证券研究报告 | 2025年04月18日 猫眼娱乐（01896.HK） 优于大市 电影大盘疲软及重点影片不佳致 24 年承压，积极进行股东回报 在线娱乐票务龙头，市场地位领先。猫眼娱乐是中国领先的"科技+全文娱" 服务提供商，业务覆盖三大主要板块：在线娱乐票务服务、娱乐内容服务、 广告服务及其他。公司股东资源优势显著，管理团队行业经验丰富，目前在 电影票务和电影发行领域市占率领先，其中电影票务市占率达到 60%。因此 公司业绩表现受电影大盘影响较大，近几年电影市场受疫情和供给周期的影 响波动剧烈，公司业绩也呈现出较为明显的弹性。 大盘不佳致 24 年收入下滑，演出业务市占率持续提升。猫眼娱乐 2024 年实 现收入 40.82 亿元，同比-14%，主要由于电影市场优质供给不足，大盘票房 跌落至 425 亿元，同比-22.6%。分业务看，娱乐内容服务方面，收入 19.60 亿元，同比-14.8%，主要由于部分参与影片票房表现不及预期，但市场地位 依旧稳健，公司全年参与国产影片票房达到 232 亿元，参与宣发影片达到 60 部，其中主控发行 36 部，数量和票房占比均创历史新高。在线票务服务方 面，收入 19.2 ...

丨证券研究报告丨 报告要点 [Table_Summary] 公司发布 2024 年年度业绩报告。截止到 2024 年 12 月 31 日，公司 2024 年全年实现收入 40.82 亿元，同比减少 14.19%，其中娱乐内容服务业务占总营收的 48%，在线娱乐票务服务占比 47.1%，广告服务及其他占比 4.9%；实现归母净利润 1.82 亿元，同比减少 80.02%；经调整净 利润为 3.10 亿元，同比降低 69.9%。 港股研究丨公司点评丨猫眼娱乐（1896.HK） [Table_Title] 公司业绩受电影大盘疲软影响，市场覆盖率及核 心竞争力有望持续提升 分析师及联系人 [Table_Author] 高超 SAC：S0490516080001 SFC：BUX177 请阅读最后评级说明和重要声明 %% %% [Table_Summary2] 事件描述 公司发布 2024 年年度业绩报告。截止到 2024 年 12 月 31 日，公司 2024 年全年实现收入 40.82 亿元，同比减少 14.19%，其中娱乐内容服务业务占总营收的 48%，在线娱乐票务服务 占比 47.1%，广告服务及其他占比 4.9 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HKD 9.3 based on a 2025 target PE of 15x, indicating a potential upside of 24% from the closing price of HKD 7.50 on April 1, 2025 [4][6]. Core Insights - The company plans to increase shareholder returns through a dividend of HKD 0.32 per share for the fiscal year 2024, amounting to approximately HKD 370 million, which exceeds the current profit [9]. - The company is expected to benefit directly from a recovery in the film market, with a projected increase in domestic box office revenue in 2025, driven by successful film releases [9][10]. - The offline performance sector is showing strong growth, with ticket sales expected to rise significantly, enhancing the company's market share [9]. - The profit forecast for 2025 and 2026 has been adjusted downwards due to cautious estimates regarding future box office performance [9]. Financial Data and Earnings Forecast - The company reported a revenue of HKD 4.08 billion in 2024, a decline of 14% year-on-year, with a net profit of HKD 1.8 billion, down 80% year-on-year [2][5]. - The adjusted net profit for 2025 is forecasted at HKD 6.58 billion, with a growth rate of 113% compared to 2024 [5][10]. - The earnings per share (EPS) for 2025 is projected to be HKD 0.57, with a net asset return rate of 6.75% [5][10].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [4]. Core Views - The company experienced a revenue decline of 14.2% year-on-year, totaling 4.08 billion yuan, and a significant drop in net profit by 80.0% to 182 million yuan, primarily due to the overall weakness in the film industry, which saw a 22.6% decrease in national box office revenue [1][2]. - Despite the challenging market conditions, the company is expected to benefit from its strong market share in key segments and a robust pipeline of upcoming films, particularly in animation [2][4]. - The company has a solid cash position of 2.378 billion yuan and has committed to a minimum dividend payout ratio of 20% over the next three years, reflecting confidence in cash flow management and shareholder returns [4]. Summary by Sections Entertainment Content Services - The entertainment content service segment generated 1.96 billion yuan in revenue, down 14.8% year-on-year, with the company participating in 63 domestic films that collectively grossed 23.2 billion yuan [2]. - The company maintained a leading market share in the box office for top films, participating in 8 out of the top 10 domestic films of 2024 [2]. Online Entertainment Ticketing - The online ticketing segment reported a revenue of 1.92 billion yuan, a decline of 14.9%, but the drop was less severe than the overall market [3]. - The offline ticketing business showed strong growth, with a 90% increase in gross merchandise value (GMV) from concerts featuring top domestic artists [3]. Financial Position and Future Outlook - The company ended 2024 with 2.378 billion yuan in cash and equivalents, maintaining a stable net cash position and a debt ratio of 27.65% [4]. - Revenue projections for 2025 and 2026 are estimated at 5.203 billion yuan and 5.499 billion yuan, respectively, with adjusted net profits expected to reach 692 million yuan and 840 million yuan [4][8].

