WANDA FILM(002739) 华鑫证券·2025-04-30 00:23Investment Rating - The report maintains a "Buy" investment rating for Wanda Film [2][8] Core Views - In Q1 2025, Wanda Film reported total revenue of 4.7 billion yuan, a year-on-year increase of 23.23%, with net profit attributable to shareholders reaching 830 million yuan, up 154.7% [4][8] - The company is focusing on solidifying its core content business and implementing an "entertainment space" strategy, with cinema box office revenue accounting for 54% of its main business in 2024 [4] - Wanda Film is actively exploring the commercial value of its IP and has begun to develop derivative products, with a notable success in selling 210,000 units of the "Four Happiness Gods" cultural products during the 2025 Spring Festival [5] - The company is leveraging AI technology to enhance film production and derivative product development, aiming to improve efficiency and quality [6] Financial Forecast - Revenue projections for Wanda Film are 14.4 billion yuan in 2025, 15.8 billion yuan in 2026, and 17.3 billion yuan in 2027, with net profits expected to be 1.33 billion yuan, 1.79 billion yuan, and 2.23 billion yuan respectively [8][10] - The report anticipates a recovery in both revenue and profit margins due to a low base effect in 2024 and increased content supply in 2025 [8][10]