2025 年 01 月 20 日 买入(维持) 事件 分析师：朱珠 S1050521110001 zhuzhu@cfsc.com.cn | 基本数据 | 2025-01-17 | | --- | --- | | 当前股价（元） | 13.56 | | 总市值（亿元） | 86 | | 总股本（百万股） | 634 | | 流通股本（百万股） | 634 | | 52 周价格范围（元） | 9.81-17.27 | | 日均成交额（百万元） | 67.91 | 市场表现 -50 -40 -30 -20 -10 0 10 20 30 40 (%) 横店影视 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《横店影视（603103）：2024 年 跨越低谷新增可期内容需求韧性持 续》2024-03-08 2024 年业绩承压落地 看 2025 年内容新供给 —横店影视（603103.SH）公司事件点评报告 2、《横店影视（603103）：2023Q4 承压落地 2024 年跨越低谷新增可 期》2024-01-29 3、《横店影视（603103）：主业修 复下沉市场具增量后续看优质内容 供给》2023-1 ...

Financial Performance Expectations - The company expects a net profit attributable to shareholders for 2024 to be between -120 million and -90 million RMB, indicating a loss [3]. - The expected net profit attributable to shareholders, excluding non-recurring gains and losses, is projected to be between -270 million and -200 million RMB [3]. - In the previous year, the total profit was 176.83 million RMB, with a net profit attributable to shareholders of 165.85 million RMB [5]. Market Trends - The Chinese film market's total box office for 2024 is projected to be 42.50 billion RMB, a decrease of 22.6% from 2023's 54.91 billion RMB [6]. - The number of cinema-goers in urban areas is expected to be 1.01 billion, down 22.3% year-on-year [6]. Company Operations - The company has released several films in 2024, including "Flying Life 2" and "Boonie Bears: Time Reversal," with more films set to release during the 2025 Spring Festival [6]. - The company is facing challenges due to rising fixed costs such as rent, energy consumption, and depreciation despite efforts to enhance operational management and cost control [6]. Audit and Financial Reporting - The financial data provided is preliminary and has not yet been audited by a registered accounting firm [4]. - The company has communicated with its annual audit firm regarding the performance forecast, indicating no significant uncertainties affecting the accuracy of the forecast [6]. - Investors are advised to be cautious as the final audited financial data will be disclosed in the 2024 annual report [7].

证券代码：603103 证券简称：横店影视 公告编号：2024-036 横店影视股份有限公司 股票交易异常波动公告 经公司自查并向控股股东及实际控制人核实，截止本公告披露日，确认 不存在应披露而未披露的重大信息。 公司主营业务为影视投资、制作、发行、电影放映及相关衍生业务，目 前经营活动正常，市场环境、行业政策未发生重大调整，内部生产经营秩序正常。 截止 2024 年第三季度，公司总资产 442,613.41 万元，较上年度末下降 0.87%； 营业收入 161,579.27 万元，同比下降 17.27%；归属于上市公司股东的净利润 1,738.70 万元，同比下降 92.63%。敬请广大投资者注意业绩下滑带来的股价下 跌风险。 一、股票交易异常波动的具体情况 公司股票于2024年11月25日、11月26日、11月27日连续3个交易日内日收盘 价格涨幅偏离值累计超过20%，根据《上海证券交易所交易规则》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）生产经营情况 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 ...