Core Viewpoint - Cat's Eye Entertainment reported a significant decline in financial performance for the year ending December 31, 2024, with total revenue dropping by 14.2% to 4.082 billion yuan, primarily due to poor performance in the film market [1] Financial Performance - Total revenue for 2024 was 4.082 billion yuan, a decrease of 14.2% year-on-year [1] - Operating profit fell to 196 million yuan, down 82.2% from the previous year [1] - Net profit decreased by 80% to 182 million yuan [1] - Revenue from entertainment content services and online ticketing services, which typically account for over 45% of total revenue, both saw approximately 15% declines [1] Cost and Expenditure - Revenue cost slightly increased by 3.6% to 2.457 billion yuan [1] - Sales and marketing expenses rose by 11.5% to 939 million yuan [1] - Other cost expenditures remained stable [1] Film Market Impact - The decline in performance was largely attributed to the underwhelming market performance of films in which Cat's Eye participated, leading to a drop in entertainment content service revenue from 2.3 billion yuan in 2023 to 1.959 billion yuan in 2024 [2] - The overall film market in 2024 saw a total box office of 42.502 billion yuan, a decrease of 22.6% from 2023, with total audience attendance dropping by 22.4% [2] Online Ticketing Services - Online ticketing service revenue decreased from 2.258 billion yuan in 2023 to 1.921 billion yuan in 2024, attributed to the overall decline in the film market [3] - Despite the decline in ticketing revenue, the company reported record high GMV for offline performances, with a 90% year-on-year increase in concert ticketing GMV [3] Future Outlook - Cat's Eye remains optimistic about 2025, citing a strong start to the film market with a total box office exceeding 24.2 billion yuan by March 27, 2025, driven by successful releases during the Spring Festival [5] - The company has several films scheduled for release in 2025, including "Dumpling Queen" and "Panda Plan 2," which are expected to contribute positively to future revenues [5] - Cat's Eye plans to enhance its long-term investment in the performance business and expand overseas business cooperation to seek new growth opportunities [6]

