WANDA FILM(002739) 华泰证券·2025-04-29 11:12Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 13.16 [7][8]. Core Views - The company's performance in 2024 met expectations, with a revenue of RMB 12.362 billion, down 15.44% year-on-year, and a net loss attributable to shareholders of RMB 940 million, a significant decline of 203.05% year-on-year. However, the first quarter of 2025 showed a recovery with a revenue of RMB 4.71 billion, up 23.23% year-on-year, and a net profit of RMB 830 million, an increase of 154.72% year-on-year [1][2]. - The company is a leader in the film industry with a market share of 15.2%, maintaining its top position for sixteen consecutive years. It has a strong content reserve and is actively developing derivative products in collaboration with popular IPs [3][4]. Summary by Sections Financial Performance - In 2024, the company's domestic cinema box office revenue was RMB 6.47 billion, a decrease of 25%. The overall gross margin was 22.54%, down 5.15 percentage points due to the impact of screening and film production businesses. The company recorded asset and credit impairment losses of RMB 795 million [2][6]. - For 2025, the company expects a net profit of RMB 999.72 million, with a year-on-year growth of 206.35% [6][18]. Business Strategy - The company is focusing on enhancing operational efficiency and exploring new business growth points. It has collaborated with leading IPs to launch over a hundred derivative products and is developing new categories while enhancing its IP self-research and incubation capabilities [3][4]. Valuation and Forecast - The report adjusts the revenue forecasts for the company's screening and merchandise sales for 2025-2026, with a projected net profit of RMB 10 million for 2025. The target price is based on a PE ratio of 28X, reflecting the company's leading position and operational efficiency [4][6].