Glory Holdings reported on January 24 that Beijing Yuanlong Yato Culture Dissemination (002878.SZ) announced its performance forecast for 2024, estimating a net income loss of 0.15 billion yuan to 0.19 billion yuan attributable to shareholders of the listed company, a turnaround from profit to loss year-on-year; the net income loss attributable to the parent after deducting non-recurring gains and losses is estimated to be 0.155 billion yuan to 0.195 billion yuan; and the basic EPS loss is expected to be between 0.57 yuan/share and 0.73 yuan/share.
In 2024, under various adverse conditions such as tight client budgets and intense industry competition, the company is increasing its strategic efforts to develop clients, enhancing its share and market share among major clients, driven by revenue growth in marketing business to boost overall company revenue. It is expected that the company will achieve an operating revenue of approximately 2.7-2.9 billion yuan for the year, showing slight year-on-year growth; the gross margin is expected to remain basically stable year-on-year.
In 2024, the budget for downstream clients of the company's controlling subsidiary, Qianma Network, has decreased amid fierce market competition. Although Qianma Network maintains stable operating revenue, its profitability continues to decline. It is expected that the recoverable amount of New Media marketing services assets, including goodwill, will be less than their book value, with an estimated goodwill impairment provision of 0.171 billion yuan. The final valuation of goodwill assets will have to be determined after the appraisers complete the evaluation procedures; investors should refer to the final data in the 2024 annual report.
In addition, according to the company's long-term development strategic plan, the company continues to conduct product development and operation for the Asian Winter Games, as well as IP signing, design and development of IP cultural and creative products, development of online and offline channels, and investment in cutting-edge Technology applications. It is expected that the total amount of sales expenses, administrative expenses, and R&D expenses for 2024 will remain basically on par with the same period last year, and the continued large input of related expenses is also one of the important reasons affecting the company's current profitability.
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