%% %% 丨证券研究报告丨 公司研究丨点评报告丨万达电影（002739.SZ） [Table_Title] 大盘表现平淡拖累公司业绩，公司制片能力持续 得以验证 | --- | --- | --- | |------------------------------------------------------------------------|-------------------------------------------------------------------------------|-------| | | | | | 报告要点 | | | | [Table_Summary] 万达电影披露 2024 三季报， 24 前三季度实现营收 | 98.47 亿 / 同比 -13.23% ，实现归母净利 1.69 | | | 亿 / 同比 -84.87% ；其中单三季实现营收 36.28 亿 / | 同比 -18.98% ，实现归母净利 0.55 亿，同比 - | | | | 。公司经营效率持续优化、院线市占率稳中有升、电影储备丰富 我们看好公司未来业绩 | | | 92.01% 释放。 | , ...

证券研究报告 | 季报点评 gszqdatemark 2024 11 01 年 月 日 万达电影（002739.SZ） Q3 业绩受大盘拖累，电影业务业绩增长 事件：公司发布 2024 三季报。2024Q1~Q3 公司实现营业收入 98.47 亿元（YoY13.23%）；实现归母净利润 1.69 亿元（YoY-84.87%），扣非归母净利润 0.82 亿元 （YoY-92.53%），其中 2024Q3 实现营业收入 36.29 亿元（YoY-18.98%），归母净 利润 5530 万元（YoY-92.01%），扣非归母净亏损 398 万元（YoY-100.58%），业 绩同比下滑主要是由于暑期档头部爆款影片同比减少、大盘表现平淡。 暑期档大盘表现平淡，院线业务承压。2024Q3 全国电影票房 108.6 亿元（yoy43.8%），观影人次 2.65 亿（yoy-43.3%），受大盘拖累公司院线业务承压， 2024Q1~Q3 公司国内影院实现票房 46.1 亿元（不含服务费），yoy-25.9%；观影 人次 1.1 亿，yoy-25.9%，累计市场份额 14.7%，同比微降 1.8 pct，稳定排名行 业首位； ...

万达电影（ [Table_StockNameRptType] 002739） 公司点评 | --- | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------|------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

来源：公司年报、国金证券研究所 院线业务承压，看好 25 年春节档及内 传媒与互联网组 分析师：马晓婷（执业 S1130524070006） maxiaoting@gizq.com.cn 业绩简评 10月30日，公司发布24年三季报，Q3收入36.3亿元/同比-19.0%， 归母净利 0.55 亿/同比-92.0%，扣非归母-0.04 亿/同比-100.6%。 经营分析 收入：票房同比下滑致院线业务承压，内容板块贡献部分增量。 Q3 收入同比-18.98%，预计主要系票房大盘表现平淡，Q3 全国票 房 108.6 亿，同比-43.8%，同时，公司下属澳洲院线的票房同比 也有所下滑，但当期公司出品发行的《抓娃娃》《白蛇：浮生》及 参投影片《默杀》《出走的决心》等贡献增量，电影投资、制作及 发行业务收入同比增长，游戏板块受益于海外发行的《圣斗士星 矢：正义传说》持续贡献收入和新产品《暗影格斗 3》8 月上线后 的良好表现，游戏板块同比也有所增长。 盈利：Q3 净利润同比大幅下滑，微微盈利。Q3 归母净利率 1.52%， 同比-13.94pct，扣非归母净利率为-0.11%，同比-15.49pct，主 要系院线业务 ...

证券研究报告 经营预测指标与估值 万达电影 (002739 CH) 投资评级(维持): 头入 目标价(人民币): 15.00 研究员 SAC No. S0570520040004 zhujun016731@htsc.com SFC No. BPX711 +(86) 10 6321 1166 | --- | --- | |----------------------------------------------|--------------------------------------------| | | | | 研究员 SAC No. S0570517070006 SFC No. BQA910 | 周到 zhouzhao@htsc.com +(86) 10 5679 3958 | 基本數据 | --- | --- | |---------------------------------|------------| | | | | | | | 目标价 (人民币) | 15.00 | | 收盘价 (人民币 截至 10月 30 日) | 11.84 | | 市值 (人民币百万) | 25,804 | | 6个 ...

