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Investment Rating - The report maintains a "Buy" rating for the company, with a target price indicating an expected return of over 20% within six months [26]. Core Viewpoints - The company is expected to benefit from the recovery of the film market, with increasing box office revenues and the contribution of its large IP development business to performance growth [6][25]. - The company achieved significant revenue growth in 2023, with total revenue reaching 795.23 million yuan, a year-on-year increase of 85.07%, and a net profit of 126.98 million yuan, marking a return to profitability [5][6]. - The company plans to enhance shareholder returns through cash dividends, proposing a distribution of 1.14 yuan per share for 2023, totaling 51.09 million yuan, and intends to introduce a mid-year dividend in 2024 [18]. Financial Data and Valuation - Revenue projections for 2024-2026 are estimated at 1.09 billion yuan, 1.30 billion yuan, and 1.50 billion yuan, with year-on-year growth rates of 37%, 19%, and 16% respectively [6]. - The company's net profit for the same period is forecasted to be 201.06 million yuan, 245.27 million yuan, and 284.49 million yuan, with growth rates of 58.34%, 21.99%, and 15.99% respectively [6]. - The company's EBITDA is projected to increase from 132.71 million yuan in 2023 to 405.90 million yuan by 2026 [3][6]. Business Development - The company has successfully transitioned from traditional film distribution to large IP development, supported by strategic acquisitions and collaborations with industry leaders [1]. - In 2023, the company’s IP licensing business generated revenue of 40.67 million yuan with a gross margin of 84.42%, indicating strong profitability in this segment [1]. - The company aims to expand its IP collaboration products across five major fields and over 500 brands, targeting a gross merchandise value exceeding 10 billion yuan [1].

Investment Rating - The report maintains a "Buy" rating for Shanghai Film (601595.SH) [2] Core Views - The company reported a revenue of 795 million yuan in 2023, an increase of 85.07% year-on-year, and a net profit of 127 million yuan, marking a return to profitability [5] - In Q1 2024, the revenue was 210 million yuan, up 18.26% year-on-year, with a net profit of 46.11 million yuan, reflecting a growth of 28.18% [5] - The company plans to distribute a cash dividend of 1.14 yuan per 10 shares for 2023, with a payout ratio of 40.24% [5] - The commercialization of IP has begun to take shape, with licensing and other revenues exceeding 100 million yuan [5] - The company has engaged in various IP licensing collaborations, generating significant online engagement [5] - Future focus includes expanding into the gaming sector through licensing and joint development [5] - The company is also developing cultural and creative products, with strong sales of related merchandise [5] - Upcoming projects include new seasons and films based on existing IPs, indicating a robust content pipeline [5] - The report highlights advancements in AI-generated video content, which may enhance the company's animation capabilities [5] Financial Summary - For 2024-2026, projected revenues are 1.11 billion yuan, 1.33 billion yuan, and 1.51 billion yuan, representing year-on-year growth rates of 39.4%, 19.9%, and 13.4% respectively [6] - Net profit forecasts for the same period are 260 million yuan, 354 million yuan, and 438 million yuan, with growth rates of 104.5%, 36.3%, and 23.9% respectively [6] - The gross margin is expected to improve from 33.8% in 2024 to 39.3% in 2026 [9] - The company's total assets are projected to grow from 2.97 billion yuan in 2023 to 3.90 billion yuan in 2026 [8]

财务数据与估值： 2024 年 4 月 29 日 公司研究/公司快报 执业登记编码：S0760523110001 邮箱：panninghe@sxzq.com 王德坤 公司近一年市场表现 事件：公司发布 2023 年年报及 2024 年一季报，2023 年实现营收 7.95 亿元、同比+85.07%，归母净利润 1.27 亿元、同比扭亏为盈。24Q1 实现营 收 2.10 亿元、同比+18.26%、环比+26.63%，归母净利润 0.46 亿元、同比 +28.18%、环比+1774.39%。2023 年毛利率 22.83%、24Q1 毛利率 30.84%。 电影市场供需改善，公司经营效率提升。2023 年全国票房收入 549.15 亿元、同比+83.5%。展望未来，公司以"影院+"持续推进影院经营从电影 放映向多元体验转变，继续挖掘客户价值，电影主业或呈稳步增长趋势。 分析师： 资产负债表(百万元) 利润表(百万元) | --- | --- | --- | --- | --- | --- | |----------------|---------|-------|-------|-------|-------| ...

