Jetsen(300182) HUAXI Securities·2025-05-22 00:30Investment Rating - The report maintains a "Buy" rating for the company [1][6] Core Insights - The company achieved a revenue of 2.866 billion yuan in 2024, a year-on-year increase of 2.36%, but the net profit attributable to shareholders decreased by 47.04% to 238 million yuan. In Q1 2025, revenue grew by 5.13% to 711 million yuan, with a net profit increase of 11.80% to 131 million yuan [2] - The company is focusing on enhancing its leading position in the copyright market and actively promoting cultural exports, having been recognized as a key enterprise in cultural exports for five consecutive years [4] - The company is exploring new business models in AI and copyright operations, collaborating with Huawei and other firms to develop AI-driven content creation tools [5] Summary by Sections Financial Performance - In 2024, the company reported a total revenue of 2.866 billion yuan, with a year-on-year growth of 2.4%. The net profit was 238 million yuan, reflecting a decline of 47.0%. The gross margin for 2024 was 18.8% [8][11] - For Q1 2025, the company achieved a revenue of 711 million yuan, a 5.13% increase year-on-year, and a net profit of 131 million yuan, marking an 11.80% increase [2][11] R&D and Profitability - The company increased its R&D investment, particularly in the AIGC field, leading to a rise in the R&D expense ratio to 1.43% in 2024. The overall gross margin improved significantly to 30.13% in Q1 2025 from 8.65% in 2024 [3][11] - The gross margin for the film and television copyright business decreased by 10.27 percentage points year-on-year, while the audio-visual technology segment saw a gross margin increase of 48.70 percentage points [3] Market Position and Strategy - The company holds a leading position in the domestic film and television copyright market, continuously expanding its content library and adopting a diversified approach to content procurement [4] - The company has established a self-operated team on overseas platforms and has significantly increased its subscriber base on YouTube, adding 19 million subscribers in the year [4] Future Outlook - The report adjusts the revenue forecast for 2025-2027 to 3.210 billion yuan, 3.551 billion yuan, and 3.881 billion yuan respectively, with net profit estimates of 465 million yuan, 529 million yuan, and 584 million yuan [6][11] - The company is expected to maintain a reasonable valuation level due to its strong market position and ongoing exploration of new business models [6]