万达电影股份有限公司 | 股东名称 | 是否为控股 | 本次解除 | 占其所持 | 占公司 | 是否 | 质押起始 | 质押解除 | 质权人 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 股东及其一 | 质押数量 | 股份比例 | 总股本 | 为限 | 日 | 日 | | | | 致行动人 | （股） | | 比例 | 售股 | | | | | 万达投资 | 控股股东 | 70,000,000 | 16.06% | 3.21% | 否 | 2023 年 5 | 2024 年 4 | 中国银行股份有 限公司大连沙河 | | | | | | | | 月 9 日 | 月 15 日 | | | | | | | | | | | 口支行 | 股票代码：002739 股票简称：万达电影 公告编号：2024-019 号 万达电影股份有限公司 关于控股股东股份解除质押的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 万达电影股份有限公司（以下简称"公司"）于近日收到控股股东北京万达投 资有限公司 ...

万达电影股份有限公司 特此公告。 万达电影股份有限公司 关于办公地址及投资者联系电话变更的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 万达电影股份有限公司（以下简称"公司"）根据经营发展需要，于近日搬迁 至新办公地址，现将变更后的联系方式公告如下： | | 变更前 | | | 变更后 | | | --- | --- | --- | --- | --- | --- | | 办公地址 | 北京市朝阳区建国路 | | 号万达 93 | 北京市朝阳区八里庄东里 | 号 1 | | | 广场 B 座 | 11 | 层 | 莱锦文化创意产业园 CN02 | 楼 | | 邮政编码 | 100022 | | | 100025 | | | 联系电话 | 010-85587602 | | | 010-65055989 | | 除上述调整外，公司其他联系方式保持不变，敬请广大投资者留意。 股票代码：002739 股票简称：万达电影 公告编号：2024-017 号 万达电影股份有限公司 董事会 2024 年 4 月 9 日 ...

Investment Rating - Buy (首次) [1] Core Views - The report highlights that Wanda Film, as a leading cinema chain, is poised for a revaluation of its core value due to the post-pandemic recovery and the introduction of AI technology in the film industry [1] - The company's cinema business provides a profit cushion, with controllable downside risks and significant upside potential [1] - The entry of Ruyi Investment as a major shareholder and the change in management are expected to bring new opportunities for the company's development [1] Domestic Cinema Business Review - Wanda Film's domestic cinema business has shown resilience and market share growth despite industry challenges [2] - The company's market share in box office revenue increased from 14% in 2019 to 17% in 2022, even as the industry faced significant headwinds during the pandemic [2] - The company's profitability was impacted during the pandemic, but it managed to maintain and even increase its market share through strategic measures such as closing underperforming cinemas and focusing on high-quality locations [2] Market Share and Profit Potential - The report estimates that Wanda Film's domestic cinema business has a potential post-tax profit of up to 3 billion yuan, driven by the recovery of the film industry and the company's competitive advantages [2] - The company's overseas cinema business is expected to contribute 250-300 million yuan in annual net profit, providing a stable cash flow and profit cushion [2] Ruyi Investment and AI Opportunities - The entry of Ruyi Investment, led by Ke Liming, is expected to enhance Wanda Film's film production capabilities and bring new growth opportunities [2] - AI technology is seen as a potential game-changer for the film industry, with the ability to enrich mid-tier film production and drive industry demand growth [2] - Wanda Film, as a leading cinema chain and film producer, is well-positioned to benefit from these technological advancements [2] Financial Projections and Valuation - The report forecasts that Wanda Film's revenue will grow from 14.35 billion yuan in 2023 to 18.13 billion yuan in 2025, with net profit increasing from 1.14 billion yuan to 1.85 billion yuan over the same period [3] - The company's EV/EBITDA valuation for 2024 is estimated at 17x, which is between the industry average and the valuation of leading US cinema chains, suggesting a target market capitalization of 45.7 billion yuan [3] Historical Performance and Industry Trends - Wanda Film's historical performance reflects the broader trends in the domestic cinema industry, with periods of rapid growth, intense competition, and pandemic-induced challenges [2] - The company has consistently maintained a leading position in the industry, with a focus on high-quality expansion and operational efficiency [2] Strategic Initiatives - The company has implemented various strategic initiatives, including the introduction of franchise operations, to maintain its market leadership and improve profitability [2] - Wanda Film's focus on high-quality locations and strategic closures of underperforming cinemas has helped it navigate the challenges posed by the pandemic [2] Future Outlook - The report is optimistic about Wanda Film's future, citing the potential for market share growth, profit expansion, and the positive impact of new technologies and strategic partnerships [2][3] - The company's ability to leverage its strong market position, operational efficiency, and new opportunities in film production and AI technology is expected to drive future growth [2][3]