股 票 研 究 证 券 研 究 报 告 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |---------------------|---------------------------------------------------------------------------------|------------------------------|----------------------------------------------------|------------------|-----------------------------------|----------------------|------------------------------------|-------------------------------|------------|--------------------| | [Table_MainInfo] \n | [Table_Title] \n 上海电影 (601595 ...

Investment Rating - The report maintains a "Buy" rating for Shanghai Film [1] Core Views - The cinema business is steadily recovering, and the development of major IPs is flourishing [1] - In 2023, the company achieved a revenue of 795 million yuan, a year-on-year increase of 85.07%, and a net profit attributable to the parent company of 63 million yuan [2] - For Q1 2024, the revenue reached 210 million yuan, representing a year-on-year growth of 18.26%, with a net profit of 29 million yuan [2] - The company plans to distribute a cash dividend of 1.14 yuan per 10 shares, with a dividend payout ratio of 40.24% [2] Financial Performance Summary - In 2023, the film screening revenue was 550 million yuan, up 109.91% year-on-year, with a gross margin of 1.57% [9] - The company operated 51 cinemas and 375 screens by the end of 2023, with a market share of 1.15%, an increase of 0.24 percentage points from 2022 [2] - The "Cinema+" strategy has driven significant growth in advertising and merchandise sales, with merchandise revenue of 70 million yuan (up 84.79% year-on-year) and advertising revenue of 38 million yuan (up 40.41% year-on-year) [4] IP Development Strategy - The company is committed to a major IP development strategy, launching the "iPAi Star Plan" to enhance the value of IP through AI [10] - The company has acquired a 51% stake in Shanghai Film Yuan, focusing on the full industry chain development and operation of IP [10] - The report outlines plans for continuous content renewal, including multiple high-quality IP projects each year and collaborations with various brands for IP licensing [11] Earnings Forecast - The company expects revenues of 991 million yuan in 2024, 1.199 billion yuan in 2025, and 1.397 billion yuan in 2026, with corresponding net profits of 226 million yuan, 321 million yuan, and 403 million yuan respectively [12] - The projected EPS for 2024, 2025, and 2026 are 0.50 yuan, 0.72 yuan, and 0.90 yuan, with P/E ratios of 60.38, 42.52, and 33.85 [12]