Cash Flow from Financing Activities - Payment of other cash related to financing activities: 437,860,605.20[25] - Total cash outflow from financing activities: 2,822,427,167.87[25] - Net cash flow from financing activities: -535,427,167.87[25] Exchange Rate Impact on Cash and Cash Equivalents - Effect of exchange rate changes on cash and cash equivalents: 1,084,474.13[25] Net Change in Cash and Cash Equivalents - Net increase in cash and cash equivalents: -645,726,302.75[25] Cash and Cash Equivalents Balance - Beginning balance of cash and cash equivalents: 3,092,607,470.06[25] - Ending balance of cash and cash equivalents: 2,446,881,167.31[25]

%% %% 丨证券研究报告丨 公司研究丨点评报告丨万达电影（002739.SZ） [Table_Title] 大盘表现平淡使公司业绩承压，公司制片能力不 断提升 | --- | --- | |----------------------------------------------------------------------------------------------------------------------|-------| | | | | 报告要点 | | | [Table_Summary] 万达电影披露 2024 年中报，公司 24H1 实现营收 62.18 亿元，同比下滑 9.48% ，实现归母净 | | | 利润 1.13 亿元，同比下滑 73.18% 。 24Q2 公司实现营收 23.97 亿元（同比 -22.97% ），亏损 2.12 | | | 亿元。公司院线市占率稳中有升、电影储备丰富、游戏业务表现亮眼强化多元化收入结构，我 们看好公司未来业绩释放。 | | | | | 分析师及联系人 [Table_Author] 高超 SAC：S0490516080001 SFC：BUX1 ...

Investment Rating - The report maintains a "Buy" rating for Wanda Film [1] Core Views - The company's performance in H1 2024 was impacted by a weak film market, leading to a decline in revenue and net profit [2][3] - Despite the challenges, the company is focusing on optimizing cinema operations and expanding merchandise sales, which are expected to contribute positively in the future [5][7] Financial Summary - In H1 2024, Wanda Film reported revenue of 6.218 billion yuan, a year-over-year decrease of 9.48%, and a net profit of 113 million yuan, down 73.18% [2][3] - The company's net profit margin was 1.88%, down 4.34 percentage points year-over-year, while the gross margin was 26.08%, down 2.18 percentage points [3] - Operating cash flow for H1 2024 was 537 million yuan, a significant decrease of 77.59% year-over-year, primarily due to increased investments in content [3] Business Segments - Cinema operations generated 3.639 billion yuan in revenue in H1 2024, a decline of 9.96% year-over-year, with a gross margin of 2.46% [5] - Merchandise sales reached 813 million yuan, down 17.25% year-over-year, with a gross margin of 60.96% [6] - The gaming segment saw revenue of 331 million yuan, a year-over-year increase of 100.19%, driven by successful game launches [7] Future Outlook - The report forecasts revenue growth for the company, estimating revenues of 14.192 billion yuan, 16.494 billion yuan, and 17.866 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 604 million yuan, 1.363 billion yuan, and 1.607 billion yuan [7][9] - The company aims to increase its market share in the cinema industry to 20% and is actively working on enhancing its content offerings [5][7]

万达[Table_StockNameRptType] 电影（ 002739.SZ） 公司点评 Q2 业绩受大盘拖累，持续关注大盘修复情况及重点影片上映节奏 | --- | --- | --- | --- | |------------------------------------------------------|------------------------|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | [Table_Author] [Table_Rank] | 投资评级：买入（维持） | | 主要观点： | ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a significant price increase in the next 6-12 months [2][4]. Core Views - The company reported a revenue of 6.22 billion RMB for H1 2024, a decrease of 9.5% year-on-year, and a net profit attributable to shareholders of 110 million RMB, down 73.2% [1][2]. - The cinema segment faced pressure due to weak box office performance in Q2, while the gaming business showed strong growth, with a 100.2% increase in revenue [2]. - The report anticipates continued pressure on the cinema segment in Q3, but expects growth in the content segment in the second half of the year [2]. Summary by Sections Performance Review - H1 2024 revenue was 6.22 billion RMB, down 9.5% year-on-year; net profit attributable to shareholders was 110 million RMB, down 73.2% [1]. - Q2 revenue was 2.4 billion RMB, a decrease of 23.0% year-on-year, with a net loss of 210 million RMB compared to a profit of 110 million RMB in the same period last year [1]. Operational Analysis - Revenue breakdown: - Cinema revenue was 3.64 billion RMB, down 10.0% year-on-year - Merchandise and catering sales were 810 million RMB, down 17.3% - Advertising revenue was 590 million RMB, down 3.6% - Game publishing revenue was 330 million RMB, up 100.2% [2]. - The cinema segment's Q2 box office decreased by 28.7%, attributed to a lack of supply and competition from tourism and concerts [2]. - The report highlights that the content segment's profitability remains stable, with a gross margin of 46.5% for film production and distribution, up 15.8 percentage points year-on-year [2]. Future Outlook - The cinema segment is expected to face challenges in Q3 due to a lackluster summer box office, with July and August 2024 box office down approximately 7 billion RMB year-on-year [2]. - Upcoming films and series are anticipated to support performance in the content segment, with several titles set to release in H2 2024 [2]. - The report projects net profits for 2024-2026 to be 580 million RMB, 1.22 billion RMB, and 1.48 billion RMB, respectively, with corresponding P/E ratios of 36.9, 17.5, and 14.4 [2][4].