Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company plans to acquire a 19% stake in Shanghai Film Yuan, which will enhance its IP business layout and potentially boost its performance. Following this acquisition, the ownership structure will be 70% for the company and 30% for Shanghai Meiying. The previous acquisition of 51% stake in March 2023 valued the entire equity at 120 million yuan, while the current transaction values it at 350 million yuan, indicating a significant increase in valuation. The net profit for Shanghai Film Yuan in 2023 was 16.5853 million yuan, and for the first half of 2024, it was 21.1202 million yuan. The acquisition is expected to further enhance the company's performance as the IP business develops [2][3]. Financial Summary - The company's projected financials for 2024-2026 are as follows: - Net profit attributable to shareholders is expected to be 139 million yuan in 2024, 273 million yuan in 2025, and 376 million yuan in 2026, with corresponding EPS of 0.31, 0.61, and 0.84 yuan respectively. The current stock price corresponds to P/E ratios of 100.6, 51.1, and 37.1 for the years 2024, 2025, and 2026 [2][5]. Business Development - The commercial value of the IPs managed by Shanghai Film Yuan continues to be highlighted, with over 600 million views for various programs featuring popular characters during the 2024 Spring Festival. The company also released the film "Good Things," which grossed over 130 million yuan within three days of its release. Upcoming projects like "Chinese Folktales" Season 2 and "Little Monsters' Summer" are expected to contribute to new content and revenue streams [3][4]. Market Outlook - The release of major films such as "Fengshen Part 2," "Boonie Bears: Reboot," and "The Legend of the Condor Heroes" is anticipated to drive box office recovery and support the company's cinema business. The upcoming films scheduled for the 2025 Spring Festival are expected to positively impact the overall film market [4].

Investment Rating - The report maintains a "Buy" rating for Shanghai Film [3][28]. Core Views - The acquisition of a 19% stake in Shanghai Film Yuan is expected to enhance the company's IP value and strengthen its position in the IP industry chain, with a focus on multi-field licensing cooperation [10][28]. - The company is projected to see significant revenue growth, with expected revenues of 800 million, 1.22 billion, and 1.59 billion yuan for 2024, 2025, and 2026 respectively, reflecting year-on-year growth of 0.6%, 52.1%, and 31% [28]. - The net profit forecast for the same period is 130 million, 295 million, and 439 million yuan, with year-on-year growth of 2.9%, 125.4%, and 49.1% [28]. Summary by Sections Acquisition Details - On November 22, 2024, the company announced the signing of an equity transfer agreement to acquire 14% and 5% stakes in Shanghai Film Yuan from Shanghai Film Group and Shanghai Meiying, respectively, for a total estimated price of 49.028 million yuan and 17.51 million yuan [10][11]. - After the transaction, the shareholding structure will be 70% for the company and 30% for Shanghai Meiying, with Shanghai Film Group no longer holding direct shares [10]. Financial Projections - The report projects that the company will achieve revenues of 800 million, 1.22 billion, and 1.59 billion yuan for 2024, 2025, and 2026, with corresponding net profits of 130 million, 295 million, and 439 million yuan [28]. - The PE ratios for 2024, 2025, and 2026 are estimated at 106.92, 47.43, and 31.82 respectively, indicating significant valuation potential compared to peers in the IP sector [28][30]. IP Development and Market Position - Shanghai Film Yuan, as the main entity for IP development under Shanghai Film Group, has seen its IP value continue to rise, with a reported online presence of over 6.78 billion for collaborative projects in 2023 [10][12]. - The company is focusing on expanding its IP through various media, including the upcoming releases of "Chinese Tales" Season 2 and "The Summer of Little Monsters" in 2025, which are expected to contribute to new content and licensing revenue [17][28].

Investment Rating - The report maintains a "Buy" rating for Shanghai Film (601595) [1] Core Views - The acquisition of a 19% stake in Shangying Yuan is expected to increase the listed company's net profit and enhance IP development efforts [1] - Shangying Yuan's stable growth in operating performance and commercial value will effectively improve the listed company's operating quality and shareholder returns [2] - The transaction will further promote the IP strategy, accelerating the development of a second growth curve beyond box office revenue [3] - The report raises the forecast for net profit attributable to the parent company for 2024-2026 to 1.19/2.47/3.68 billion yuan, with corresponding P/E ratios of 118/57/38 [4] Financial Projections - Revenue is projected to grow from 733.42 million yuan in 2024E to 1,077.71 million yuan in 2026E, with year-on-year growth rates of -7.77%, 17.56%, and 25.00% respectively [1] - Net profit attributable to the parent company is forecasted to increase from 118.79 million yuan in 2024E to 367.79 million yuan in 2026E, with year-on-year growth rates of -6.45%, 108.02%, and 48.84% respectively [1] - EPS is expected to rise from 0.27 yuan/share in 2024E to 0.82 yuan/share in 2026E [1] IP Development Strategy - Shangying Yuan focuses on multi-form content renewal, commercial licensing, game cooperation, and creating hit cultural products across online and offline channels [3] - Key IP projects include "Chinese Fantasy 2" and "Little Monster's Summer: Once Upon a Time in Langlang Mountain," expected to be released in 2025 [3] - The company leverages classic IPs like "Calabash Brothers" and "Black Cat Detective" through short video platforms with over 5 million fans [3] - AI technology integration is expanding IP value and commercial applications in areas like social media, gaming, and interactive storytelling [3] Market Performance - The stock price has shown significant volatility, with a 52-week range of 16.12-36.42 yuan [7] - Current market data shows a closing price of 31.17 yuan, with a P/B ratio of 8.20 and a total market capitalization of 13,970.39 million yuan [7] Financial Health - The company's asset-liability ratio stands at 31.38% [8] - Net assets per share are reported at 3.80 yuan [8] - Total share capital is 448.20 million shares, all of which are tradable A-shares [8]