Investment Rating - The investment rating for the company is "Buy" (maintained) [3][4] Core Views - The company reported a revenue growth of 85.1% in 2023, reaching 795.23 million yuan, with a net profit of 126.98 million yuan, marking a turnaround from a loss of 328.20 million yuan in 2022 [21] - The company plans to distribute a significant cash dividend of 1.14 yuan per share, totaling 51.09 million yuan, which represents 40.2% of the net profit attributable to shareholders [21] - The company is actively developing its IP business, with a clear pipeline for animated films and series, and has initiated an "IP cinema cooperation plan" to enhance its business model [21] Financial Forecasts and Valuation - The company's total revenue is projected to grow to 1,114.21 million yuan in 2024, with a net profit of 255.59 million yuan [5] - The earnings per share (EPS) are expected to be 0.28 yuan in 2023, increasing to 1.19 yuan by 2026 [5] - The current stock price corresponds to a price-to-earnings (P/E) ratio of 53 for 2024, 33 for 2025, and 26 for 2026 [21]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The recovery of the film market and the development of major IP businesses are expected to continue driving growth [4][6] - The company achieved a revenue of 795 million yuan in 2023, a year-on-year increase of 85.07%, and a net profit of 127 million yuan, marking a turnaround from a loss of 335 million yuan in 2022 [6] - The company forecasts revenues of 1.11 billion yuan, 1.33 billion yuan, and 1.52 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 237 million yuan, 345 million yuan, and 464 million yuan [6][9] Summary by Sections Company Overview - Current stock price is 30.42 yuan, with a market capitalization of 13.634 billion yuan [3] - The stock has seen a 52-week high of 42.33 yuan and a low of 17.44 yuan [3] Financial Performance - In Q1 2024, the company reported a revenue of 210 million yuan, up 18.26% year-on-year, and a net profit of 46 million yuan, up 28.18% year-on-year [6] - The gross margin for 2023 was 22.83%, an increase of 33.48 percentage points year-on-year, while the net margin was 15.97%, up 107.10 percentage points [6] - The company plans to distribute a cash dividend of 1.14 yuan per 10 shares for 2023 and aims to increase mid-term dividends in 2024 [6] Market Outlook - The national box office in 2023 reached 54.915 billion yuan, a year-on-year increase of 82.64%, with the Spring Festival box office in 2024 hitting a record high of 8.016 billion yuan [7] - The company's cinema box office revenue was 4.483 billion yuan in 2023, up 105.90% year-on-year [7] IP Development - The company’s IP development business is rapidly growing, with a goal to achieve over 10 billion yuan in GMV from IP collaborations over the next three years [8] - In 2023, the company’s IP collaborations generated over 6.78 billion in online volume [8]

公司代码：601595 公司简称：上海电影 上海电影股份有限公司 2023 年度内部控制评价报告 上海电影股份有限公司全体股东： 根据《企业内部控制基本规范》及其配套指引的规定和其他内部控制监管要求（以下简称"企业 内部控制规范体系"），结合本公司（以下简称"公司"）内部控制制度和评价办法，在内部控制日常监 督和专项监督的基础上，我们对公司2023年12月31日（内部控制评价报告基准日）的内部控制有效性 进行了评价。 一. 重要声明 按照企业内部控制规范体系的规定，建立健全和有效实施内部控制，评价其有效性，并如实披露 内部控制评价报告是公司董事会的责任。监事会对董事会建立和实施内部控制进行监督。经理层负责 组织领导企业内部控制的日常运行。公司董事会、监事会及董事、监事、高级管理人员保证本报告内 容不存在任何虚假记载、误导性陈述或重大遗漏，并对报告内容的真实性、准确性和完整性承担个别 及连带法律责任。 公司内部控制的目标是合理保证经营管理合法合规、资产安全、财务报告及相关信息真实完整， 提高经营效率和效果，促进实现发展战略。由于内部控制存在的固有局限性，故仅能为实现上述目标 提供合理保证。此外，由于情况的变化可 ...

上海电影股份有限公司 2023 年度独立董事述职报告(张新) 作为上海电影股份有限公司（以下简称"公司"）的独立董事,本人在任期 内严格遵照《公司法》《证券法》《上市公司治理准则》《上市公司独立董事管 理办法》《上海证券交易所股票上市规则》等相关法律法规和规章制度的规定及 《公司章程》《独立董事工作制度》的要求,勤勉尽责,审慎行使独立董事权利, 主动地了解公司的经营和发展情况,积极出席董事会和股东大会,参与公司的重 大决策,对公司董事会审议的重大事项充分发挥自身的专业优势,发表独立客观 的意见,切实维护了公司的整体利益和全体股东的合法权益,履行了诚信、勤勉 的职责和义务。现将本人 2023 年度（"报告期"）履职情况汇报如下: 一、独立董事的基本情况 本人 Xin Zhang (张新），加拿大国籍,中国永久居民,1977年出生,金融 学博士。历任复旦大学管理学院会计学系讲师。现任复旦大学管理学院会计学系 副系主任、教授、博士生导师,复旦大学管理学院国际商务硕士(DDIM)项目学 术主任。自 2018 年 7 月起任本公司独立董事。 报告期内在专门委员会任职情况:审计委员会主任委员、薪酬与考核委员会 委员。 报 ...