SFC(601595) 国元证券·2025-04-25 04:46Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company experienced a significant increase in performance in Q1 2025, driven by IP-related business growth, despite a lackluster performance in 2024 [2][3] - The company reported a revenue of 690 million yuan in 2024, a decrease of 13.19% year-on-year, and a net profit of 90.05 million yuan, down 29.08% year-on-year. In Q1 2025, revenue reached 248 million yuan, an increase of 17.90% year-on-year, with a net profit of 65.27 million yuan, up 41.55% year-on-year [2] Business Performance Summary - The film screening business generated 454 million yuan in revenue, down 17.33% year-on-year, while the advertising business saw a revenue increase of 9.87% to 42 million yuan. The company has 836 franchise cinemas, holding a market share of 7.8% [3] - The IP business, focusing on the entire IP value chain, achieved a revenue of 66 million yuan, up 62.74% year-on-year, with a gross margin of 90.87% [3] - The company is actively exploring diverse development paths for its IP, including collaborations with various brands and the launch of new IP-related products [3] Financial Forecast - The company forecasts net profits of 238 million yuan, 325 million yuan, and 422 million yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.53, 0.73, and 0.94 yuan per share [4][6]