传媒娱乐板块午后继续走高 光线传媒一度涨逾19% 来源：证券时报·e公司 作者：郑灶金 2025-02-10 13:56 Aa 大号字 e公司讯，传媒娱乐板块午后继续走高，光线传媒一度涨逾19%，贵广网络涨停，万达 电影、华策影视、中国电影等涨幅居前。 责任编辑： 许擎天梅 ...

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The film "Nezha: The Devil's Child" has significantly exceeded box office expectations, with a total box office of approximately RMB 48.4 billion, accounting for 51% of the total box office during the Spring Festival period [2] - The film's final box office forecast has been continuously revised upwards, with expectations to exceed RMB 108 billion [2] - The company has a robust pipeline of projects, including both live-action and animated films, which will support future performance [3] Summary by Sections Box Office Performance - "Nezha 2" has set a record for the highest box office in Chinese film history, with the Spring Festival box office reaching RMB 95.1 billion [2] - The film's critical reception is strong, with ratings of 8.5 on Douban and 9.7 on both Maoyan and Taopiaotao, indicating a positive audience response [2] Revenue and Profit Forecast - The company has adjusted its profit forecast for 2024 down to RMB 453 million, a 51% decrease from previous estimates, while raising the 2025 profit forecast to RMB 1.732 billion, a 47% increase [4] - The projected revenue for 2025 is RMB 3.464 billion, reflecting a growth rate of 110.29% [5] Project Pipeline - The company has a diverse range of projects in development, including multiple live-action and animated films, as well as ongoing series [3] - Collaborations with leading companies for merchandise related to "Nezha 2" have shown strong market demand, with some products selling at nearly seven times their original price [3] Financial Metrics - The company is projected to achieve a gross profit margin of 52.1% in 2025, indicating strong profitability [9] - The earnings per share (EPS) is expected to be RMB 0.59 in 2025, with a price-to-earnings (P/E) ratio of 23 [5][9]

2025 年 02 月 06 日 光线传媒 (300251) 02-06 03-06 04-06 05-06 06-06 07-06 08-06 09-06 10-06 11-06 12-06 01-06 02-06 -20% 0% 20% 40% 60% 80% 100% 光线传媒 沪深300指数 (收益率) 相关研究 《光线传媒（300251）点评：现实题材有 突破，期待动画电影产能释放》 2024/09/23 证券分析师 林起贤 A0230519060002 linqx@swsresearch.com ——《哪吒之魔童闹海》验证中国动画 IP 龙头再上台阶 报告原因：有信息公布需要点评 买入（维持） | 市场数据： | 2025 年 02 月 06 日 | | --- | --- | | 收盘价（元） | 13.50 | | 一年内最高/最低（元） | 13.73/6.43 | | 市净率 | 4.4 | | 股息率%（分红/股价） | 0.52 | | 流通 A 股市值（百万元） | 37,628 | | 上证指数/深证成指 | 3,270.66/10,393.63 | | 注："股息率"以最近一年已 ...

经核查，公司、控股股东和实控人不存在关于公司的应披露而未披露的重大事项，也不存在处于筹划阶 段的重大事项。 证券时报e公司讯，光线传媒(300251)2月6日晚间披露股票交易异动公告称，公司及子公司出品、发行 的影片《哪吒之魔童闹海》已于1月29日起在中国大陆地区公映，目前正在热映中。 近期公司经营情况正常，内外部经营环境未发生重大变化。 ...

北京光线传媒股份有限公司 证券代码：300251 证券简称：光线传媒 公告编号：2025-007 北京光线传媒股份有限公司 股票交易异常波动的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、股票交易异常波动的具体情况 北京光线传媒股份有限公司（以下简称"公司"或"本公司"）股票交易连续 3 个交易日内（2025 年 1 月 27 日、2025 年 2 月 5 日、2025 年 2 月 6 日）收盘价格 涨幅偏离值累计超过 30%，根据深圳证券交易所的有关规定，属于股票交易异常 波动的情形。 二、公司关注并核实情况的说明 针对公司股票交易异常波动情况，公司董事会已进行自查，并向公司控股股 东、实际控制人就相关事项进行了核实，现就有关情况说明如下： （一）公司及子公司出品、发行的影片《哪吒之魔童闹海》已于 2025 年 1 月 29 日起在中国大陆地区公映，目前正在热映中。根据深圳证券交易所相关要求， 公司已于 2025 年 2 月 5 日在符合条件的创业板信息披露网站上披露了《关于电影 <哪吒之魔童闹海>票房的公告》（公告编号：2025-006）。 （ ...

北京光线传媒股份有限公司 证券代码：300251 证券简称：光线传媒 公告编号：2025-006 北京光线传媒股份有限公司 关于电影《哪吒之魔童闹海》票房的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 北京光线传媒股份有限公司（以下简称"公司"）及子公司出品、发行的影片《哪 吒之魔童闹海》（以下简称"该影片"）已于 2025 年 1 月 29 日起在中国大陆地区公 映。据国家电影专资办数据显示，截至 2025 年 2 月 4 日 24 时，该影片在中国大 陆地区上映 7 天，累计票房收入（含服务费）约为人民币 48.40 亿元（最终结算数 据可能存在误差），超过公司最近一个会计年度经审计的合并财务报表营业收入的 50%。公司根据《深圳证券交易所上市公司自律监管指引第 4 号—创业板行业信息 披露》的有关规定，发布此公告。 截至 2025 年 2 月 4 日，公司来源于该影片的营业收入区间约为人民币 9.50 亿 元至人民币 10.10 亿元（最终结算数据可能存在误差）。目前，该影片正在热映中， 在中国大陆地区的最终票房收入以中国大陆地区各电影院线正式确 ...