证券代码：601595 证券简称：上海电影 公告编号：2024-042 上海电影股份有限公司 第五届监事会第三次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、监事会会议召开情况 上海电影股份有限公司（以下简称"公司"）于 2024 年 11 月 22 日以通讯 表决的方式召开了第五届监事会第三次会议（以下简称"本次会议"）。本次会 议通知及会议材料已于 2024 年 11 月 17 日通过电子邮件方式送达全体监事，本 次会议应出席监事 5 名，实际出席监事 5 名，出席监事占应出席人数的 100%， 会议由监事会主席郑英豪先生主持。本次会议的召集、召开程序符合《中华人民 共和国公司法》等相关法律、法规及《上海电影股份有限公司章程》的规定，会 议决议合法、有效。 二、监事会会议审议情况 表决结果：5 票赞成，0 票反对，0 票弃权。 本议案无需提交公司股东大会审议。 具体内容请详见同日披露的《关于收购控股子公司少数股东权益暨关联交易 的公告》（公告编号：2024-043）。 特此公告。 上海电影股份有限公司监 ...

证券代码：601595 证券简称：上海电影 公告编号：2024-041 上海电影股份有限公司 第五届董事会第三次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 上海电影股份有限公司（以下简称"公司"）于 2024 年 11 月 22 日以通讯 表决的方式召开了第五届董事会第三次会议（以下简称"本次会议"）。本次会 议通知及会议材料已于 2024 年 11 月 17 日通过电子邮件方式送达全体董事，本 次会议应出席董事 8 名，实际出席董事 8 名，出席董事占应出席人数的 100%， 会议由董事长王隽女士主持。本次会议的召集、召开程序符合《中华人民共和国 公司法》等相关法律、法规及《上海电影股份有限公司章程》的规定，会议决议 合法、有效。 二、董事会会议审议情况 1．审议通过《关于收购控股子公司少数股东权益的议案》 关联董事王隽、吴嘉麟回避表决，由其他非关联的六名董事进行表决。 表决结果：6 票赞成，0 票反对，0 票弃权。 本议案已经独立董事专门会议、战略委员会审议通过，无需提交公司股东大 ...

证券代码：601595 证券简称：上海电影 公告编号：2024-043 上海电影股份有限公司 关于收购控股子公司少数股东权益暨关联交易的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次交易事项已经公司第五届董事会独立董事专门会议第一次会议、第 五届董事会第三次会议、第五届监事会第三次会议审议通过，无需提交公司股东 大会审议。 过去 12 个月内，除已审议披露的关联交易外，公司与同一关联人的关联 交易金额未达到公司最近一期经审计净资产绝对值的 5%以上，与不同关联人亦 未发生与本次关联交易标的类别相关的交易。 本次交易尚需通过相关政府部门的备案审批，交易过程中可能存在市场、 经济和政策法律变化等不可预见因素的影响，敬请广大投资者理性投资，注意风 险。 1 一、关联交易概述 （一）本次交易基本情况 为进一步增强公司核心盈利能力，提升投资者回报能力和水平，公司与上影 集团、上美影于 2024 年 11 月 22 日签署《关于上影元（上海）文化科技发展有 限公司之股权转让协议》，拟以现金形式收购上影集团、上美 ...

