2024 年 10 月 30 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 方博云 S0350521120002 fangby@ghzq.com.cn [Table_Title] 国际&科技业务强化发展，投资并购赋 能主业 ——华策影视（300133）2024Q3 业绩点评 最近一年走势 | --- | --- | --- | --- | |---------------------|-----------|-------|------------------| | 相对沪深 300 \n表现 | 表现 \n1M | 3M | 2024/10/28 \n12M | | 华策影视 | 47.5% | 47.8% | 69.1% | | 沪深 300 | 7.0% | 16.3% | 11.3% | | 市场数据 | | | 2024/10/28 | | 当前价格（元） | | | 8.91 | | 52 周价格区间（元） | | | 3.88-11.06 | | 总市值（百万） | | | 16,938.57 | | 流通市值（百万） | | | 14,470.46 | | 总股本（万股） | | ...

浙江华策影视股份有限公司 2024 年第三季度报告 1 证券代码：300133 证券简称：华策影视 公告编号：2024-088 浙江华策影视股份有限公司 2024 年第三季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重 大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、 完整。 3.第三季度报告是否经过审计 □是 否 浙江华策影视股份有限公司 2024 年第三季度报告 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 | --- | --- | --- | --- | --- | |------------------------------------------------------|------------------|-------------------------|--------- ...

传媒 证 券 研 究 报 告 2024 年 09 月 25 日 华策影视 (300133) ——影视剧内容储备丰富，第二成长曲线可期 | --- | --- | |-----------------------------|-------------------------------| | 市场数据： | 2024 年 09 月 24 日 | | 收盘价（元） | 5.23 | | 一年内最高/最低（元） | 11.06/3.88 | | 市净率 | 1.4 | | 息率（分红 / 股价） | 0.78 | | 流通 A 股市值（百万元） | 8,494 | | 上证指数 / 深证成指 | 2,863.13/8,435.70 | | --- | --- | |------------------------------|-------------------------------| | | | | 基础数据 : | 2024 年 06 月 30 日 | | 每股净资产（元） | 3.69 | | | | | 资产负债率 % | 24.70 | | 总股本/流通 A 股（百万） | 1,901/1,624 ...

华策影视（300133.SZ） 优于大市 净利润同比向下，关注内容表现及 AIGC 布局 业绩同比向下。1）上半年公司实现营业收入 3.68 亿元、归母净利润 0.71 亿元，同比分别下滑 67.67%、70.39%，对应全面摊薄 EPS 0.04 元；上半年 营收与业绩大幅下滑主要在于影视剧上映数量显著减少；2）其中 24 年 Q2 公司实现营业收入 1.91 亿元、归母净利润 0.41 亿元，同比分别增长 10.8%、 55.9%，对应全面摊薄 EPS 0.02 元；3）公司计划半年度不派发现金红利， 不送红股，不以公积金转增股本。 坚守"内容为王"战略，关注储备内容释放。1）上半年公司电视剧制作与 发行业务实现营收 2650 万元、同比下滑 96.8%，是上半年营收及业绩下滑的 主要原因；主要在于上半年公司聚焦项目研发码盘，开机数量较往期减少明 显；下半年计划开机包括《我们的河山》等在内的 8 部电视剧，有望带动电 视剧制作业务底部回暖；2）电视剧版权业务继续保持较高增速，营收同比 增长 26.87%至 1.80 亿元；毛利率同比略有下滑 1.79 个百分点至 66.56%；2） 电影业务方面，上半年完 ...