横店影视股份有限公司: 关于对《横店影视股份有限公司股票交易 异常波动问询函》的回复 本公司已于 2024 年 11 月 27 日收到贵司发出的《横店影视股份 有限公司股票交易异常波动问询函》,经认真自查核实,现就相关情 况回复如下: 1、截至本函发出时,横店集团控股有限公司(以下简称"公司") 作为横店影视股份有限公司（以下简称"横店影视"）的控股股东， 不存在影响横店影视股票交易异常波动的重大事项,也不存在其他应 披露而未披露的重大信息,包括但不限于重大资产重组、股份发行、 收购、债务重组、业务重组、资产剥离、资产注入、股份回购、 股权激励、破产重整、重大业务合作、引进战略投资者等重大事 项。 2、公司在本次股票交易异常波动期间不存在买卖横店影视股票 的情形。 1、截至本函发出时，东阳市横店社团经济企业联合会(以下简称 "社团经济联合会")作为横店影视股份有限公司（以下简称"横店 影视"）的实际控制人，不存在影响横店影视股票交易异常波动的重 大事项,也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、股份发行、收购、债务重组、业务重组、资产剥离、 资产注入、股份回购、股权激励、破产重整、重大 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking the first coverage [5][7]. Core Insights - The company reported a decline in revenue and net profit for the first three quarters of 2024, with revenue at 1.616 billion yuan, down 17.27% year-on-year, and a net profit of 17 million yuan, down 92.63% year-on-year [5]. - The film screening business is focused on cost reduction and efficiency improvement, with a diverse portfolio of film investments [5][6]. - The company maintains a solid market position with 449 operational cinemas and a market share of 3.76%, which has improved year-on-year [6]. Financial Performance Summary - Revenue for 2023 is projected at 2.349 billion yuan, with a year-on-year growth of 64.6%, followed by a forecasted decline of 14.7% in 2024 [4]. - The net profit for 2023 is expected to be 166 million yuan, with a significant year-on-year increase of 152.2%, but a forecasted loss of 57 million yuan in 2024 [4]. - The gross profit margin is projected to be 14.0% in 2023, with a slight decline to 12.4% in 2025 [4]. - The return on equity (ROE) is expected to be 12.4% in 2023, dropping to -4.7% in 2024, but recovering to 15.2% in 2025 [4]. Market Position and Future Outlook - The company is expected to benefit from a recovery in the film market, with a rich content pipeline for the 2025 Spring Festival [6]. - The company has implemented a cinema closure policy to enhance overall quality and competitiveness, closing 6 cinemas and 34 screens in the first three quarters [6]. - Profit forecasts for 2024-2026 indicate a net profit of -57 million yuan in 2024, followed by 216 million yuan in 2025 and 258 million yuan in 2026, with corresponding PE ratios of 40.4 and 33.8 times [7].

2024 年第三季度业绩说明会交流记录 横店影视股份有限公司（以下简称"公司"）于 2024 年 11 月 14 日 14:00-15:00 在 上 海 证 券 交 易 所 上 证 路 演 中 心 （ http:// roadshow.sseinfo.com/），以网络文字互动方式召开了 2024 年第三季度业 绩说明会，现就有关情况公告如下： 一、本次说明会召开情况 证券代码：603103 证券简称：横店影视 横店影视股份有限公司 关于本次说明会的召开事项，公司已于 2024 年 11 月 6 日在上海证券交 易所网站（www.sse.com.cn）、上海证券报上披露了《关于召开 2024 年第 三季度业绩说明会的公告》（公告编号：2024-034）。 2024 年 11 月 14 日 14:00-15:00，公司在上海证券交易所上证路演中心 （http://roadshow.sseinfo.com/）召开 2024 年第三季度业绩说明会，公司 总经理李剑平先生，董事会秘书、财务总监潘锋先生，独立董事姚明龙先生出 席本次说明会，公司与投资者进行了互动交流和沟通，并就投资者普遍关注的 问题进行了回复。 二、本 ...

横店影视股份有限公司（以下简称"公司"）为贯彻《国务院关于加强监管 防范风险推动资本市场高质量发展的若干意见》（国发〔2024〕10 号），积极响 应上海证券交易所《关于开展沪市公司"提质增效重回报"专项行动的公开倡议》， 切实保护投资者合法权益，承担起高质量发展和提升自身投资价值的主体责任， 公司结合所处发展阶段、行业特点和投资者回报等方面，制定了 2024 年度"提 质增效重回报"行动方案。具体内容如下： 一、聚焦影视主业，着力提质增效 加强板块协同。公司专注影视投资、制作、发行和电影放映及相关衍生业务 主业，强化板块联动，在行业的内容投资、发行业务、放映终端业务形成合力， 促进板块协同发展，带动产业链上下游资源共享、优化整合，构建健康、稳定的 电影全产业链生态圈。 提升内容产出。聚焦产业链前端环节，加强内容研发和投资策划，着力对行 业优势资源进行整合，深入拓展发行渠道，以精品项目为抓手，提升影视项目的 价值实现能力；稳扎稳打推进影视项目出品业务，逐步提升主投主控影片的投资 产出，兼顾产出效益和风险控制，追求口碑与票房双赢。深入分析观众需求与市 场表现，推进原创项目孵化，挖掘网络剧、网络电影、微短剧市场， ...

