Investment Rating - The report maintains a "Buy" rating for the company, considering its leading position in the ticketing business and strong selection capabilities despite a downward adjustment in revenue and profit forecasts for 2024-2026 [2][6]. Core Insights - The company's ticketing business remains robust, with online entertainment ticketing revenue of 1.046 billion RMB, accounting for 48.2% of total revenue, showing a year-on-year increase of 3.0% [2]. - The overall revenue for the first half of 2024 was 2.171 billion RMB, a decrease of 1.2% year-on-year, while gross profit increased by 5.0% to 1.156 billion RMB, resulting in a gross margin of 53.3% [2]. - Adjusted EBITDA reached 490 million RMB, down 16.2% year-on-year, and adjusted net profit was 352 million RMB, a decrease of 22.8% due to increased sales expenses from film subsidies [2]. Summary by Sections Ticketing Business Performance - The ticketing business is driven by steady growth in live performances, with the offline performance market showing a 13.2% year-on-year increase in ticket revenue, reaching 19.016 billion RMB in the first half of 2024 [2]. - The company has strengthened collaborations across the cinema industry and expanded its service capabilities, enhancing multi-platform synergy [2]. Entertainment Content Services - Revenue from entertainment content services was 1.024 billion RMB, a decrease of 6.9% year-on-year, accounting for 47.2% of total revenue [2]. - The company participated in the distribution and production of 31 films in the first half of 2024, with significant box office performances from several titles [2]. - The company is actively developing over 20 projects and leveraging AI technology for film creation and marketing [2]. Financial Forecasts - Revenue forecasts for 2024-2026 have been adjusted downwards to 4.6 billion, 4.9 billion, and 5.1 billion RMB, respectively, reflecting a conservative outlook on the film market [2]. - Net profit forecasts for the same period have also been reduced to 579 million, 739 million, and 895 million RMB, respectively, due to increased sales expenses and underperformance of some films [2].
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