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 ...

Investment Rating - The investment rating for the company is "Accumulate" [2][3] Core Views - The company is positioned as an industry leader with significant advantages, particularly in the content sector, and is expected to benefit from the new management team [3] - The recovery of the domestic film market is promising, with strong performance during the summer and New Year holiday seasons validating market demand [3] - The company is increasing its focus on a light-asset model to reduce operational costs while enhancing its competitive efficiency in the exhibition sector [3] Financial Performance Summary - The company forecasts a net profit attributable to shareholders for 2023 between 900 million and 1.2 billion yuan, with a significant recovery from previous losses [2] - The estimated earnings per share (EPS) for 2023, 2024, and 2025 are projected to be 0.49 yuan, 0.64 yuan, and 0.72 yuan respectively, with corresponding price-to-earnings (PE) ratios of 20.49, 15.56, and 13.93 [3][4] - Revenue is expected to grow from 9.695 billion yuan in 2022 to 14.595 billion yuan in 2023, reflecting a growth rate of 50.54% [4][7] Market Position and Share - The company's market share in the domestic cinema sector is reported at 16.82% for 2023, showing a slight decline compared to the previous year but an increase of 3.09 percentage points compared to 2019 [2][3] - The company has expanded its cinema operations, with a total of 905 cinemas and 7,546 screens as of the end of 2023, indicating a growth in both direct and light-asset cinema formats [3][4] Management Changes - The company has appointed a new chairperson and CEO, Chen Xi, who is expected to bring more flexibility and enhance collaboration with Ru Yi Film [3]

Investment Rating - The investment rating for the company is "Buy" [2] Core Views - The company is expected to enhance its valuation through high-quality content and the leadership of a seasoned producer [4] - The cinema industry is showing signs of recovery, with the company benefiting from a positive supply-demand cycle [6] - The company has a strong market position, with a significant share of the domestic box office and a growing number of screens [3][4] Financial Performance Summary - The company forecasts a net profit attributable to shareholders of 0.9-1.2 billion yuan for 2023, with a basic earnings per share (EPS) of 0.4130-0.5506 yuan [3] - The domestic box office revenue reached 7.56 billion yuan in 2023, recovering to 96.4% of 2019 levels, with a market share of 16.7% [3] - The company expects revenues of 13.58 billion yuan in 2023, a 40.1% increase year-on-year, and a return to profitability with a net profit of 1.18 billion yuan [7] Management Changes - The company appointed Chen Xi as the new chairperson and CEO, who has a strong background in film production [3][4] - Chen Xi has been involved in several successful film projects, indicating potential for future content success [4] Market Position and Strategy - The company has a total of 905 cinemas and 7,546 screens, with a significant increase in market share for its direct-operated cinemas [3] - The acquisition of a controlling stake by Ru Yi Investment is expected to provide stable upstream resources and enhance content quality [6] Future Projections - Revenue projections for 2023-2025 are 13.58 billion, 15.04 billion, and 16.07 billion yuan, respectively, with corresponding net profits of 1.18 billion, 1.67 billion, and 1.80 billion yuan [7] - The company is expected to maintain a price-to-earnings (PE) ratio of 21, 15, and 14 times for the years 2023, 2024, and 2025, respectively [6][7]

万达电影股份有限公司 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：2024-011 号 二、审议通过了《关于调整公司第六届董事会专门委员会委员的议案》 第六届董事会第十五次会议决议公告 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"）第六届董事会第十五次会议于 2024 年 1 月 29 日在北京市朝阳区建国路 93 号万达文华酒店 7 层以现场及通讯 相结合的表决方式召开，会议通知于 2024 年 1 月 23 日以电话、电子邮件及书面 形式发出。会议应参加董事 6 人，实际参加董事 6 人，符合《公司法》《公司章 程》以及公司《董事会议事规则》的相关规定。会议由董事陈洪涛先生主持，与 会董事经认真审议，形成如下决议： 一、审议通过了《关于选举公司第六届董事会董事长的议案》 经公司 2024 年第二次临时股东大会审议通过，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。本次选举完成后，公司第六届董事会由 6 名董事 组成，其中非独立董事 4 名，独立董事 2 名。 经审议，董事会 ...