Financial Performance - Revenue for the reporting period was RMB 367.52 million, a decrease of 67.67% compared to the same period last year[11] - Net profit attributable to shareholders of the listed company was RMB 71.20 million, a decrease of 70.39% year-on-year[11] - Operating cash flow was negative RMB 99.54 million, a significant decrease of 152.65% compared to the same period last year[11] - Basic earnings per share were RMB 0.04, down 69.23% year-on-year[11] - Total assets at the end of the reporting period were RMB 9.44 billion, a decrease of 4.45% compared to the end of the previous year[11] - The weighted average return on equity was 1.01%, a decrease of 2.46 percentage points compared to the same period last year[11] - Total operating revenue for the first half of 2024 was 36.752 billion yuan, a decrease of 67.67% year-over-year[18] - Net profit attributable to shareholders was 712.036 million yuan, a decrease of 70.39% year-over-year[18] - Revenue for the reporting period decreased by 67.67% to 367.52 million yuan compared to the same period last year, primarily due to a decrease in new drama revenue recognition[45] - Operating costs decreased by 76.48% to 192.35 million yuan, mainly due to a reduction in TV drama sales scale[45] - Net cash flow from operating activities decreased by 152.65% to -99.54 million yuan, driven by reduced collections and increased production expenses for TV dramas and films[45] - Total revenue for the first half of 2024 was 367.52 million yuan, a significant decrease from 1.14 billion yuan in the same period of 2023[119] - Net profit for the first half of 2024 was 75.93 million yuan, down from 248.94 million yuan in the first half of 2023[120] - Operating profit for the first half of 2024 was 95.69 million yuan, compared to 311.11 million yuan in the same period of 2023[120] - Revenue for the first half of 2024 was RMB 38.82 million, a decrease of 13.5% compared to RMB 44.86 million in the same period of 2023[121] - Net profit for the first half of 2024 was a loss of RMB 3.54 million, compared to a profit of RMB 812.76 million in the same period of 2023[121] - Operating cash flow for the first half of 2024 was negative RMB 99.54 million, compared to positive RMB 189.06 million in the same period of 2023[124] - Investment cash flow for the first half of 2024 was negative RMB 269.27 million, compared to negative RMB 810.54 million in the same period of 2023[124] - Financing cash flow for the first half of 2024 was negative RMB 637.37 million, compared to positive RMB 204.89 million in the same period of 2023[124] - Cash and cash equivalents at the end of the first half of 2024 were RMB 1.39 billion, a decrease of 42.0% compared to RMB 2.38 billion at the end of the same period in 2023[124] - Sales of goods and services received cash of RMB 987.17 million in the first half of 2024, a decrease of 11.7% compared to RMB 1.12 billion in the same period of 2023[123] - Purchases of goods and services paid cash of RMB 939.06 million in the first half of 2024, an increase of 39.4% compared to RMB 673.72 million in the same period of 2023[123] - Interest income for the first half of 2024 was RMB 19.13 million, a decrease of 7.4% compared to RMB 20.66 million in the same period of 2023[121] - Other comprehensive income for the first half of 2024 was a loss of RMB 1.78 million, compared to a loss of RMB 1.76 million in the same period of 2023[122] - Operating cash flow for the first half of 2024 was -1,484,638,228.73 RMB, a slight improvement from -1,562,970,148.65 RMB in the same period of 2023[125] - Investment cash flow for the first half of 2024 was -143,365,984.80 RMB, compared to 154,044,272.73 RMB in the same period of 2023[125] - Financing cash flow for the first half of 2024 was -570,899,555.22 RMB, a significant decrease from 218,075,907.66 RMB in the same period of 2023[125] - Cash and cash equivalents at the end of the first half of 2024 were -571,730,712.23 RMB, compared to 379,875,811.38 RMB at the end of the first half of 2023[125] - Total comprehensive income for the first half of 2024 was 52,907,916.55 RMB[126] - Owner's equity decreased by 70,205,790.62 RMB in the first half of 2024[126] - The company received 15,163,444.00 RMB from equity investments in the first half of 2024[126] - The company repaid 700,000,000.00 RMB in debt in the first half of 2024[125] - The company distributed 76,718,436.34 RMB in dividends to shareholders in the first half of 2024[127] - The company's capital reserve decreased by 4,543,522.03 RMB in the first half of 2024[126] - The company's total owner's equity at the end of the period was RMB 7,073,379,099.75, with a minority shareholder equity of RMB 114,211,510.02[131] - The company's comprehensive income for the period was RMB 237,162,762.84, with a net profit attributable to the parent company of RMB 228,694,075.87[129] - The company's capital reserve decreased by RMB 16,050,189.30 during the period[129] - The company's undistributed profit increased by RMB 185,554,331.17 during the period[129] - The company's total owner's equity at the beginning of the period was RMB 6,995,286,784.54[129] - The company's owner's equity decreased by RMB 78,363,218.56 during the period[132] - The company's capital reserve decreased by RMB 5,994,192.61 during the period[132] - The company's undistributed profit decreased by RMB 94,101,917.71 during the period[132] - The company's other comprehensive income increased by RMB 12,096,902.10 during the period[132] - The company's total owner's equity at the beginning of the period was RMB 6,212,843,851.44[132] - Comprehensive income for the first half of 2024 was a loss of RMB 5,313,833.99[134] - Owner's equity decreased by RMB 3,641,797.05 due to capital reduction and owner's investment[134] - Profit distribution amounted to a loss of RMB 76,691,181.62[134] - The company's total owner's equity at the end of the period was RMB 6,134,480,632.88[135] - The company's total owner's equity at the beginning of the period was RMB 5,601,997,195.22[136] - The company's total owner's equity increased by RMB 696,030,458.44 during the period[136] - The company's total owner's equity at the end of the period was RMB 6,298,027,653.66[137] - The