证券代码：603103 证券简称：横店影视 公告编号：2024-034 横店影视股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 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： （网址：https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 11 月 6 日(星期三) 至 11 月 13 日(星期三)16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 hdys@hengdian.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行 回答。 横店影视股份有限公司（以下简称"公司"）已于 2024 年 10 月 24 日发布公 司 2024 年第三季度报告，为便于广大投资者更全面深入地了解公司 2024 年第三 季度经营成果、财务状况，公司计划于 2024 年 11 月 14 日 14:00-15:00 举行 2024 年第三季度业绩说明会，就投资者关心的问题进行交流。 会议召开时间：2024 年 11 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][6][9] Core Views - The company's performance is under pressure due to a sluggish box office market, with Q3 2024 revenue at 450 million yuan, down 42.39% year-on-year, and a net loss of 71 million yuan, down 157.75% year-on-year [2][3] - The company is expanding its cinema operations, increasing its market share, with a Q3 2024 box office of 367 million yuan, down 42.48% year-on-year, but up 51.65% quarter-on-quarter [4][5] - The company has a strong asset synergy within the group, with significant film reserves expected to perform well during the upcoming Spring Festival [5][6] Summary by Sections Financial Performance - Q3 2024 revenue was 450 million yuan (YOY -42.39%, QOQ +39.33%), with a net loss of 71 million yuan (YOY -157.75%, QOQ +45.46%) [2][3] - For the first three quarters of 2024, revenue totaled 1.616 billion yuan (YOY -17.27%), with a net profit of 17 million yuan (YOY -92.63%) [3][4] Market Position - The company has a market share of 3.73% as of Q3 2024, with 449 operating cinemas and 2869 screens, showing an increase from the previous half-year [4][5] - The overall box office for Q3 2024 was 9.839 billion yuan, down 44.17% year-on-year, but up 46.94% quarter-on-quarter [3][4] Future Outlook - The company has a strong pipeline of films set for release, including major titles expected to perform well during the 2025 Spring Festival [5][6] - Revenue projections for 2024-2026 are 2.035 billion yuan, 2.562 billion yuan, and 2.841 billion yuan respectively, with net profits expected to recover significantly by 2026 [6][7]

