The "Guzi Economy" is rapidly growing, with the market size expected to increase from 120.1 billion yuan in 2023 to 168.9 billion yuan in 2024, representing a growth rate of approximately 40.63%. The company is actively developing unique cultural and creative products and has secured multiple IP licenses [2][56]. Summary by Sections 1. Domestic Educational Supplies Leader - The company specializes in the manufacturing and sales of educational and office supplies, with a focus on sustainable development and high-quality products. It has received numerous accolades for its contributions to the industry [14]. - The company has built a diverse IP matrix, including various sub-brands, to cater to different market segments, enhancing its competitive edge [15]. 2. Growth of the "Guzi Economy" - The "Guzi Economy" is characterized by a growing market for cultural and creative products, with significant opportunities for companies that can leverage popular IPs. The company is well-positioned to benefit from this trend [56][59]. 3. Financial Forecast and Investment Recommendations - The company is projected to achieve net profits of 141 million yuan, 184 million yuan, and 245 million yuan from 2024 to 2026, with corresponding growth rates of -16.8%, 30.8%, and 33.2%. The earnings per share (EPS) are expected to be 0.26 yuan, 0.34 yuan, and 0.46 yuan, respectively [3][5]. - The company's price-to-earnings (PE) ratios are projected to be 37.34, 28.55, and 21.44 for the same period, indicating a favorable valuation compared to peers [3][5]. 4. Industry Trends - The educational supplies industry is experiencing stable growth, with a shift towards brand and personalized products. The demand for unique and high-quality stationery is increasing among consumers [47][48]. - The rise of digital procurement is transforming the purchasing landscape, with significant growth potential in this area as companies seek to enhance efficiency and reduce costs [60].