公司报告 | 年报点评报告 万达电影（002739） 证券研究报告 2024年05月 07日 投资评级 院线业务持续扩张，影视制作端发力显著 行业 传媒/影视院线 6个月评级 买入（维持评级） 当前价格 14.56元 事件： 2024年4月30日，万达电影发布2023年年度报告及2024年一季度报告。2023年，公司实现 目标价格 元 营业收入146.2亿元，同比增加50.79%；归母净利润9.1亿元，同比扭亏为盈；扣非归母净利润7.2亿元， 同比扭亏为盈；基本每股收益盈利0.42元。2024年一季度，公司实现营业收入38.2亿元，同比增加1.70%； 基本数据 归母净利润3.3亿元，同比增加3.25%；扣非归母净利润3.1亿元，同比减少15.31%。 A股总股本(百万股) 2,179.37 电影大盘复苏叠加营销发力，公司院线主业持续增长。2023 年公司线下影院观影票房收入为 84.4亿元， 流通A股股本(百万股) 2,107.84 同比变化+56.89%；毛利率为4.32%，同比变化+15.20pct。公司国内直营院线实现票房收入75.6亿元（不 A股总市值(百万元) 31,731.61 含服务费），恢复 ...

Investment Rating - The investment rating for Wanda Film is "Buy" with a target price of 18.52 CNY, maintaining the previous rating of "Buy" [1][2]. Core Views - The report highlights that the peak movie season is approaching, with key projects expected to be released successively. The performance of the film content segment is anticipated to be gradually released [1]. - The core focus is on the collaboration between Wanda and Ru Yi, with expectations for significant box office contributions from upcoming films [1][2]. Financial Summary - In 2023, Wanda Film achieved operating revenue of 14.62 billion CNY, a 50.8% increase year-on-year, and a net profit attributable to shareholders of 912 million CNY, marking a return to profitability [1][2]. - The first quarter of 2024 is projected to have an EPS of 0.15 CNY, with annual EPS forecasts for 2024, 2025, and 2026 at 0.69 CNY, 0.81 CNY, and 0.93 CNY respectively [1][2]. - The company’s market share in the domestic cinema sector is reported at 16.5%, with a slight increase of 0.2 percentage points [1]. Operational Highlights - The number of cinemas opened by Wanda Film increased to 929 by the end of 2023, with 708 being directly operated cinemas [1]. - The report notes that the box office performance is significantly influenced by the overall market conditions, with Wanda Film's cinema business being particularly sensitive to box office trends [1][2]. Future Outlook - The report maintains the EPS forecasts for 2024 and beyond, indicating confidence in the company's recovery and growth trajectory [1][2]. - The anticipated releases during the May Day and Dragon Boat Festival periods are expected to bolster revenue and profitability [1].

投资要点 公司发布2023年报及2024年一季报：2023年实现收入146亿元，同比增长50.79%；归母净利润实现 9.12亿元，扣非归母净利润实现7.19亿元，落在此前业绩预告偏下区间。24Q1公司实现收入38.2亿 元，同比增长1.7%；归母净利润实现3.26亿元，同比提升3.25%；扣非归母净利润实现3.07亿元，同 比下滑15.31%。 影院稳健发展，期待24年非票业务贡献更多利润弹性。24Q1公司国内影院实现票房21亿元，同比下降 2.6%，主要受票价下滑影响，观影人次同比增长4.4%。累计市场份额同比提高0.2pct。截至3/31，直 营影院稳定在708 家，轻资产影院较23年底的196家进一步增加至221家。24Q1海外澳洲院线票房同比 增长9%，观影人次同比增长11.7%，实现稳健增长。24年公司将继续加强和商业地产开发商合作，加 大项目拓展力度，在一线城市重点打造旗舰影院，提高直营影院品牌价值。非票业务上，公司将加大 力度开发更多自研商品、强化私域社群、构建万达影院文化氛围等，商品餐饮销售收入贡献有望进一 步增加；同时24年电影市场持续复苏已吸引更多品牌方投入映前广告进行宣传，我们预计公司 ...

万[Ta达bl电e_S影toc（kN0am0e2R7pt3T9y.peS]Z ） 公司研究/公司点评 24Q1 市占率同比下滑但 3 月以来有所修复，关注后续市占率提升进展 [[TT投aabb资llee评__AuR级tahn：okr]] 买 入（维持） 主要观点： ⚫[ T事ab件le _Summary] 报告日期： 2024-5-5 [收T盘ab价le（_B元as）eD ata] 14.63 万达电影发布公告，23 年公司实现收入 146.20亿 近12个月最高/最低（元） 16.51/9.81 (yoy+50.79%)，实现归母净利润 9.12 亿（同比扭亏为 总股本（百万股） 2,179.37 盈）；实现扣非后归母净利润 7.19 亿(同比扭亏为盈)。 流通股本（百万股） 2,107.84 流通股比例（%） 96.72 24Q1 实现收入 38.21亿(yoy+1.70%)，实现归母净利润 总市值（亿元） 318.8 3.26 亿（yoy+3.25%），实现扣非后归母净利润 3.07 亿(yoy 流通市值（亿元） 308.3 -15.31%)。 ⚫ 院线业务：受返乡人口同比增长影响，24Q1 市占率同比 ...

