万达电影股份有限公司 一、《行政监管措施决定书》内容 "北京万达投资有限公司、莘县融智兴业管理咨询中心（有限合伙）、林宁： 经查，2019 年万达电影以发行股份购买资产方式收购万达影视传媒有限公 司（以下简称"万达影视"）股权。你们共同作为业绩承诺补偿主体，与公司签订 了《盈利预测补偿协议》，对万达影视 2018 年度、2019 年度、2020 年度及 2021 年度的净利润作出承诺，在业绩承诺不能实现时你们对万达电影进行补偿。 股票代码：002739 股票简称：万达电影 公告编号：2024-016 号 关于股东收到中国证券监督管理委员会北京监管局 行政监管措施决定书的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 万达电影股份有限公司（以下简称"公司"、"万达电影"）控股股东北京万达 投资有限公司及股东莘县融智兴业管理咨询中心（有限合伙）、林宁女士于 2024 年 3 月 25 日收到中国证券监督管理委员会北京监管局出具的《关于对北京万达 投资有限公司、莘县融智兴业管理咨询中心（有限合伙）、林宁采取责令改正行 政监管措施的决定》（【2024】53 号） ...

[Table_Title] 证券研究报告 万达电影（002739.SZ）：强强联合，推陈出 公司研究 新 [Table_ReportType] 公司点评 [Table_ReportDate] 2024年03月26日 万达电影（002739.SZ） [T事ab件le：_万Su达mm电ar影y]于3月22日举办的投资者交流会，公司实际控制人柯利明， 投资评级 董事长兼总裁陈曦，董事、执行总裁陈洪涛，董事、董事会秘书王会武，董 事龚峤，副总裁、财务负责人黄朔出席会议，董事长兼总裁陈曦主要发言。 上次评级 点评： [T冯ab翠le婷_Au传th媒or互]联网及海外 万达电影表示：（1）将继续拓展院线板块市场份额，并不断提高内容板块 首席分析师 产出能力。（2）公司计划利用时光网平台重点发展衍生品业务。（3）公司 执业编号：S1500522010001 现在坚持推进制片人中心制，相当于在全流程化的每一个流程端，除了满足 邮箱：fengcuiting@cindasc.com 导演的创作需求之外，公司无论是从产品立项上、还是从内容品质上、艺术 创作上以及审美上的层层方都严格把控，这样才能保证每一部作品的质量。 近年来中国观 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The new management team, led by Chairman Chen Xi, will focus on enhancing content production, IP collaboration, and AI technology integration to empower Wanda Film's business [1][2] - The company aims to increase its market share in the cinema sector to over 20% in the long term, currently holding a market share of 16.7% [1][2] - Wanda Film has a robust pipeline of films and series, with over 15 projects in production, including major releases scheduled for 2024 [2][3] Summary by Sections Company Overview - Wanda Film has a total of 905 operating cinemas and 7,546 screens as of December 31, 2023, with a market share of 16.7% [1] - The company plans to expand its direct-operated cinemas and enhance the quality and profitability of its cinema operations [1] Film and TV Production - The company is set to release films such as "Peacekeeping Riot Team" on May 1 and "White Snake: The Floating Life" on August 10, with a focus on major holiday releases [2] - Wanda Film is also investing in high-quality series, with several projects completed and set to air in 2024 [2] Gaming Business - Wanda Film's gaming subsidiary, Mutual Love Interactive, has seen significant growth in overseas revenue, which increased from 8% in 2019 to over 30% in 2023 [2] - The company plans to release several high-quality games in 2024, further expanding its international market presence [2] Non-Ticket Revenue - The company is focusing on developing its merchandise and food and beverage lines to increase non-ticket revenue, leveraging popular IPs for product development [2][3] - Wanda Film has established a strong online presence with 35 Douyin live accounts and approximately 5.4 million followers, aiming to enhance its online and offline sales channels [2] Financial Projections - Revenue projections for 2023E-2025E are 141.4 billion, 164.1 billion, and 180.1 billion yuan respectively, with net profits expected to be 11.27 billion, 16.6 billion, and 18.24 billion yuan [3][4] - The company anticipates a revenue growth rate of 45.8% in 2023E, followed by 16.1% in 2024E and 9.7% in 2025E [4]