Financial Performance - Revenue for Q3 2024 was CNY 450,239,917.10, a decrease of 42.39% compared to the same period last year[2]. - Net profit attributable to shareholders for Q3 2024 was a loss of CNY 71,042,913.80, representing a decline of 157.75% year-over-year[2]. - The net profit attributable to shareholders after deducting non-recurring gains and losses for Q3 2024 was a loss of CNY 88,116,569.76, down 189.80% from the previous year[2]. - Basic earnings per share for Q3 2024 was -CNY 0.11, a decrease of 157.89% compared to the same period last year[3]. - The weighted average return on equity for Q3 2024 was -5.10%, a decrease of 6.39 percentage points year-over-year[3]. - Total operating revenue for the first three quarters of 2024 was CNY 1,615,792,707.63, a decrease of 17.3% compared to CNY 1,953,193,483.52 in the same period of 2023[16]. - The company's net profit for the first three quarters of 2024 was CNY 7,206,338.65, recovering from a loss of CNY 10,180,676.27 in the same period of 2023[15]. - The net profit for Q3 2024 is CNY 17,387,014.92, a significant decrease from CNY 235,873,618.25 in Q3 2023, representing a decline of approximately 92.64%[17]. - The total operating profit for Q3 2024 is CNY 9,551,807.59, compared to CNY 224,069,806.78 in the same period last year, indicating a decrease of about 95.73%[17]. - Total revenue from sales of goods and services for the first nine months of 2024 is CNY 2,050,570,613.61, compared to CNY 2,307,652,065.77 in the same period of 2023, reflecting a decrease of about 11.14%[18]. - The basic and diluted earnings per share for Q3 2024 are both CNY 0.03, down from CNY 0.37 in Q3 2023, a decrease of approximately 91.89%[18]. - The total comprehensive income for Q3 2024 is CNY 17,387,014.92, a decrease from CNY 235,873,618.25 in Q3 2023, representing a decline of approximately 92.64%[18]. Cash Flow and Assets - The net cash flow from operating activities for the year-to-date was CNY 460,748,884.12, down 34.38% year-over-year[2]. - Cash flow from operating activities for the first nine months of 2024 is CNY 460,748,884.12, down from CNY 702,126,617.21 in the previous year, a decline of approximately 34.4%[19]. - Cash and cash equivalents at the end of Q3 2024 amount to CNY 936,961,434.64, an increase from CNY 787,594,908.90 at the end of Q3 2023, reflecting a growth of about 19.0%[19]. - The company's cash and cash equivalents increased to CNY 1,042,560,134.64 as of September 30, 2024, compared to CNY 904,095,839.29 at the end of 2023, representing a growth of 15.3%[13]. - Accounts receivable rose to CNY 173,302,994.79, up 83.4% from CNY 94,564,898.02 at the end of 2023[13]. - Inventory increased to CNY 87,892,058.48, a rise of 20.3% from CNY 73,088,875.43 at the end of 2023[13]. - Non-current assets totaled CNY 2,773,055,672.16, down 4.7% from CNY 2,909,013,310.34 at the end of 2023[14]. - Total assets attributable to shareholders at the end of Q3 2024 were CNY 4,426,134,105.98, a decrease of 0.87% from the end of the previous year[3]. - The total assets as of September 30, 2024, were CNY 4,426,134,105.98, slightly down from CNY 4,464,894,121.58 at the end of 2023[14]. - Total liabilities decreased to CNY 3,068,585,237.79 from CNY 3,124,732,268.31, a reduction of 1.8%[15]. Market Performance - The decline in revenue and profit was primarily attributed to poor box office performance and a decrease in cinema screening business income[6]. - As of the end of the reporting period, the Chinese film market's total box office revenue was 34.633 billion yuan, a year-on-year decrease of 24%[8]. - The company opened 8 new asset-linked cinemas and added 50 screens during the reporting period, achieving box office revenue of 366.1962 million yuan and a market share of 3.72%[8]. - The total number of asset-linked cinemas owned by the company reached 449, with a total of 2,869 screens and cumulative box office revenue of 1.1789867 billion yuan, representing a market share of 3.76%[9]. - The total number of viewers in the company's asset-linked cinemas was 32.5748 million, while franchise cinemas had 4.5048 million viewers[9]. - The box office revenue from franchise cinemas was 174.3358 million yuan, with a market share of 0.56%[9]. - The proportion of domestic film box office revenue decreased by 5.33 percentage points year-on-year, accounting for 77.29% of the total[8]. - The North American box office revenue for the first nine months of 2024 was 6.22 billion USD, surpassing China's by 1.35 billion USD[8]. - The total number of cinema closures in the first three quarters was 6, resulting in a reduction of 34 screens[10]. Strategic Focus - The company is focusing on cost management and efficiency improvements to enhance overall competitiveness[8]. - Non-recurring gains and losses for Q3 2024 totaled CNY 17,073,655.96, with a year-to-date total of CNY 90,378,418.38[5]. - The company reported a significant increase in investment income to CNY 50,434,929.50, compared to CNY 6,434,844.54 in the previous year[16]. - The company participated in the production of multiple films, including "Flying Life 2" and "Boonie Bears: Back to the Future," which were released during the reporting period[8]. - The net cash flow from investing activities for Q3 2024 is -CNY 124,654,077.29, compared to -CNY 146,683,297.49 in Q3 2023, showing an improvement of about 15.03%[19]. - The company reported other income of CNY 26,092,060.99 in Q3 2024, compared to CNY 20,069,882.51 in Q3 2023, representing an increase of about 30.1%[17].