证券研究报告·公司点评报告·影视院线 万达电影（002739） 2023 年报&2024 年一季报点评：利润略低预 2024年 04月 30日 期，期待后续内容业务带来惊喜 证券分析师 张良卫 买入（维持） 执业证书：S0600516070001 021-60199793 盈[T 利ab 预le_ 测EP 与S 估] 值 2022A 2023A 2024E 2025E 2026E zhanglw@dwzq.com.cn 证券分析师 周良玖 营业总收入（百万元） 9,695 14,620 16,188 18,940 21,023 执业证书：S0600517110002 同比（%） (22.38) 50.79 10.72 17.00 11.00 021-60199793 归母净利润（百万元） (1,923.00) 912.24 1,407.71 1,830.32 2,198.84 zhoulj@dwzq.com.cn 同比（%） - - 54.31 30.02 20.13 研究助理 郭若娜 EPS-最新摊薄（元/股） (0.88) 0.42 0.65 0.84 1.01 执业证书：S0600122080017 P ...

证 券 2024 年 04 月 30 日 研 究 龙头地位持续夯实 AI 及 IP 业务具新增潜力 报 告 —万达电影（002739.SZ）公司事件点评报告 买入(维持) 事件 分析师：朱珠 S1050521110001 万达电影发布公告：2023 年公司总营收 146.2 亿元 zhuzhu@cfsc.com.cn （yoy+50.8%），归母与扣非净利润分别为 9.1、7.2 亿元 （均扭亏为盈）；2023 年计提资产减值准备及信用减值准备 4.2 亿元；经营性现金流净额 44.2 亿元（yoy+270%），现金 流 较 大 改 善 ； 单 季 度 看 ， 24Q1 营 收 38.2 亿 元 基本数据 2024-04-29 （yoy+1.7%），归母利润 3.26 亿元（yoy+3.25%），扣非 当前股价（元） 15.52 3.07亿元（yoy-15.3%）。 总市值（亿元） 338 总股本（百万股） 2179 投资要点 流通股本（百万股） 2108 52周价格范围（元） 10.02-16.1 ▌ 2023 年万达营收高增 50.8% 归母利润扭亏 主业 日均成交额（百万元） 412.8 修复 非票业务 ...

证 券 2024 年 04 月 30 日 研 究 龙头地位持续夯实 AI 及 IP 业务具新增潜力 报 告 —万达电影（002739.SZ）公司事件点评报告 买入(维持) 事件 分析师：朱珠 S1050521110001 万达电影发布公告：2023 年公司总营收 146.2 亿元 zhuzhu@cfsc.com.cn （yoy+50.8%），归母与扣非净利润分别为 9.1、7.2 亿元 （均扭亏为盈）；2023 年计提资产减值准备及信用减值准备 4.2 亿元；经营性现金流净额 44.2 亿元（yoy+270%），现金 流 较 大 改 善 ； 单 季 度 看 ， 24Q1 营 收 38.2 亿 元 基本数据 2024-04-29 （yoy+1.7%），归母利润 3.26 亿元（yoy+3.25%），扣非 当前股价（元） 15.52 3.07亿元（yoy-15.3%）。 总市值（亿元） 338 总股本（百万股） 2179 投资要点 流通股本（百万股） 2108 52周价格范围（元） 10.02-16.1 ▌ 2023 年万达营收高增 50.8% 归母利润扭亏 主业 日均成交额（百万元） 412.8 修复 非票业务 ...