Investment Rating - The investment rating for the company is "Buy" [1][2] Core Views - The report anticipates that 2025 will be a significant year for the company, driven by the acceleration of IP commercialization and the recovery of the film market [1][2] - The company has a diverse portfolio of classic IPs that are being leveraged across various sectors including gaming, merchandise, and cultural products, with recent collaborations enhancing growth [1][2] - The report highlights the company's strategic partnerships and product launches, which are expected to contribute to revenue growth and brand visibility [1][2] Financial Performance Summary - For the first three quarters of 2024, the company's total revenue was 560 million yuan, a decrease of 11.1% year-on-year, with a net profit attributable to shareholders of 107 million yuan, down 13.74% [1][3] - The company is projected to achieve revenues of 800 million yuan in 2024, with a growth rate of 0.6%, and further increase to 1.074 billion yuan in 2025, representing a growth of 34.2% [2][3] - The net profit attributable to shareholders is expected to be 130 million yuan in 2024, with a growth of 2%, and is projected to rise to 239 million yuan in 2025, reflecting an 84.6% increase [2][3] IP Business Development - The company is actively expanding its IP business, with successful collaborations in gaming and merchandise, and anticipates accelerated monetization of its IP assets in 2025 [1][2] - The report notes that the company has engaged in multiple game collaborations, achieving over 3 billion views in total exposure, indicating strong market interest [1][2] - The company has also established partnerships with well-known brands for IP licensing, generating over 1 billion yuan in GMV from licensed products by 2023 [1][2] Future Outlook - The report expresses optimism for the recovery of the film market in 2025, which is expected to positively impact the company's core business and financial performance [1][2] - Upcoming film releases, including "Good Things" and "Summer of Little Monsters," are anticipated to enhance the company's revenue and brand recognition [1][2] - The company is also exploring new entertainment fields through AI and interactive experiences, positioning itself for future growth [1][2]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price indicating a potential upside of over 20% within the next six months [6][14]. Core Views - The company experienced a significant decline in revenue and net profit in Q3 2024, attributed to the overall market downturn and insufficient supply of quality films. However, there are signs of improvement in Q4 due to economic stimulus measures [2][4]. - The development of major intellectual properties (IPs) is progressing steadily, which is expected to contribute positively to the company's performance in the coming years [3][4]. - The company is actively pursuing collaborations in the AI and interactive entertainment sectors to enhance content creation and production capabilities [4]. Financial Performance Summary - In Q3 2024, the company reported revenue of 179 million yuan, a year-on-year decline of 30.52%. The net profit attributable to shareholders was 38 million yuan, with a non-recurring net profit of 1 million yuan [1]. - For the first three quarters of 2024, total revenue was 560 million yuan, down 11.07% year-on-year, and net profit was 107 million yuan, a decrease of 13.74% [1]. - The company plans to distribute a cash dividend of 0.96 yuan per share, totaling 43.03 million yuan, which represents 40.06% of the net profit for the first three quarters of 2024 [1]. Market and Business Segment Analysis - The overall film market in China has not fully recovered to pre-pandemic levels, with total box office revenue for the first three quarters of 2024 at 34.77 billion yuan, down 23.8% year-on-year [2]. - The company's cinema operations reported a box office of 366 million yuan, a decline of 29.6%, with a market share of 1.05% [2]. - The company is set to release several new projects, including "Good Things" and "Table for Two," which are expected to boost future revenues [2][3]. Future Projections - Revenue forecasts for 2024-2026 have been adjusted to 859 million yuan, 1.168 billion yuan, and 1.425 billion yuan, reflecting year-on-year growth rates of 8%, 36%, and 22% respectively [4][5]. - Net profit projections for the same period are set at 139 million yuan, 236 million yuan, and 364 million yuan, with corresponding growth rates of 9.65%, 69.74%, and 54.19% [4][5].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance relative to the market [4][7]. Core Insights - The company's Q3 2024 revenue was 180 million yuan, a year-on-year decline of 31%, while the net profit attributable to shareholders was 38.33 million yuan, down 35%, but better than previous forecasts. The decline in revenue was less than the overall market decline of 44% in the same period [4][6]. - The management transition was successful, with new leadership focusing on "high-quality content, major IP development, and digital transformation" [6]. - The IP business continues to progress, contributing significantly to profits, with net profit from IP activities reaching 21.16 million yuan in H1 2024, accounting for 25% of total net profit [6][7]. - The company is expected to benefit from an improved film market in 2025, with a stable market share and active expansion into non-ticket revenue streams [7]. Financial Summary - The company reported total revenue of 795 million yuan in 2023, with projections of 862 million yuan for 2024 and 1.117 billion yuan for 2025, reflecting a growth rate of 8.3% in 2024 and 29.7% in 2025 [8][10]. - The net profit attributable to shareholders is projected to be 117 million yuan in 2024, increasing to 271 million yuan in 2025 and 388 million yuan in 2026 [8][10]. - The gross margin is expected to improve from 24.3% in 2024 to 38.0% in 2025, indicating better profitability [8].

证券研究报告·公司点评报告·影视院线 上海电影（601595） 2024 年第三季度财报点评：放映收入受大盘 负面影响，看好跨年及春节档大盘表现 2024 年 11 月 02 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|------------|--------|--------|--------|----------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 429.68 | 795.23 | 738.46 | 937.77 | 1,112.75 | | 同比（ % ） | (41.23) | 85.07 | (7.14) | 26.99 | 18.66 | | 归母净利润（百万元） | (328.21) | 126.98 | 117.69 | 245.96 | 344.82 | | 同比（ % ） | (1,600.60) | 138.69 | (7.31) | 108.98 ...