company's registered capital is RMB 1,901,073,701.00[138] - The company's total shares are 1,901,073,700 shares with a par value of RMB 1 per share[138] - The company's main business activities include film and television production, distribution, and derivative business[138] - The company's financial statements comply with enterprise accounting standards, accurately reflecting the company's financial status, operating results, and cash flow information[142] - The company uses RMB as its functional currency for accounting purposes[146] - Significant accounts receivable for bad debt provision are those exceeding 0.5% of total assets[146] - Important investment cash flow items are those exceeding 10% of total assets[146] - Significant subsidiaries are those contributing over 10% of the group's net profit[146] - Important joint ventures and associates are those with a book value exceeding 0.5% of the group's total assets[146] - Material commitments are those exceeding 0.5% of total assets or affecting more than 8% of total profit[146] - Contingent liabilities are considered significant if they exceed 0.5% of total assets or affect more than 8% of total profit[146] - Post-balance sheet events are deemed important if they exceed 0.5% of total assets or affect more than 8% of total profit[146] - The company's operating cycle is short, with 12 months as the standard for classifying asset and liability liquidity[145] - Financial assets are classified into three categories at initial recognition: (1) measured at amortized cost, (2) measured at fair value with changes in other comprehensive income, and (3) measured at fair value with changes in profit or loss[153] - Financial liabilities are classified into four categories at initial recognition: (1) measured at fair value with changes in profit or loss, (2) financial liabilities from financial asset transfers not meeting derecognition criteria, (3) financial guarantee contracts and loan commitments at below-market rates, and (4) measured at amortized cost[153] - Financial assets and liabilities are initially measured at fair value, with transaction costs either expensed or capitalized depending on the classification[153] - Financial assets measured at amortized cost are subsequently measured using the effective interest method, with gains or losses recognized in profit or loss upon derecognition or impairment[153] - Financial assets measured at fair value with changes in other comprehensive income are subsequently measured at fair value, with interest income and impairment losses recognized in profit or loss[153] - Financial liabilities measured at fair value with changes in profit or loss are subsequently measured at fair value, with changes due to credit risk recognized in other comprehensive income[153] - Financial assets are derecognized when the contractual rights to cash flows expire or the asset is transferred and meets derecognition criteria[154] - Financial liabilities are derecognized when the obligation is discharged[154] - The company uses a three-level hierarchy to determine the fair value of financial instruments, prioritizing observable market data[154] - The company assesses expected credit losses for financial assets measured at amortized cost and certain other financial instruments[155] - The company uses a simplified measurement method for lease receivables and receivables formed by transactions regulated by "Accounting Standards for Business Enterprises No. 14 - Revenue" that contain significant financing components, measuring the loss provision based on the expected credit loss over the entire duration[156] - For financial assets purchased or originated that have experienced credit impairment, the company only recognizes the cumulative change in expected credit loss since initial recognition as a loss provision at the balance sheet date[156] - The company assesses whether the credit risk of financial assets has increased significantly since initial recognition at each balance sheet date, and measures loss provisions accordingly[156] - The expected credit loss rate for commercial acceptance bills, accounts receivable, and other receivables increases with the aging period, reaching 100% for items over 4 years old[160] - For jointly invested film and TV projects where the company bears the full risk of uncollectible receivables, the company provides for the entire project's receivables according to regulations[160] - The company recognizes contract assets or liabilities in the balance sheet based on the relationship between performance obligations and customer payments, offsetting contract assets and liabilities under the same contract[163] - The company classifies the right to receive consideration from customers that depends only on the passage of time as receivables, and the right to receive consideration that depends on factors other than the passage of time as contract assets[163] - Inventory includes raw materials, in-production films, completed films, purchased films, merchandise, and low-value consumables[164] - In-production films refer to those still in production or completed but not yet licensed for public screening or TV distribution[164] - Completed films are those that have obtained the necessary licenses for public screening or TV distribution[164] - Purchased films are those acquired from external sources[164] - Merchandise refers to physical goods sold by the company's cinemas[164] - Inventory is initially measured at actual cost, with specific accounting methods for co-produced films[164] - The company uses the perpetual inventory system, with film inventory verified through copyright checks[164] - Low-value consumables are amortized using the one-time write-off method[164] - Inventory is measured at the lower of cost or net realizable value, with impairment provisions made accordingly[164] - If a film is expected to have no further market, its unamortized costs are fully written off[165] - The company uses the cost method for initial measurement of long-term equity investments, with the actual purchase price as the initial investment cost for cash payments[168] - Investment properties are measured using the cost model, with depreciation or amortization