Investment Rating - The report maintains a "Buy" rating for the company [2][4]. Core Insights - The company reported a strong performance for the year 2023, achieving revenue of 4.757 billion RMB, a year-on-year increase of 105.1%. Gross profit reached 2.385 billion RMB, up 133.8%, with a gross margin of 50.1%, an increase of 6.2 percentage points. Adjusted EBITDA was 1.25 billion RMB, a 290.4% increase, and adjusted net profit was 1.029 billion RMB, up 342.2% [2]. - The recovery of the film and performance market contributed to the company's record-high performance. The total box office for films in China reached 54.9 billion RMB in 2023, a year-on-year increase of 82.6%, with domestic films achieving a box office of 46 billion RMB, also a record high. The offline performance market also saw rapid growth, with ticket revenue reaching 50.2 billion RMB, a 150.7% increase compared to 2019 [2]. - The company’s online entertainment ticketing revenue was 2.259 billion RMB, accounting for 47.5% of total revenue, with a year-on-year growth of 111.5%. The company maintained a leading position in film ticketing and expanded its ticketing services in various segments, including concerts and esports events [2]. - The company participated in the distribution of 52 domestic films in 2023, with 30 films under its control, achieving record numbers in both quantity and total box office. Notable films included "Man Jiang Hong" and "The First Part of Feng Shen" [2]. - The company has an industry-leading distribution system and innovative marketing strategies, including a cross-year marketing model that successfully broke pre-sale records for certain films [2]. - The company is exploring AI applications to enhance its understanding of films and improve box office predictions, supporting upstream IP development and film content creation [2]. Financial Forecasts and Valuation - The company is expected to benefit from the growth in the film box office market, with adjusted revenue forecasts for 2024 and 2025 lowered to 4.9 billion RMB and 5.3 billion RMB, respectively, reflecting a decrease of 11% and 12% from previous estimates. A new revenue forecast of 5.7 billion RMB for 2026 has been added [2]. - The adjusted net profit forecasts for 2024 and 2025 have been slightly increased to 940 million RMB and 1.04 billion RMB, respectively, reflecting an increase of 6% and 5% from previous estimates, with a new forecast of 1.2 billion RMB for 2026 [2][3].
2023年业绩公告点评：业绩表现强劲，主发行佳片不断