公司报告 | 公司点评 万达电影（002739） 证券研究报告 2024年03月 23日 投资评级 院线主业受益于大盘复苏，管理层变更或为内容及游戏业务提供向上空间 行业 传媒/影视院线 6个月评级 买入（维持评级） 当前价格 16.1元 管理层变更完成，静待后续整合效果。3月，万达电影（002739）完成工商变更，陈曦女士为公司 董事长和总裁，杨海先生为公司监事会主席，儒意系正式接管万达电影。陈曦毕业于中央戏剧学院， 目标价格 元 2021 年起担任中国儒意控股有限公司执行董事，担任制片人的电影作品累计票房已突破百亿。根 基本数据 据万达2023年业绩预告，预计实现归母净利润 9-12 亿元，2022年同期亏损19.23亿元；扣非净 利润 7-10 亿元，2022年同期亏损约 20.8亿元，实现大幅扭亏为盈。我们看好万达电影在主业稳 A股总股本(百万股) 2,179.37 健（大盘增长，市占率有稳步提升逻辑）的基础上，与儒意在内容端整合显成效。 流通A股股本(百万股) 2,107.84 A股总市值(百万元) 35,087.84 24年电影大盘复苏可能性高，院线龙头有望持续受益 流通A股市值(百万元) 33, ...

[Table_Title] 证券研究报告 万达电影（002739.SZ）：新管理层加持，上 公司研究 下游产业联动有望加强 [Table_ReportType] 公司点评 [Table_ReportDate] 2024年03月19日 万达电影（002739.SZ） [T事ab件le：_S万um达ma电ry影]于2024年3月5日发布公告，1月29日万达电影股份有限 投资评级 公司在临时股东大会上选举了新一届的董事会非独立董事和监事会非职工 代表监事，同日，陈曦女士被选为董事长兼总裁，并成为公司法定代表人。 上次评级 近日公司已完成相关工商变更登记手续并取得《营业执照》。 [T冯ab翠le婷_Au传th媒or互]联网及海外 点评： 首席分析师  公司实际控制人变更。2023年12月12日，北京万达文化产业集团有限 执业编号：S1500522010001 公司、北京珩润及王健林先生与儒意投资签署股权转让协议，拟分别将 邮箱：fengcuiting@cindasc.com 其持有的万达电影股份有限公司控股股东万达投资20%、29.8%和1.2% 股权（合计持有万达投资51%股权）转让予儒意投资，转让价款共计人 民 ...

证券研究报告·公司深度研究·影视院线 万达电影（002739） 新时代、新班子，院线龙头价值重估 2024 年 03月 18日 买入（首次） 证券分析师 张良卫 [Table_EPS] 执业证书：S0600516070001 盈利预测与估值 2021A 2022A 2023E 2024E 2025E 021-60199793 营业总收入（百万元） 12,490 9,695 14,353 16,216 18,131 zhanglw@dwzq.com.cn 同比 98.40% -22.38% 48.04% 12.97% 11.81% 证券分析师 周良玖 归母净利润（百万元） 106.33 -1,923.00 1,139.57 1,452.49 1,849.91 执业证书：S0600517110002 同比 101.59% -1,908.47% - 27.46% 27.36% 021-60199793 zhoulj@dwzq.com.cn EPS-最新摊薄（元/股） 0.05 -0.88 0.52 0.67 0.85 研究助理 郭若娜 P/E（现价&最新摊薄） 283.86 - 26.49 20.78 16.32 ...

