国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 公 司 更 新 报 告 证 券 研 究 报 告 | | | | | | | | |----------------|---------------------------------|----------------------------------|------------------------------|----------------------------|------------|------------| | | [Table_Industry] | | | | 传播文化业 | /社会服务 | | 万达电影 | (002739) | | | [Table_Invest] 评级: | | 增持 | | | | | | [Table_Target] 目标价格: | 上次评级: | 增持17.45 | | | | ——万达电影 2024 | 年中报预告点评 | [当前价格: Table_CurPrice] | 上次预测: | 18.5211.93 | | [table_A ...

证券研究报告 万达电影 (002739 CH) Q2 业绩承压,主因票房大盘回落 华泰研究 公告点评 2024 年 7 月 10 日│中国内地 文化娱乐 | | | |-------------------------------|---------------------------| | 投资评级(维持): | 买入 | | 目标价(人民币): | 14.07 | | 研究员 SAC No. S0570520040004 | 朱珺zhujun016731@htsc.com | | SFC No. BPX711 | +(86) 10 6321 1166 | | 研究员 | 周钊 | | SAC No. S0570517070006 | zhouzhao@htsc.com | | SFC No. BQA910 | +(86) 10 5679 3958 | 24H1 预计净利 1-1.3 亿元,同降 69.25%-76.35% 公 司 发 布 24 年 H1 业 绩 预 告 : 预 计 归 母 净 利 1-1.3 亿元,同降 69.25%-76.35%;扣非归母净利 0.71-1.01 亿元,同降 75.67% ...

Financial Performance - The company expects a net profit attributable to shareholders of between 100 million and 130 million yuan for the first half of 2024, a decrease of 69.25% to 76.35% compared to the same period last year, where it was 422.76 million yuan [3]. - The net profit after deducting non-recurring gains and losses is projected to be between 71 million and 101 million yuan, down 75.67% to 82.90% from 415.20 million yuan in the previous year [3]. - The basic earnings per share is estimated to be between 0.0459 yuan and 0.0597 yuan, compared to 0.1940 yuan per share in the same period last year [3]. Market Trends - The overall film market in China saw a decline in box office revenue of 28.7% year-on-year in Q2 2024, totaling 7.42 billion yuan, which is only 58.5% of the box office from the same period in 2019 [6]. - The number of moviegoers in Q2 2024 was 180 million, a decrease of 31.2% year-on-year, representing only 55.8% of the attendance in the same period of 2019 [6]. - Domestic cinema box office revenue for the company reached 3.13 billion yuan, a year-on-year decline of 14.5%, with attendance dropping by 14.3% to 75 million [6]. Future Outlook - The company anticipates a recovery in the film market in the second half of 2024, supported by a rich lineup of upcoming films, including "抓娃娃" and "白蛇：浮生" scheduled for release on July 16 and August 10, respectively [6]. - The company has a diverse film slate for the second half of 2024, with several titles expected to boost performance, including "误杀 3" and "有朵云像你" set to release later in the year [6]. Operational Challenges - The company is facing challenges due to high fixed costs such as rental and depreciation, which contributed to losses in the cinema segment during Q2 2024 [6]. - The company has communicated with its accounting firm regarding the preliminary performance forecast, and there are no significant disagreements [4].

公司深度分析 2024 年 06 月 29 日 万达电影(002739.SZ) 院线龙头强者恒强,内容互补如虎添翼 儒意成为实控方,院线发行(渠道)与电影投资(内容)强强联合。儒意的 顶尖内容制作能力与万达电影的线下影院渠道互为补充,公司步入全新发展阶 段后将(1)继续拓展院线板块市场份额:在保障影院质量和盈利能力的前提下 继续大力拓展直营影院,并对直营影院提质升级;同时公司也会在统一品牌、 统一排片、统一经营、统一管理的原则下发展轻资产业务;(2)不断提高内容 板块产出能力:公司会借助儒意在影视内容研发、制作及宣发领域的优势实现 资源共享和优势互补,制作出更多优质作品,增厚上游内容。 院线板块:轻重并举提升份额,持续积极拓展优质影院。2023 年,公司积极 寻找和筛选优质项目,重点拓展旗下高端品牌寰映影院,确保项目质量和盈利 能力,全年新开业直营影院 7 家。与此同时,为降低资本支出、提高院线市场 份额,公司继续发展优质轻资产影院,新开业轻资产影院 79 家,新签约项目 约 156 个,项目发展规模和经营质量均稳步提升。截至 2023 年末,公司国内 拥有已开业影院 905 家,7546 块银幕,其中直营影 ...

证券研究报告 影视院线 2024年06月29日 万达电影(002739)深度报告:重整旗鼓, 三大战略蓄势待发 评级:买入(维持) 姚蕾(证券分析师) 方博云(证券分析师) S0350521080006 S0350521120002 yaol02@ghzq.com.cn fangby@ghzq.com.cn | 最近一年走势 | | | 市场数据 | 2024/06/28 | |----------------|------------|------------|------------------|--------------------------------------------------------------------------------------------------------------------------| | 29% | 万达电影 | 沪深300 | 当前价格(元) | 12.09 | | | | | 52周价格区间(元) | 9.81-16.51 | | 19% | | | 总市值(百万) | 26,348.57 | | 8% | | | 流通市值(百万) | 25,4 ...

