Investment Rating - The report provides a positive outlook on the company's performance, indicating a potential investment opportunity in the film distribution and cinema sectors [17]. Core Insights - The film industry is experiencing a significant recovery in box office performance, with an increase in industry concentration as major players gain market share [3][4]. - The company is well-positioned to benefit from the ongoing trend of consolidation within the industry, as it holds a leading position among cinema chains [3]. - The projected total box office for 2024 is estimated to be between 580 billion to 613 billion yuan, reflecting a positive sentiment towards the industry's growth [5]. Summary by Sections Industry Overview - The film industry has seen a notable recovery in box office revenues, with the top five cinema chains accounting for 48.49% of total box office revenue, an increase of 2.88 percentage points compared to pre-pandemic levels [3]. - The number of cinema chains in China has decreased to 49 by the end of 2023, down from 51 in 2022, indicating a trend of industry consolidation [3]. Box Office Performance - During the 2024 Spring Festival period, the cumulative box office reached 8.051 billion yuan, representing a year-on-year growth of 19.01% [4]. - The average ticket price for 2023 was 51.8 yuan, which is 22.75% higher than the national average [12]. Company Performance - The company's cinema chain achieved a box office of 4.483 billion yuan in 2023, marking a year-on-year growth of 105.90% [15]. - The number of franchise cinemas has steadily increased, with 796 franchise cinemas reported in 2023, up from 769 in 2022 [15]. IP and Licensing - The company has a diverse portfolio of IPs, including classic animations and films, which are expected to drive revenue growth through licensing and merchandise sales [35][66]. - The company has established a strong presence in the IP licensing market, with a total GMV exceeding 1 billion yuan in 2023 [52]. Future Outlook - The report anticipates a continued increase in box office revenues and cinema attendance, with projections for 2024 indicating a rise in total box office to approximately 580-613 billion yuan [5]. - The company is expected to leverage its strong IP portfolio and cinema network to enhance its market position and revenue streams in the coming years [22][66].

Research and Development Center [Table_CoverStock] — 上海电影（601595.SH）深度报告 传媒互联网及海外行业分析师 冯翠婷 S1500522010001 fengcuiting@cindasc.com | --- | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------ ...

Investment Rating - The report gives a "Buy" rating for the company, indicating a positive outlook based on its strategic initiatives and market positioning [67]. Core Insights - The company is focusing on IP development as a core strategy, aiming to create a comprehensive ecosystem that integrates movies, merchandise, and commercial real estate [4][43]. - The report highlights the importance of AI technology in enhancing IP development and monetization, suggesting that AI can reduce costs and improve productivity in the creative process [35][60]. - The company has made significant strides in integrating its classic IP into various media formats, including animation and gaming, which is expected to drive future revenue growth [11][45]. Financial Performance Summary - Total revenue is projected to grow from 368 million in 2022 to 791 million in 2023, reflecting a year-on-year increase of 115% [2]. - The revenue breakdown shows that film screening remains the largest segment, contributing 70% of total revenue in 2023, with a projected growth rate of 110% [2][3]. - The company anticipates a continued upward trend in revenue, with projections reaching 2,145 million by 2026, maintaining a growth rate of around 40% [2]. IP Development Strategy - The company has established a dedicated platform, "Shangyingyuan," for IP development, which includes a portfolio of 60 IPs across various categories, enhancing its market presence [39][49]. - The report emphasizes the strategic importance of renewing old IPs and cultivating new ones through a matrix development approach, which is expected to penetrate daily life and consumer culture [3][5]. - The integration of classic animation IPs into theme parks and interactive experiences is planned, with the "Shangmei Ying Dalu" project set to launch in 2024 [42]. Market Positioning - The company is positioned as a leader in the Shanghai cinema market, benefiting from the recovery of the film industry and a strategic focus on "Cinema + IP + AI" initiatives [67][100]. - The report notes that the company is actively expanding its cinema network, with a focus on both high-end and budget cinemas across major cities and smaller markets [102][104]. - The company is leveraging its historical IP assets to create a competitive advantage, with a focus on storytelling and emotional engagement to attract audiences [49][49].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2]. Core Insights - The company is positioned as a leading film company in Shanghai, benefiting from the recovery of the film market. Its strong IP development strategy, enhanced by AI capabilities, is expected to significantly improve the efficiency of IP monetization [7]. - Revenue projections for 2023-2025 are estimated at 7.91 billion, 10.98 billion, and 13.93 billion yuan, with net profits of 1.24 billion, 2.37 billion, and 3.45 billion yuan respectively. The corresponding EPS is projected to be 0.28, 0.53, and 0.77 yuan, leading to PE ratios of 108.4, 56.8, and 39.0 times [7]. Summary by Sections Company Overview - The company has a solid foundation in film distribution and exhibition, with a complete industry chain that includes professional distribution, comprehensive cinema operations, and high-end cinema management [30]. - The company has a rich IP portfolio, having acquired 60 IP works from the Shanghai Film Group and Meiying Factory, including well-known classics [62]. Financial Performance - The company reported a significant revenue increase in 2023, reaching 7.91 billion yuan, a year-on-year growth of 114.77%. The net profit turned positive at 1.24 billion yuan [38]. - The gross margin for Q1-Q3 2023 was 25.52%, and the net margin was 22.35%, indicating a recovery in profitability [79]. IP Development Strategy - The company is actively pursuing a multi-dimensional IP development strategy, leveraging its extensive IP resources to enhance commercialization through product and marketing licensing, game collaborations, and derivative products [68][89]. - The company aims to expand its IP universe, with plans to release over two new IP works annually, and has set ambitious targets for IP-related revenue growth [16][83]. Cinema Operations - The company’s cinema operations are expected to continue recovering, with a significant increase in market share observed in 2023, reaching 8.16% [17]. - The company has a robust pipeline of films, with a rich slate of upcoming releases that are anticipated to drive revenue growth in the coming years [107].