Investment Rating - The report maintains an "Outperform" rating for the company [4]. Core Insights - The new management team is in place, aiming to enhance market share and diversify revenue streams through film production and distribution [4]. - The company achieved a box office revenue of 7.56 billion yuan in 2023, recovering to 96.4% of 2019 levels, with a market share of 16.7% [4]. - The collaboration between the new controlling shareholder and the company is expected to bring flexibility to the film content business [4]. - The company is exploring diversified income sources, including IP derivative sales and advertising revenue [4]. - The report adjusts profit forecasts, projecting net profits of 1.137 billion yuan for 2023 and 1.513 billion yuan for 2024 [4]. Financial Summary - Total revenue for 2023 is estimated at 14.396 billion yuan, with a year-on-year growth rate of 48.5% [6]. - The net profit for 2023 is projected at 1.137 billion yuan, with a corresponding earnings per share of 0.52 yuan [6][7]. - The gross margin is expected to be 27.1% in 2023, with a return on equity (ROE) of 13.8% [6].

万达电影股份有限公司 一、《行政监管措施决定书》内容 "北京万达投资有限公司、莘县融智兴业管理咨询中心（有限合伙）、林宁： 经查，2019 年万达电影以发行股份购买资产方式收购万达影视传媒有限公 司（以下简称"万达影视"）股权。你们共同作为业绩承诺补偿主体，与公司签订 了《盈利预测补偿协议》，对万达影视 2018 年度、2019 年度、2020 年度及 2021 年度的净利润作出承诺，在业绩承诺不能实现时你们对万达电影进行补偿。 股票代码：002739 股票简称：万达电影 公告编号：2024-016 号 关于股东收到中国证券监督管理委员会北京监管局 行政监管措施决定书的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 万达电影股份有限公司（以下简称"公司"、"万达电影"）控股股东北京万达 投资有限公司及股东莘县融智兴业管理咨询中心（有限合伙）、林宁女士于 2024 年 3 月 25 日收到中国证券监督管理委员会北京监管局出具的《关于对北京万达 投资有限公司、莘县融智兴业管理咨询中心（有限合伙）、林宁采取责令改正行 政监管措施的决定》（【2024】53 号） ...

[Table_Title] 证券研究报告 万达电影（002739.SZ）：强强联合，推陈出 公司研究 新 [Table_ReportType] 公司点评 [Table_ReportDate] 2024年03月26日 万达电影（002739.SZ） [T事ab件le：_万Su达mm电ar影y]于3月22日举办的投资者交流会，公司实际控制人柯利明， 投资评级 董事长兼总裁陈曦，董事、执行总裁陈洪涛，董事、董事会秘书王会武，董 事龚峤，副总裁、财务负责人黄朔出席会议，董事长兼总裁陈曦主要发言。 上次评级 点评： [T冯ab翠le婷_Au传th媒or互]联网及海外 万达电影表示：（1）将继续拓展院线板块市场份额，并不断提高内容板块 首席分析师 产出能力。（2）公司计划利用时光网平台重点发展衍生品业务。（3）公司 执业编号：S1500522010001 现在坚持推进制片人中心制，相当于在全流程化的每一个流程端，除了满足 邮箱：fengcuiting@cindasc.com 导演的创作需求之外，公司无论是从产品立项上、还是从内容品质上、艺术 创作上以及审美上的层层方都严格把控，这样才能保证每一部作品的质量。 近年来中国观 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The new management team, led by Chairman Chen Xi, will focus on enhancing content production, IP collaboration, and AI technology integration to empower Wanda Film's business [1][2] - The company aims to increase its market share in the cinema sector to over 20% in the long term, currently holding a market share of 16.7% [1][2] - Wanda Film has a robust pipeline of films and series, with over 15 projects in production, including major releases scheduled for 2024 [2][3] Summary by Sections Company Overview - Wanda Film has a total of 905 operating cinemas and 7,546 screens as of December 31, 2023, with a market share of 16.7% [1] - The company plans to expand its direct-operated cinemas and enhance the quality and profitability of its cinema operations [1] Film and TV Production - The company is set to release films such as "Peacekeeping Riot Team" on May 1 and "White Snake: The Floating Life" on August 10, with a focus on major holiday releases [2] - Wanda Film is also investing in high-quality series, with several projects completed and set to air in 2024 [2] Gaming Business - Wanda Film's gaming subsidiary, Mutual Love Interactive, has seen significant growth in overseas revenue, which increased from 8% in 2019 to over 30% in 2023 [2] - The company plans to release several high-quality games in 2024, further expanding its international market presence [2] Non-Ticket Revenue - The company is focusing on developing its merchandise and food and beverage lines to increase non-ticket revenue, leveraging popular IPs for product development [2][3] - Wanda Film has established a strong online presence with 35 Douyin live accounts and approximately 5.4 million followers, aiming to enhance its online and offline sales channels [2] Financial Projections - Revenue projections for 2023E-2025E are 141.4 billion, 164.1 billion, and 180.1 billion yuan respectively, with net profits expected to be 11.27 billion, 16.6 billion, and 18.24 billion yuan [3][4] - The company anticipates a revenue growth rate of 45.8% in 2023E, followed by 16.1% in 2024E and 9.7% in 2025E [4]