公司研究/传媒 证券研究报告 万达电影(002739)公司研究报告 2024 年 06 月 25 日 | | 首次 | |-------------------------------------------------|-------------| | 投资评级 优于大市 | 覆盖 | | 股票数据 | | | 06 [ Table_StockInfo 月 24 日收盘价(元) ] | 12.48 | | 52 周股价波动(元) | 9.81-16.51 | | 总股本 / 流通 A 股(百万股) | 2179/2108 | | 总市值 / 流通市值(百万元) | 27199/26306 | | 相关研究 | | 市场表现 万达电影 海通综指 -24.61% -14.61% -4.61% 5.39% 15.39% 2023/6 2023/9 2023/12 2024/3 | 沪深 300 对比 | 1M | 2M | 3M | |-----------------------|--------|--------|-------| | 绝对涨幅( % ) | -8.4 | -13.9 | -22.5 | | ...

股 票 研 [Table_Industry] 传播文化业/社会服务 究 万 达电影(002739) [评Tab级le_I：nve st] 增持 头部影片陆续定档，将步入收获高峰期 上 次评级: 增持 [目Tab标le_T价arg格et] ： 18.52 ——万达电影更新报告 上 次预测: 18.52 [当Ta前bl价e_格Cu：rP rice] 12.60 公 [table_A ut陈ho筱rs] ( 分析师) 陈俊希(分析师) 李芓漪(分析师) 司 021-38675863 021-38032025 021-38038428 [ Table_Date] 2024.06.14 chenxiao@gtjas.com chenjunxi@gtjas.com liziyi@gtjas.com 更 登 记编号 S0880515040003 S0880520120009 S0880523080004 新 本报告导读： 报 [交Ta易ble数_M据ar ket] 随着暑期档头部影片陆续定档，公司有望受益于档期预期抬升，且公司参与出品发行 告 多部暑期档影片，内容带来的业绩增量望成为重要的边际。 52周内股价区间（元） 1 ...

Summary of Wanda Film Conference Call Company Overview - **Company**: Wanda Film - **Industry**: Film and Entertainment Key Points and Arguments Company Transformation and Management Changes - Wanda Film has undergone significant changes in management, completing a leadership transition at the end of 2022, which is expected to drive growth in both cinema operations and film production [2][6][7] - The new management team retains key personnel from the cinema division, which accounts for approximately 70% of the company's revenue, ensuring continuity and expertise in this critical area [7][17] Financial Performance and Recovery - The company experienced substantial fluctuations in box office revenue due to the pandemic, with a notable recovery trend observed in 2023, reaching about 85% of 2019 levels [10][12] - Cost optimization measures have been implemented, including reductions in employee numbers and management of fixed costs, which are expected to enhance operational leverage as revenues recover [9][10] Market Potential and Growth Opportunities - The overall film market is projected to have significant growth potential, with estimates suggesting a possible doubling of the market size to around 1 trillion yuan, compared to the current level of approximately 549 billion yuan [13][16] - Wanda Film's market share in the cinema sector is expected to increase, with a target of reaching 20% from the current 15-16% [16][17] Strategic Focus Areas - The company is focusing on three main areas for future growth: 1. **Cinema Market Share**: Continued expansion in cinema operations to capture a larger market share [18] 2. **Film Production**: Enhancing the film production segment, which has shown significant elasticity in profitability [19] 3. **Non-Ticket Revenue**: Development of high-margin non-ticket businesses, including games and merchandise, which are expected to contribute to revenue growth [27][29] Upcoming Film Releases and Content Strategy - Wanda Film has a robust pipeline of upcoming films, including major releases during key holiday periods, which are anticipated to drive box office performance [22][24][31] - The company is also exploring AI technologies to enhance film production efficiency and reduce costs, indicating a forward-looking approach to industry trends [25][26] Financial Projections - Profit estimates for Wanda Film are projected at 1.3 to 1.4 billion yuan for the current year, with expectations of 1.6 to 1.7 billion yuan for the following year, suggesting a favorable valuation at around 20 times earnings [32][33] Additional Important Insights - The company is actively working on diversifying its revenue streams through merchandise and gaming, which are currently underrepresented in its overall revenue mix [29][30] - The management's strategic focus on enhancing the quality of film production and expanding into non-ticket revenue streams reflects a comprehensive approach to growth in a competitive market [30][31]

会议即将开始请稍后 本次电话会议仅服务于长江证券研究所白名单客户未经长江证券事先书面许可任何机构或个人不得以任何形式对外公布、复制、刊载、转载、转发、引用本次会议相关内容否则由此造成的一切后果及法律责任由该机构或个人承担长江证券保留追究其法律责任的权利 各位投资者晚上好我是长江传媒高超今天非常高兴给大家带来万达电影深度的一个汇报万达电影的话也是在整个院线里面非常头部的这个公司啊之前的话在整个2022年23年期间的话也确实发生了一些变化那到去年年底的话也是完成了管理层的这样的一个变革 那在此之前关于院线这一端的开拓以及包括出品这一端整体的一个布局在整个新的管理层更迭以后的话我们是认为在这一块会有比较大的这样的一个进展所以站在这样的一个角度上来看的话我们是非常看好未来万达在提升自己院线端的市占率包括自己向这个上游出品端去这个延展所带来的业绩弹性 所以基于此的话我们是把这个万达是这个进行重新的一个覆盖以及给予这个买入的评级那我们整篇深度报告的话主要分为三个部分第一个部分还是回顾一下整个万达就是过去整体发展的一个历程跟它财务上变化的一些情况第二个部分是从公司现在占据70%左右 收入的整个院线或者说公司最有这个相对而言 ...

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