| --- | --- | --- | --- | --- | --- | |------------------------------|---------|------------|---------|----------|----------| | 盈利预测与估值 [Table_EPS] | 2021A | 2022A | 2023E | 2024E | 2025E | | 营业总收入（百万元） | 731.08 | 368.35 | 791.10 | 1,108.84 | 1,532.71 | | 同比 | 136.37% | -49.62% | 114.77% | 40.16% | 38.23% | | 归母净利润（百万元） | 21.87 | -334.80 | 123.98 | 259.44 | 418.47 | | | | | | | | | 同比 | 105.07% | -1,630.74% | 137.03% | 109.27% | 61.30% | | EPS- 最新摊薄（元 / 股） | 0.05 | -0.75 | 0.28 | 0.58 | 0.93 | | P/E （现价 & 最 ...

Investment Rating - The report maintains a "Buy" rating for Shanghai Film (601595.SH) [23] Core Views - The company has released its iNEW strategy focusing on "IP + AI" with a clear goal of enhancing content creation and commercialization [25] - In 2023, Shanghai Film achieved a revenue of 791 million yuan, a year-on-year increase of 84.11%, and a net profit of 124 million yuan, marking a turnaround from losses [25] - The company aims to leverage AI technology to accelerate content renewal and expand its IP commercialization efforts over the next three years [25] Financial Performance and Forecast - The financial forecast for 2024 and 2025 estimates revenues of 1.086 billion yuan and 1.286 billion yuan, representing year-on-year growth rates of 37.3% and 18.4% respectively [25] - The projected net profit for 2024 and 2025 is 260 million yuan and 358 million yuan, indicating growth rates of 110.0% and 37.5% [25] - Key financial metrics include a gross margin improvement from -10.7% in 2022 to 22.8% in 2023, with further increases expected in subsequent years [27] Strategic Initiatives - The iNEW strategy includes the establishment of the iPAi Digital Business Center to integrate resources and enhance AI applications in content creation [25] - The company plans to implement three major initiatives: developing an AI model for Chinese animation, launching a global creator program, and accelerating the commercialization of its extensive IP portfolio [25] - Shanghai Film is also focusing on the gaming sector, planning to develop original IP games and expand its presence in interactive entertainment [25]

