我们基本维持2025 年调整后净利润预期14 亿元。参考可比优质内容及版权公司,基于18 倍2025 年市盈率,维持目标价28 港元,现价对应2025 年PEG 1.1倍(基于2024-26 年利润复合增速16%),高于重点内容公司平均1 倍,维持中性。预计AI 技术迭代将持续助力公司降本提效、加速可视化改编,关注短剧、衍生品等业务增量贡献释放。在线业务收入超预期:2024 下半年收入39 亿元(...
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