Investment Rating - The investment rating for the company is "Buy" with a current price of HKD 7.26 and a fair value of HKD 10.73 [5]. Core Views - The company is expected to face pressure in 2024, but there is potential for recovery in 2025 due to an increase in content supply [3][8]. - The overall performance in 2024 is anticipated to decline, primarily due to a weak domestic film market and underperformance of certain films [8][9]. - The company maintains a strong position in the ticketing and film promotion sectors, with expectations of revenue growth in the coming years [10][11]. Financial Summary - Revenue Forecast: The company is projected to achieve revenues of RMB 42.62 billion in 2024, RMB 50.19 billion in 2025, and RMB 55.99 billion in 2026, with a year-on-year decrease of 10.42% in 2024 [4][12]. - Net Profit: The expected net profit for 2024 is RMB 1.85 billion, significantly down from 2023, but projected to recover to RMB 7.14 billion in 2025 and RMB 9.18 billion in 2026 [4][12]. - Earnings Per Share (EPS): EPS is forecasted to be RMB 0.16 in 2024, increasing to RMB 0.62 in 2025 and RMB 0.80 in 2026 [4][12]. - Valuation Metrics: The company is expected to have a P/E ratio of 41.7 in 2024, decreasing to 10.8 in 2025 and 8.4 in 2026 [4][12]. Revenue Breakdown - Online Entertainment Ticketing Services: Expected revenues of RMB 20.44 billion in 2024, RMB 24.34 billion in 2025, and RMB 27.02 billion in 2026, with a decline of 9.52% in 2024 [10][12]. - Entertainment Content Services: Projected revenues of RMB 20.16 billion in 2024, RMB 23.53 billion in 2025, and RMB 26.42 billion in 2026, reflecting a decrease of 12.37% in 2024 [10][12]. - Advertising Services and Others: Anticipated revenues of RMB 2.02 billion in 2024, RMB 2.33 billion in 2025, and RMB 2.56 billion in 2026 [10][12]. Market Position - The company is recognized as a leading player in the ticketing and film promotion industry, with a stable market share in the film ticketing sector and significant growth in the live performance market [9][10].
猫眼娱乐：24年业绩承压，关注25年内容修复弹性