Investment Rating - The report assigns a "Strong Buy" rating to the company, indicating a potential upside of over 35% [7][11]. Core Insights - The release of the animated film "Nezha: The Devil's Child" has significantly exceeded expectations, with box office earnings surpassing 5 billion RMB as of February 5, 2025, and projected to reach a record 8.739 billion RMB, which will greatly enhance the company's Q1 performance [7][8]. - The company is expected to see substantial growth in Q1 2025, with the film potentially contributing close to 1 billion RMB in profit, validating its content production capabilities [8]. - The integration of AI technology in animation production is anticipated to improve efficiency and reduce costs, allowing the company to increase its output to 4-5 films annually [8]. - Revised profit forecasts for 2024-2026 predict net profits of 406 million RMB, 1.386 billion RMB, and 1.377 billion RMB respectively, with corresponding EPS of 0.14 RMB, 0.47 RMB, and 0.47 RMB [8][10]. Company Overview - The company operates in the media industry, with a current A-share price of 9.53 RMB and a market capitalization of 26.562 billion RMB [2]. - The stock has shown a 19.2% increase over the past year, with a 12-month high of 10.82 RMB and a low of 6.43 RMB [2]. - Major shareholders include Light Media Holdings, which holds 37.40% of the shares [2]. Financial Performance - The company reported a net profit of 417.81 million RMB in 2023, with projections of 406.29 million RMB for 2024 and significant growth to 1.38589 billion RMB in 2025 [10]. - The projected P/E ratios for 2023-2025 are 69, 20, and 20 respectively, indicating a favorable valuation outlook [10].

同时，《哪吒之魔童闹海》已经规划并陆续推出品类丰富、价格区间较广的衍生产品，包括潮玩、手 办、雕像、卡牌、文具、食玩、徽章、立牌、出版物、毛绒产品、生活用品等，可满足不同人群的多样 化需求。 校对：刘榕枝 光线传媒(300251)5日盘中强势拉升，截至发稿，该股20%涨停报11.44元，涨停板上封单超14万手。 消息面上，由光线传媒主投、发行的动画电影《哪吒之魔童闹海》于2025年大年初一上映，据灯塔专业 版实时数据，截至2月5日1时3分，《哪吒之魔童闹海》票房已突破50亿元。 光线传媒日前在投资者互动平台表示，《哪吒之魔童闹海》将在多个国家和地区上映，包括美国、加拿 大、澳大利亚、新西兰、新加坡、马来西亚、印尼、菲律宾、越南、泰国、日本、韩国等。《哪吒之魔 童闹海》会根据海外上映情况结算相应的海外发行收入。 ...

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company has produced and distributed the film "Nezha: The Devil's Child" (also known as "Nezha 2"), which has become a phenomenon in the animation film sector, achieving both quality and box office success, indicating that the company's product quality and industrialization level are globally leading [1][2] - Due to the better-than-expected box office performance of "Nezha 2," the profit forecast for 2025 has been raised, and the company has a strong pipeline of projects to support future performance [5][4] Summary by Sections Company Overview - The company is a leader in China's animation film industry, strengthened by investments in excellent creative teams and the establishment of internal animation production teams [3] - The success of "Nezha 2" reflects the company's high product quality and industrialization level, with a rich array of derivative products launched in collaboration with various partners [3] Project Pipeline - The company has numerous projects in the pipeline, including animated films like "The Starry Sky of the Three Kingdoms," "Go to Your Island," and "Big Fish & Begonia 2," as well as live-action films such as "Little Person" and "Transparent Couple," which provide support for future performance [4] Financial Forecasts - The report has adjusted the profit forecasts for 2024-2026 to 530 million, 1.294 billion, and 1.246 billion RMB respectively, reflecting an increase from previous estimates [5] - The target price for the company's stock has been raised to 13.20 RMB, with a projected PE ratio of 30x for 2025 [5][9]

《哪吒之魔童闹海》票房大超预期，看好公 司一季度业绩表现 买入（维持） | [Table_EPS] 盈利预测与估值 | 2022A | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 754.91 | 1,545.63 | 1,653.83 | 2,976.89 | 3,274.57 | | 同比（%） | (35.35) | 104.74 | 7.00 | 80.00 | 10.00 | | 归母净利润（百万元） | (712.71) | 417.81 | 408.15 | 1,296.92 | 1,444.92 | | 同比（%） | - | - | (2.31) | 217.76 | 11.41 | | EPS-最新摊薄（元/股） | (0.24) | 0.14 | 0.14 | 0.44 | 0.49 | | P/E（现价&最新摊薄） | - | 66.91 | 68.50 | 21.56 | 19.35 | [Table_Tag] [Table_Summary] 投资要点 证券研 ...