Investment Rating - The report maintains an "Accumulate" rating for Wanda Film (002739) with a target price of 18.52, unchanged from the previous rating [1][2]. Core Insights - Wanda Film is positioned as a leader in the cinema industry, with a strong focus on film production and cinema operations. The new chairman, a prominent film producer, is expected to enhance the company's production capabilities and strengthen its industry chain [1][6]. - The company has shown resilience in revenue recovery, with a significant increase in net profit in 2023, driven primarily by domestic cinema operations [7][8]. - The integration of AI technology in film production is anticipated to lower production costs and increase supply, benefiting the cinema sector [1][6]. Summary by Sections 1. Core Business and Revenue Sources - The primary revenue sources for Wanda Film include cinema-related activities and film production, with box office and non-box office revenues contributing approximately 70% and 30% respectively [6][9]. - The company has maintained a stable revenue contribution from cinema operations, with non-box office revenues expected to continue growing [9][10]. 2. Market Position and Expansion - Wanda Film holds the largest market share in direct cinema operations in China, significantly outpacing competitors [12][14]. - The company has expanded its cinema network, with over 700 direct cinemas, while also exploring franchise opportunities [16]. 3. Financial Performance - In 2023, Wanda Film's revenue is projected to reach 14.98 billion, with a net profit of 1.19 billion, marking a substantial recovery from previous years [2][7]. - The company has shown a strong recovery trajectory, with a 47% year-on-year increase in revenue for the first three quarters of 2023 [8]. 4. Future Outlook - The integration of AI in film production is expected to enhance efficiency and reduce costs, potentially leading to increased film supply and smoother monthly box office performance [1][6]. - The new leadership is anticipated to drive the company towards producing more successful films, leveraging the chairman's extensive experience in the industry [1][6].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1][8]. Core Insights - The company is expected to achieve a net profit attributable to shareholders of 0.9 to 1.2 billion yuan in 2023, indicating a turnaround from previous losses [4]. - The film industry is experiencing a significant recovery, with the company's box office revenue reaching 7.56 billion yuan in 2023, recovering to 96.4% of 2019 levels [5]. - The change in controlling shareholder to Ke Liming and the appointment of Chen Xi as chairman and CEO are expected to enhance the company's content production capabilities [6]. Company Overview - The latest closing price is 12.62 yuan, with a total market capitalization of 27.5 billion yuan [2]. - The company has a total share capital of 2.179 billion shares, with 2.108 billion shares in circulation [2]. Financial Projections - The company is projected to achieve revenues of 14.12 billion yuan, 15.89 billion yuan, and 17.39 billion yuan for the years 2023, 2024, and 2025 respectively [7]. - The expected net profit attributable to shareholders for the same years is 1.13 billion yuan, 1.44 billion yuan, and 1.66 billion yuan [7]. - The earnings per share (EPS) are forecasted to be 0.52 yuan, 0.66 yuan, and 0.76 yuan for 2023, 2024, and 2025 respectively [7]. Market Position - The company holds a 16.7% market share in the cinema box office, solidifying its position as an industry leader [5]. - The company’s direct cinema market share has increased by 2 percentage points compared to 2019 [5].

万达电影股份有限公司 股票代码：002739 股票简称：万达电影 公告编号：2024-015 号 万达电影股份有限公司 万达电影股份有限公司（以下简称"公司"）于 2024 年 1 月 29 日召开 2024 年第二次临时股东大会，审议通过了《关于选举公司第六届董事会非独立董事的 议案》和《关于选举公司第六届监事会非职工代表监事的议案》，选举陈曦女士 和龚峤先生为公司第六届董事会非独立董事，选举杨海先生为公司第六届监事会 非职工代表监事。同日公司召开第六届董事会第十五次会议和第六届监事会第十 三次会议，选举陈曦女士为公司董事长和总裁，选举杨海先生为公司监事会主席。 根据《公司章程》"第八条 董事长为公司的法定代表人"之规定，公司的法定 代表人变更为陈曦女士。 近日，公司已完成相关工商变更登记手续并取得了北京市朝阳区市场监督管 理局换发的《营业执照》，具体情况如下： 1、名称：万达电影股份有限公司 2、类型：其他股份有限公司（上市） 3、统一社会信用代码：911100007715928418 4、住所：北京市朝阳区建国路 93 号万达广场 B 座 11 层 5、法定代表人：陈曦 6、注册资本：217936.88 ...

股 票 研 究 [Table_industryInfo] 传播文化业/社会服务 [ Table_Main[万ITnaf 达bol]e 电_Ti影tle]( 002739) [评Tab级le_：Inv est] 增持 上次评级： 增持 AI 电影掀起热潮，影院龙头望供需双赢 目标价格： 18.52 上次预测： 18.52 公 ——万达电影更新报告 当前价格： 12.32 司 陈筱(分析师) 陈俊希(分析师) 李芓漪(分析师) 2024.03.03 更 021-38675863 021-38032025 021-38038428 [交Ta易bl数e_M据a rket] 新 chenxiao@gtjas.com chenjunxi@gtjas.com liziyi@gtjas.com 证书编号 S0880515040003 S0880520120009 S0880523080004 52周内股价区间（元） 10.02-15.58 报 总市值（百万元） 26,850 告 本报告导读： 总股本/流通A股（百万股） 2,179/2,108 流通 B股/H股（百万股） 0/0 全球首部AI长篇电影即将公映，视频类模型将使影 ...