Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HKD 9.3 based on a 2025 target PE of 15x, indicating a potential upside of 24% from the closing price of HKD 7.50 on April 1, 2025 [4][6]. Core Insights - The company plans to increase shareholder returns through a dividend of HKD 0.32 per share for the fiscal year 2024, amounting to approximately HKD 370 million, which exceeds the current profit [9]. - The company is expected to benefit directly from a recovery in the film market, with a projected increase in domestic box office revenue in 2025, driven by successful film releases [9][10]. - The offline performance sector is showing strong growth, with ticket sales expected to rise significantly, enhancing the company's market share [9]. - The profit forecast for 2025 and 2026 has been adjusted downwards due to cautious estimates regarding future box office performance [9]. Financial Data and Earnings Forecast - The company reported a revenue of HKD 4.08 billion in 2024, a decline of 14% year-on-year, with a net profit of HKD 1.8 billion, down 80% year-on-year [2][5]. - The adjusted net profit for 2025 is forecasted at HKD 6.58 billion, with a growth rate of 113% compared to 2024 [5][10]. - The earnings per share (EPS) for 2025 is projected to be HKD 0.57, with a net asset return rate of 6.75% [5][10].
猫眼娱乐（01896）：分红提高股东回报，25年经营改善确定性高