Core Viewpoint - Cat's Eye Entertainment reported a total revenue of 4.082 billion RMB and a net profit of 182 million RMB for the year 2024, with an adjusted net profit of 310 million RMB, and proposed a final dividend of 0.32 HKD per share for the fiscal year 2024 [1] Group 1: Financial Performance - In 2024, Cat's Eye Entertainment achieved a total revenue of 4.082 billion RMB and a net profit of 182 million RMB, with an adjusted net profit of 310 million RMB [1] - The company proposed a final dividend of 0.32 HKD per share for the fiscal year 2024 [1] Group 2: Industry Position and Market Trends - The national box office for films in 2024 was 42.502 billion RMB, a decrease of 22.6% compared to 2023, while the live performance box office revenue grew by 15.37% to 57.954 billion RMB [2] - Cat's Eye Entertainment participated in the release of 63 domestic films, achieving a cumulative box office of approximately 23.2 billion RMB, including 8 out of the top 10 domestic films in 2024 [2] Group 3: Business Growth and Strategy - The company continues to enhance its ticketing and promotional services, leveraging technology to improve service capabilities and platform value [3] - Cat's Eye Entertainment's ticketing services for concerts saw a GMV increase of approximately 90% year-on-year, with significant contributions from major artists [3] - The company is expanding its international collaborations, particularly in Southeast Asia, the Middle East, and Latin America, while also supporting local cultural initiatives [3] Group 4: Future Outlook - Cat's Eye Entertainment plans to strengthen its strategic investments in entertainment content and maintain its leading position in film promotion and distribution [4] - The company aims to enhance its involvement in the production and promotion of major films and continue its long-term development in animated films [4]

Core Viewpoint - Cat's Eye Entertainment reported a total revenue of 4.082 billion yuan and a net profit of 182 million yuan for the year 2024, with an adjusted net profit of 310 million yuan, while proposing a final dividend of 0.32 HKD per share [1] Group 1: Financial Performance - Total revenue for 2024 was 4.082 billion yuan, with a net profit of 182 million yuan and an adjusted net profit of 310 million yuan [1] - The company proposed a final dividend of 0.32 HKD per share for the fiscal year 2024 [1] Group 2: Market Position and Performance - Cat's Eye Entertainment maintained a leading position in the industry with a record high box office coverage for its main promotional films and a rich project reserve [1] - The company participated in the release of 63 domestic films, achieving a cumulative box office of approximately 23.2 billion yuan, with 8 out of the top 10 domestic films in 2024 being produced or distributed by Cat's Eye [2] - The company’s ticketing services for concerts saw a GMV growth of approximately 90% year-on-year [2] Group 3: Industry Trends - The national box office for films in 2024 was 42.502 billion yuan, a decrease of 22.6% from 2023, while the live performance ticket revenue increased by 15.37% to 57.954 billion yuan [1] - The film market in 2025 started strong, with a total box office exceeding 24.2 billion yuan by March 26, 2025, driven by record-breaking performances during the Spring Festival [3] Group 4: Strategic Initiatives - Cat's Eye Entertainment is focusing on enhancing its commercial capabilities through partnerships with internet platforms and exploring AI technology applications in the film industry [1] - The company upgraded its professional version to provide authoritative overseas release information and box office data for domestic films, becoming the first in the industry to do so [2] - The CEO emphasized a commitment to the "technology + full entertainment" strategy to enhance core competitiveness and profitability in the entertainment sector [3]

Core Insights - In 2024, the company reported total revenue of 4.082 billion yuan, a decrease of 14.2% year-on-year, and a net profit of 182 million yuan, with adjusted net profit at 310 million yuan. The board declared a final dividend of 0.32 HKD per share for the fiscal year 2024 [1] Group 1: Film Production and Distribution - The company participated in the production and distribution of 63 domestic films, achieving a total box office of approximately 23.2 billion yuan. It was involved in 8 out of the top 10 domestic films by box office in 2024, including 6 films for which it had primary control over marketing and distribution [1] - During the reporting period, the company was involved in the release of 60 domestic films, with 36 films under its primary distribution control, marking a historical high in both quantity and box office share. Notable films included "Flying Life 2" and "The Volunteer Army: The Battle of Life and Death," which performed well during major holiday periods [2] Group 2: Animation and Content Development - The company is actively developing its own films, with several titles released during the reporting period, including "Silent Kill" and "Panda Plan." The animated film "Time Son," its first 3D animation, is scheduled for release on May 30, 2025 [2] - The company has made significant investments in talent acquisition, creator collaboration, IP incubation, and technology for animation films, indicating a strategic focus on this segment [2] Group 3: Ticketing and Live Events - In the ticketing business, the gross merchandise value (GMV) for concerts increased by approximately 90% year-on-year. The company is expanding its ticketing services through innovative methods such as cloud screenings and live streaming [3] - The company is enhancing its infrastructure and service capabilities in the live entertainment sector, aiming to expand its commercial cooperation beyond Hong Kong and Macau [3] Group 4: Future Strategy - The CEO stated that in 2025, the company will adhere to a "Technology + Full Entertainment" core development strategy, focusing on enhancing core competitiveness and profitability while serving the entertainment industry [4]

