Enlight Media(300251) 长江证券·2025-04-24 14:44Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company achieved a revenue of 1.586 billion yuan in 2024, representing a year-on-year increase of 2.58%, while the net profit attributable to the parent company was 292 million yuan, down 30.11% year-on-year. The first quarter of 2025 saw a significant revenue increase to 2.975 billion yuan, up 177.87% year-on-year, with a net profit of 2.016 billion yuan, up 374.79% year-on-year, largely driven by the success of "Nezha 2" [2][4] Summary by Sections Financial Performance - In 2024, the company reported a total revenue of 1.586 billion yuan, with a net profit of 292 million yuan and a non-recurring net profit of 2.44 billion yuan. The fourth quarter of 2024 saw a revenue of 144 million yuan and a net loss of 169 million yuan. For the first quarter of 2025, the company achieved a revenue of 2.975 billion yuan and a net profit of 2.016 billion yuan [2][4][11] Dividend Distribution - The company plans to distribute approximately 585 million yuan in dividends for 2024, with a cash dividend of 2 yuan per 10 shares, which accounts for about 200.24% of the net profit for that year. The company is expected to maintain a stable distribution ratio in 2025 [4] IP Development and Future Projects - The company is transitioning from a "high-end content provider" to an "IP creator and operator," with a focus on expanding its animation production capacity and developing a comprehensive IP monetization model. Upcoming projects include various animated films and live-action movies, with a strategic focus on the "Light Media Mythology Universe" [11][11] Earnings Forecast - The company is expected to see net profits of 2.387 billion yuan, 1.076 billion yuan, and 1.296 billion yuan for the years 2025 to 2027, respectively, with corresponding PE ratios of 24.34, 53.97, and 44.81 [11][11]