奥拓电子：Q1业绩大幅改善，新拓抖音品牌服务业务-20250522

Investment Rating - The report maintains an "Accumulate" rating for the company [1][6]. Core Insights - The company reported significant improvement in Q1 2025 performance, with a net profit increase of over 20 times year-on-year, primarily due to reduced credit impairment losses and lower operating expenses [2][3]. - The company has a strong order reserve, with a total of approximately 383 million yuan in hand orders and bid amounts as of March 2025 [3]. - The company is expanding its services into Douyin's local life virtual live streaming and has undertaken multiple global virtual studio projects, enhancing its market position [4]. - The company has a consistent dividend policy, proposing a cash dividend of 0.20 yuan per 10 shares for 2024, marking 14 consecutive years of cash dividends [5]. Financial Summary - In 2024, the company achieved revenue of 722 million yuan, a year-on-year increase of 9.78%, but reported a net loss of 38.53 million yuan [2][8]. - For Q1 2025, the company generated revenue of 185 million yuan, a 2.72% increase year-on-year, with a net profit of 13.60 million yuan, reflecting a 2139.84% growth [2][3]. - The company expects revenues of 800 million yuan, 920 million yuan, and 1.04 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 59 million yuan, 82 million yuan, and 98 million yuan for the same years [6][10].