Core Insights - Cat Eye Entertainment reported a total revenue of 4.082 billion RMB and a net profit of 182 million RMB for the year 2024, with an adjusted net profit of 310 million RMB, highlighting the company's financial performance and commitment to shareholder returns through a proposed final dividend of 0.32 HKD per share [1][2] Group 1: Business Performance - The company participated in the release of 63 domestic films during the reporting period, achieving a cumulative box office of approximately 23.2 billion RMB, with 8 out of the top 10 domestic films being produced or distributed by Cat Eye [1] - Cat Eye's promotional and distribution efforts included 60 domestic films, with 36 being under its main control, marking a historical high in both the number of films and box office share [1] - The company is focusing on self-developed content and IP cultivation, enhancing its content creation capabilities, and has made significant progress in the animation film sector [1] Group 2: Future Developments - Cat Eye's first 3D animation film, "Time's Son," is scheduled for release on May 30, 2025, along with other animated films like "Summer of Little Monsters" [2] - The ticketing business achieved record highs in total revenue and GMV, with a 90% year-on-year increase in GMV for concert ticketing services [2] - The company plans to invest in long-term development of the live entertainment sector, enhance infrastructure and service capabilities, and expand overseas business collaborations [2] - In the technology domain, Cat Eye aims to leverage its technological expertise and industry insights to explore innovative business opportunities, particularly in AI integration within the film industry [2]

Core Insights - Cat's Eye Entertainment reported a total revenue of 4.082 billion RMB and a net profit of 182 million RMB for the year 2024, showcasing strong performance in the film and live entertainment sectors [1] - The company proposed a final dividend of 0.32 HKD per share, reflecting confidence in future operations and shareholder value [1] Film Industry Performance - In 2024, the total box office for national films reached 42.502 billion RMB, a decrease of 22.6% from 2023, while the live performance sector saw a revenue increase of 15.37% to 57.954 billion RMB [2] - Cat's Eye participated in the release of 63 domestic films, achieving a cumulative box office of approximately 23.2 billion RMB, with 8 out of the top 10 films being produced or distributed by the company [2][3] Marketing and Distribution - The company enhanced its promotional capabilities, controlling the distribution of 36 domestic films, achieving record highs in both the number of films and box office share [2][3] - Cat's Eye's films have consistently performed well in various festival awards, demonstrating its ability to identify and produce quality content [3] Animation and Content Development - Cat's Eye is actively investing in the animation film sector, with its first 3D animation film "Time's Son" set to release in May 2025 [4] - The company is focusing on developing its own intellectual properties and has successfully launched several films that received positive box office results and critical acclaim [3][4] Live Entertainment Growth - The company reported record highs in revenue and GMV for its offline ticketing business, with a 90% year-on-year increase in GMV for concerts [6] - Cat's Eye is expanding its international collaborations and enhancing its service capabilities in various regions, including Southeast Asia and Latin America [6][9] Technological Integration - Cat's Eye is leveraging technology to enhance its service offerings, including the integration of AI in the film industry and improving its marketing capabilities through partnerships with internet platforms [7][9] - The company has upgraded its data services to provide authoritative information on domestic film overseas distribution, further solidifying its position in the industry [7] Future Outlook - Cat's Eye plans to continue its strategic investments in entertainment content, focusing on both film promotion and animation development [8][9] - The company aims to strengthen its market competitiveness and explore new growth opportunities while maintaining its commitment to high-quality entertainment services [9]