SFC(601595) 东吴证券·2025-04-24 06:06Investment Rating - The report maintains a "Buy" rating for Shanghai Film [1] Core Views - The film market is recovering, and the release of "Little Monster's Summer" is scheduled for the summer of 2025, which is expected to contribute positively to revenue [8] - The company's film business faced significant challenges in 2024 due to market conditions, but there are signs of improvement in Q1 2025, driven by strong performance during the Spring Festival [8] - The company has diversified its IP business, achieving notable revenue growth in licensing and collaborations with various brands [8] Financial Summary - Total revenue for 2023 was 795.23 million RMB, with a projected decline to 690.37 million RMB in 2024, followed by a recovery to 992.34 million RMB in 2025, representing a year-on-year growth of 43.74% [1][9] - The net profit attributable to shareholders is expected to decrease from 126.98 million RMB in 2023 to 90.05 million RMB in 2024, but is projected to rebound to 249.13 million RMB in 2025, reflecting a significant year-on-year increase of 176.67% [1][9] - The earnings per share (EPS) is forecasted to rise from 0.20 RMB in 2024 to 0.56 RMB in 2025, indicating a positive trend in profitability [1][9] Market Data - The closing price of the stock is 28.98 RMB, with a market capitalization of approximately 12,988.84 million RMB [5] - The price-to-earnings (P/E) ratio is projected to decrease from 144.24 in 2024 to 52.14 in 2025, and further to 35.16 in 2026, suggesting improving valuation metrics as earnings recover [1][9]