Investment Rating - The report maintains a "Buy" rating for Bona Film Group (001330.SZ) [3] Core Views - The company reported a revenue of 960 million yuan for the first three quarters of 2024, representing a year-over-year increase of 27.35%, but incurred a net loss attributable to shareholders of 354 million yuan, a decrease of 50.02% year-over-year [1] - The cinema business is under pressure due to a decline in the overall box office, with a market share of 2.07% as of Q3 2024, ranking 13th nationally [1] - The performance of films released during the summer season was below expectations, impacting the overall film business [1] - The television series business showed strong performance, with the series "Shangganling" achieving a viewership rating of 3.362% and a share of 14.593%, leading the average ratings for 2024 [1] - The company has a diverse pipeline of films and series, including high-quality productions in various genres, which are expected to contribute positively to future performance [1] Financial Summary - For 2024, the company is projected to achieve a net profit attributable to shareholders of -350 million yuan, with subsequent years showing a recovery to 480 million yuan in 2025 and 540 million yuan in 2026, reflecting year-over-year growth rates of 36.1% and 13.0% respectively [2][3] - The earnings per share (EPS) is expected to improve from -0.26 yuan in 2024 to 0.39 yuan in 2026 [2][3] - The company’s revenue is forecasted to grow significantly in 2025, with an expected increase of 155.4% year-over-year [2]
博纳影业：《上甘岭》表现优异，后续影片值得期待