SFC(601595) 东吴证券·2025-04-24 06:23Investment Rating - The report maintains a "Buy" rating for Shanghai Film [1] Core Views - The film market is recovering, with significant growth expected in 2025, driven by strong content reserves such as the scheduled release of "Little Monsters' Summer" in the summer of 2025 [8] - The company's revenue for 2024 is projected at 690.37 million RMB, a decrease of 13.19% year-on-year, while the net profit attributable to shareholders is expected to be 90.05 million RMB, down 29.08% year-on-year [8] - The first quarter of 2025 shows promising growth with a revenue of 248 million RMB, up 17.90% year-on-year, and a net profit of 65 million RMB, an increase of 41.55% year-on-year [8] Financial Projections - Total revenue is forecasted to grow to 992.34 million RMB in 2025, 1,227.03 million RMB in 2026, and 1,469.90 million RMB in 2027, reflecting growth rates of 43.74%, 23.65%, and 19.79% respectively [1][9] - The net profit attributable to shareholders is expected to reach 249.13 million RMB in 2025, 369.45 million RMB in 2026, and 437.67 million RMB in 2027, with growth rates of 176.67%, 48.29%, and 18.47% respectively [1][9] - The report indicates that the current stock price corresponds to a P/E ratio of 52.14 for 2025, 35.16 for 2026, and 29.68 for 2027 [1][9] Business Performance - The company's film exhibition revenue for 2024 is projected at 454 million RMB, down 17.33% year-on-year, while advertising revenue is expected to increase by 9.87% to 42 million RMB [8] - The IP licensing business has shown significant growth, with revenue expected to reach 66 million RMB in 2024, up 62.74% year-on-year [8] - The company has engaged in various cross-industry collaborations with well-known brands, enhancing its IP exposure and market presence [8]