证券代码：601595 证券简称：上海电影 公告编号：2024-007 上海电影股份有限公司 关于更换持续督导保荐代表人的公告 1 附：苏丽萍女士简历 苏丽萍女士，现任中国国际金融股份有限公司投资银行部副总经理、保 荐代表人，曾主持或参与了宝钢包装向特定对象发行股票、王府井非公开发 行、长城动漫非公开发行、国际医学非公开发行、广汇能源配股、上海沪工 可转债、中国宝武与中钢集团联合重组、王府井吸收合并、四维图新重大资 产重组、四川圣达重大资产重组、长城影视重大资产重组等项目。 中国国际金融股份有限公司（以下简称"中金公司"）系上海电影股份 有限公司（以下简称"公司"）首次公开发行股票并上市项目的保荐人，保 荐代表人为周家祺先生、姚旭东先生。 近日，公司收到中金公司《关于更换上海电影股份有限公司首次公开发 行股票并上市项目持续督导保荐代表人的说明》，鉴于原保荐代表人姚旭东 先生因工作变动，不再担任公司首次公开发行股票并上市项目持续督导保荐 代表人。为保证持续督导工作的正常进行，中金公司决定委派苏丽萍女士（简 历详见附件）接替姚旭东先生担任公司持续督导的保荐代表人，继续履行公 司首次公开发行股票并上市项目持续督导的 ...

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： 上海电影股份有限公司（以下简称公司）股票于 2024 年 2 月 29 日、3 月 1 日、3 月 4 日连续三个交易日内收盘价格涨幅偏离值累计超过 20%，属于《上 海证券交易所交易规则（2023 年修订）》（以下简称《交易规则》）、《上海证 券交易所股票上市规则（2023 年 8 月修订）》（以下简称《上市规则》）规定的 股票交易异常波动情形。 证券代码：601595 证券简称：上海电影 公告编号：2024-005 上海电影股份有限公司 关于股票交易异常波动的公告 经公司自查并经向公司控股股东上海电影（集团）有限公司书面征询核 实，截至本公告披露日，不存在应披露而未披露的重大信息。 敬请广大投资者理性投资，注意投资风险。 一、 股票交易异常波动具体情况 公司股票 2 月 29 日、3 月 1 日、3 月 4 日连续三个交易日内收盘价格涨幅偏 离值累计超过 20%。根据《交易规则》的有关规定，属于股票交易异常波动情形。 二、 公司关注并核实的相关情况 (一) 生 ...

上海电影(集团)有限公司 关于上海电影股份有限公司 股票交易异常波动询问函的回复 本集团及实际控制人目前不存在影响上海电影股份有 限公司股票交易异常波动的重大事项,不存在其他应披露而 未披露的重大信息,包括但不限于重大资产重组、发行股份、 上市公司收购、债务重组、业务重组、资产剥离和资产注入 等重大事项。 此复。 集团)有限公司 上海申影 2024年3月4日 上海电影股份有限公司: 上海电影(集团)有限公司于 2024.年 3 月 4 目收到你公 司发来的《关于上海电影股份有限公司股票交易异常波动询 问函》。经本集团认真自查,现回复如下: ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][12]. Core Views - The company is expected to turn a profit in 2023, with a projected net profit of between 122 million to 146 million yuan, marking a significant recovery from previous losses [12]. - The company is actively expanding its IP development and digitalization efforts, focusing on various sectors including game collaborations and merchandise licensing [12]. - The cinema business remains robust, with significant growth in box office revenue and a strategic focus on enhancing operational efficiency [12]. Financial Data Summary - Total shares outstanding: 448.20 million [5]. - Market capitalization: 9,976.93 million yuan [5]. - Revenue projections for 2023-2025 are 804 million, 1,086 million, and 1,286 million yuan, respectively, with year-on-year growth rates of 118.3%, 35.1%, and 18.4% [12]. - Net profit projections for the same period are 145 million, 264 million, and 370 million yuan, with year-on-year growth rates of 143.4%, 81.8%, and 40.4% [12]. - The company’s gross margin is expected to improve from -10.7% in 2022 to 34.4% by 2025 [6][12]. - The company’s debt-to-asset ratio is projected to decrease from 42.4% in 2022 to 33.3% in 2025, indicating improved financial stability [6].