公司报告 | 公司点评 万达电影（002739） 证券研究报告 2024年03月 23日 投资评级 院线主业受益于大盘复苏，管理层变更或为内容及游戏业务提供向上空间 行业 传媒/影视院线 6个月评级 买入（维持评级） 当前价格 16.1元 管理层变更完成，静待后续整合效果。3月，万达电影（002739）完成工商变更，陈曦女士为公司 董事长和总裁，杨海先生为公司监事会主席，儒意系正式接管万达电影。陈曦毕业于中央戏剧学院， 目标价格 元 2021 年起担任中国儒意控股有限公司执行董事，担任制片人的电影作品累计票房已突破百亿。根 基本数据 据万达2023年业绩预告，预计实现归母净利润 9-12 亿元，2022年同期亏损19.23亿元；扣非净 利润 7-10 亿元，2022年同期亏损约 20.8亿元，实现大幅扭亏为盈。我们看好万达电影在主业稳 A股总股本(百万股) 2,179.37 健（大盘增长，市占率有稳步提升逻辑）的基础上，与儒意在内容端整合显成效。 流通A股股本(百万股) 2,107.84 A股总市值(百万元) 35,087.84 24年电影大盘复苏可能性高，院线龙头有望持续受益 流通A股市值(百万元) 33, ...

[Table_Title] 证券研究报告 万达电影（002739.SZ）：新管理层加持，上 公司研究 下游产业联动有望加强 [Table_ReportType] 公司点评 [Table_ReportDate] 2024年03月19日 万达电影（002739.SZ） [T事ab件le：_S万um达ma电ry影]于2024年3月5日发布公告，1月29日万达电影股份有限 投资评级 公司在临时股东大会上选举了新一届的董事会非独立董事和监事会非职工 代表监事，同日，陈曦女士被选为董事长兼总裁，并成为公司法定代表人。 上次评级 近日公司已完成相关工商变更登记手续并取得《营业执照》。 [T冯ab翠le婷_Au传th媒or互]联网及海外 点评： 首席分析师  公司实际控制人变更。2023年12月12日，北京万达文化产业集团有限 执业编号：S1500522010001 公司、北京珩润及王健林先生与儒意投资签署股权转让协议，拟分别将 邮箱：fengcuiting@cindasc.com 其持有的万达电影股份有限公司控股股东万达投资20%、29.8%和1.2% 股权（合计持有万达投资51%股权）转让予儒意投资，转让价款共计人 民 ...

证券研究报告·公司深度研究·影视院线 万达电影（002739） 新时代、新班子，院线龙头价值重估 2024 年 03月 18日 买入（首次） 证券分析师 张良卫 [Table_EPS] 执业证书：S0600516070001 盈利预测与估值 2021A 2022A 2023E 2024E 2025E 021-60199793 营业总收入（百万元） 12,490 9,695 14,353 16,216 18,131 zhanglw@dwzq.com.cn 同比 98.40% -22.38% 48.04% 12.97% 11.81% 证券分析师 周良玖 归母净利润（百万元） 106.33 -1,923.00 1,139.57 1,452.49 1,849.91 执业证书：S0600517110002 同比 101.59% -1,908.47% - 27.46% 27.36% 021-60199793 zhoulj@dwzq.com.cn EPS-最新摊薄（元/股） 0.05 -0.88 0.52 0.67 0.85 研究助理 郭若娜 P/E（现价&最新摊薄） 283.86 - 26.49 20.78 16.32 ...