Financial Performance - Total revenue for Q1 2024 was CNY 3,821,260,847.55, representing a 1.70% increase compared to CNY 3,757,516,467.53 in the same period last year[3] - Net profit attributable to shareholders was CNY 325,869,861.80, up 3.25% from CNY 315,625,516.33 year-on-year[3] - Net profit after deducting non-recurring gains and losses decreased by 15.31% to CNY 307,099,153.65 from CNY 362,629,023.09 in the previous year[3] - Total comprehensive income for Q1 2024 was 201,369,182.68 CNY, down from 249,551,021.52 CNY in Q1 2023, indicating a decline of approximately 19.3%[19] - The company reported a basic earnings per share of 0.1495 CNY for Q1 2024, slightly up from 0.1448 CNY in Q1 2023[19] Cash Flow and Liquidity - The net cash flow from operating activities was negative at CNY -45,642,476.63, a significant decline from CNY 1,591,690,795.18 in the same period last year[3] - Cash inflow from financing activities was 769,500,000.00 CNY in Q1 2024, a decrease from 1,701,000,000.00 CNY in Q1 2023, representing a decline of approximately 54.7%[21] - The total cash and cash equivalents at the end of Q1 2024 were 1,719,192,958.52, down from 3,594,210,106.72 at the end of Q1 2023, reflecting a decrease of approximately 52.2%[22] - The cash and cash equivalents net increase for Q1 2024 was -1,373,414,511.54, contrasting with an increase of 822,538,513.80 in Q1 2023[22] - The total cash outflow from financing activities was 1,949,882,034.20 in Q1 2024, down from 2,298,946,337.01 in Q1 2023, indicating a decrease of about 15.2%[22] Assets and Liabilities - Total assets at the end of the reporting period were CNY 24,117,833,603.17, down 4.01% from CNY 25,125,323,360.13 at the end of the previous year[3] - The total liabilities decreased to ¥15,741,096,240.80 from ¥16,949,955,180.44, indicating a reduction of about 7.1%[17] - Cash and cash equivalents decreased by 44.13% to CNY 1,764,170,954.04 from CNY 3,157,910,977.92 at the end of the previous year[6] - Accounts receivable increased to ¥1,673,405,294.77 from ¥1,624,617,950.02, showing a growth of about 3%[15] - Inventory increased by 48.60% to CNY 2,220,059,778.28, primarily due to increased film investments[6] Tax and Expenses - The company reported a significant increase in income tax expenses, which rose by 261.95% to CNY 23,491,776.17 from CNY 6,490,259.36 in the previous year[6] - Operating costs for Q1 2024 totaled 3,476,631,352.27 CNY, up from 3,391,925,681.56 CNY in Q1 2023, reflecting an increase of approximately 2.5%[18] - Research and development expenses decreased by 33.48% to CNY 4,574,363.38 compared to CNY 6,876,614.37 in the previous year[6] Market Performance - In Q1 2024, China's box office reached RMB 16.35 billion, a year-on-year increase of 3.0%, with 360 million admissions, up 8.1% year-on-year[11] - The company's domestic cinema generated RMB 2.1 billion in box office (excluding service fees), a year-on-year decrease of 2.6%, with 48.18 million admissions, an increase of 4.4% year-on-year[11] - As of March 31, 2024, the company operated 929 cinemas and 7,720 screens domestically, with a market share of 16.5%, up 0.2 percentage points year-on-year[11] - The company’s Australian cinema chain achieved a box office of approximately RMB 315 million, a year-on-year increase of 9%[11] - The films co-produced by the company, "The 20th Rule" and "Boonie Bears: Back to Earth," generated box office revenues of RMB 2.45 billion and RMB 1.99 billion, respectively[11] Strategic Initiatives - The company plans to increase investment in film and television projects, with several films and series scheduled for release in 2024[11] - The company terminated part of the fundraising investment projects and will permanently supplement the remaining funds into working capital, as approved in meetings held on January 12 and January 29, 2024[14] - The company’s membership card and W+ card promotions have contributed to an increasing share of box office revenue from self-operated channels[11] Corporate Changes - The company’s actual controller changed to Mr. Ke Liming following a series of equity transfers completed in April 2024[12] - The company has not audited the Q1 2024 report[23]

Financial Performance - The company reported a total revenue of 2,179,368,810, with a cash dividend of 0 per 10 shares[5]. - Wanda Film's revenue for 2023 reached 10 billion RMB, reflecting a 15% increase compared to the previous year[11]. - The company's operating revenue for 2023 reached ¥14.62 billion, a 50.79% increase compared to ¥9.70 billion in 2022[20]. - The net profit attributable to shareholders was ¥912.24 million, a significant recovery from a loss of ¥1.92 billion in 2022[20]. - The net profit after deducting non-recurring gains and losses was ¥718.78 million, compared to a loss of ¥2.08 billion in the previous year[20]. - The company reported a net profit of RMB 932,336,590.59 for the fiscal year 2023, with a net profit attributable to shareholders of RMB 912,242,629.16[156]. - The total number of employees at the end of the reporting period was 10,665, with 8,660 operational staff and 905 technical personnel[149][151]. Strategic Plans and Market Expansion - The company plans to continue its focus on market expansion and new product development as part of its growth strategy[6]. - The company plans to expand its market presence by opening 50 new cinemas in 2024, aiming for a 20% increase in market share[11]. - In 2024, the company plans to actively expand high-quality direct-operated cinemas, particularly in first-tier cities like Beijing and Shanghai, to enhance market share[93]. - The company aims to increase both box office and non-box office revenue through innovative management and operational strategies, including the development of self-researched products and upgrades to its movie app[94]. - The company plans to deepen IP cooperation with Time Network and develop derivative products, including a new series of baby-Molly merchandise set to launch in May 2024[97]. Risk Management and Compliance - The company emphasized the importance of risk factors in its business operations, urging investors to pay attention to investment risks[4]. - The company is implementing measures to mitigate investment risks in film projects by enhancing project management and marketing strategies to ensure key films are released as planned[99]. - Regulatory risks are present due to strict government oversight in the film industry, and the company is enhancing its understanding of industry policies to mitigate these risks[102]. - The company has established safety management protocols to address public safety risks associated with high audience volumes during peak times[103]. - The company has no non-operating fund occupation by controlling shareholders or other related parties during the reporting period[182]. Corporate Governance and Management - The company has established a robust internal control system, integrating checks into daily operations and optimizing internal control manuals based on external audit recommendations[113]. - The company maintains complete operational independence from its controlling shareholder, with distinct business, personnel, asset, and financial management[116]. - The company is focused on expanding its market presence and enhancing its product offerings through strategic appointments and governance changes[124][125]. - The company has a commitment to maintaining high governance standards with independent directors actively involved in oversight[130]. - The company has a remuneration management system in place for directors, supervisors, and senior management based on performance evaluation[139]. Research and Development - Wanda Film's R&D expenditure increased by 20% in 2023, emphasizing its commitment to innovation in film technology and production processes[11]. - The company is developing an automated privacy compliance detection software to mitigate risks associated with user privacy regulations[65]. - The number of R&D personnel decreased by 26.01% to 128, which may impact future innovation capabilities[66]. - R&D investment amounted to ¥70,915,044.87, down 18.32% from the previous year, with a decrease in the proportion of R&D investment to operating revenue from 0.90% to 0.49%[66]. Community Engagement and Corporate Social Responsibility - The company actively engaged in over 130 volunteer activities with more than 7,000 participants throughout the year[170]. - The company organized special screening events for veterans and military personnel, enhancing community engagement[169]. - The company has established 252 university student internship bases and achieved cooperation with 119 universities, enhancing its corporate social responsibility and employer brand image[171]. - The company has adopted patented low-carbon technology for its self-developed beverage series, emphasizing its commitment to sustainable development[172]. Shareholder Communication and Meetings - The company held one annual general meeting during the reporting period to review significant matters such as the annual report and asset impairment[107]. - The annual shareholders meeting on June 30, 2023, had a participation rate of 40.97%[122]. - The company disclosed 102 announcements in 2023, ensuring timely and fair information dissemination to all shareholders[114]. - The company is focused on enhancing communication with regulatory bodies and minority shareholders regarding performance compensation[146]. Financial Health and Investments - The total assets at the end of 2023 were ¥25.13 billion, a decrease of 5.92% from ¥26.71 billion at the end of 2022[20]. - The net assets attributable to shareholders increased by 13.14% to ¥8.03 billion, compared to ¥7.10 billion at the end of 2022[20]. - The company has a total of 204 subsidiaries, with 7 newly established and 18 deregistered in 2023[60]. - The company has not reported any significant losses from leasing projects that exceed 10% of the total profit for the reporting period[193].

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The actual controller of the company changed from Wang Jianlin to Ke Liming on April 15, 2024, with a focus on enhancing cinema market share and non-ticket revenue [2][11]. - The company aims to increase its market share from 15.44% to over 20% by leveraging its extensive cinema network and optimizing its operational strategies [2][16]. - The collaboration with Ru Yi is expected to accelerate the development of film, television, and gaming projects, enhancing resource sharing and competitive advantages [2][8]. Summary by Sections 1. Change of Actual Controller and Strategic Alliance - The company announced a change in its actual controller to Ke Liming, who holds significant stakes through various entities [11]. - The management team combines expertise from both Wanda and Ru Yi, focusing on cinema, film production, and gaming [11][13]. 2. Cinema Business: Scale and Operational Efficiency - As of the end of 2023, the company operates 709 cinemas in China, maintaining a leading market share of 15.44% [2][16]. - The company plans to enhance its market share to over 20% by expanding its cinema network and improving operational efficiency [2][16]. - The operational efficiency of Wanda cinemas has improved post-pandemic, with ticket sales recovering to 96.4% of 2019 levels [16][23]. 3. Content Business: Film, Television, and Gaming - The company plans to release over 7 films and 6 television series in 2024, alongside multiple gaming projects [2][8]. - The gaming segment has shown rapid growth, particularly with successful overseas releases [2][8]. 4. Profit Forecast and Investment Recommendations - Projected revenues for 2023-2025 are 15.089 billion, 16.852 billion, and 18.145 billion yuan, with net profits of 1.045 billion, 1.502 billion, and 1.780 billion yuan respectively [2][4]. - The report assigns a 30x PE valuation for 2024, leading to a target price of 20.68 yuan per share [2][4].