methods similar to those for fixed assets and intangible assets[169] - Fixed assets are depreciated using the straight-line method, with buildings having a depreciation period of 30 years and a residual value rate of 5.00%[171] - Construction in progress is recognized when it is probable that economic benefits will flow to the company and costs can be reliably measured[172] - Borrowing costs are capitalized when they are directly attributable to the acquisition, construction, or production of a qualifying asset[173] - Intangible assets with finite useful lives are amortized systematically over their useful lives, with software amortized over 5-10 years and patents over 10 years[176] - Development phase expenditures for internal R&D projects are capitalized as intangible assets if specific criteria are met, including technical feasibility and intent to complete[177] - Long-term assets, including goodwill and intangible assets with indefinite useful lives, are tested for impairment annually[178] - Long-term prepaid expenses are amortized over their beneficial periods, with any unamortized balance written off if the expenses no longer provide future benefits[179] - Contract liabilities are presented in the balance sheet based on the relationship between the fulfillment of performance obligations and customer payments, with contract assets and liabilities under the same contract offset and presented on a net basis[180] - Short-term employee benefits are recognized as liabilities and included in current period profits or related asset costs during the accounting period when employees provide services to the company[181] - Post-employment benefits are categorized into defined contribution plans and defined benefit plans, with obligations calculated and recognized as liabilities during the service period[181] - Termination benefits are recognized as liabilities and included in current period profits when the company cannot unilaterally withdraw the benefits or when costs related to restructuring are incurred[181] - Provisions are recognized when obligations arise from guarantees, litigation, product quality assurance, or loss-making contracts, and are measured at the best estimate of the expenditure required to settle the obligation[182] - Share-based payments include equity-settled and cash-settled transactions, with equity-settled payments recognized at the fair value of the equity instruments on the grant date[183] - Modifications to share-based payment plans that increase the fair value or quantity of equity instruments result in additional recognition of services received[183] - Cancellation or settlement of equity instruments during the vesting period is treated as an acceleration of vesting, with amounts recognized immediately[183] - The company recognizes revenue for TV series sales when the series is approved by the film and television administrative department, the broadcast tape is transferred to the buyer, and the company has the right to collect payment[185] - For self-produced TV series, revenue is recognized based on the contracted distribution income, while for co-produced series, revenue is recognized based on the settlement income agreed in the contract[185] - Movie box office revenue is recognized based on actual box office statistics and the corresponding revenue-sharing method after the movie is released in theaters[185] - Movie copyright revenue is recognized when the movie is approved, the master tape is transferred to the buyer, and the company has the right to collect payment[185] - TV program production and derivative business revenue is recognized when the program is broadcast, customer rights are realized, and related economic benefits can be reliably measured[185] - Contract acquisition costs are recognized as an asset if they are expected to be recoverable and have an amortization period of more than one year[186] - Contract fulfillment costs are recognized as an asset if they are directly related to a current or expected contract, increase resources for fulfilling obligations, and are expected to be recoverable[186] - Government grants are recognized when the company meets the attached conditions and can receive the grant, with monetary grants measured at the received or receivable amount[187] - Deferred tax assets and liabilities are recognized based on the difference between the carrying amount and the tax base of assets and liabilities, using the applicable tax rate[189] - The company recognizes short-term leases as those with a lease term of no more than 12 months and without a purchase option, and low-value asset leases as those where the value of the individual leased asset is low when it is new[190] - For short-term and low-value asset leases, the company recognizes lease payments on a straight-line basis over the lease term, either as part of the cost of the related asset or as an expense in the current period[190] - The company measures the right-of-use asset at cost, which includes the initial measurement of the lease liability, lease payments made at or before the commencement date, initial direct costs, and estimated costs for dismantling, removing, or restoring the leased asset[190] - The company recognizes the present value of unpaid lease payments as a lease liability at the commencement date, using the lease's implicit interest rate or the company's incremental borrowing rate as the discount rate[190] - The company classifies leases as either finance leases or operating leases based on whether substantially all the risks and rewards of ownership of the leased asset are transferred[191] - For operating leases, the company recognizes lease receipts on a straight-line basis over the lease term, capitalizes initial direct costs, and recognizes variable lease payments not included in lease receipts when they occur[192] - For finance leases, the company recognizes the net investment in the lease at the commencement date and calculates interest income using the lease's implicit interest rate[192] - The company's subsidiaries, including Xiashan Times Golden Globe Cinema Co., Ltd. and Shanghai Huace Golden Globe Cinema

传媒互联网及海外行业分析师 冯翠婷 [Table_Title] 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 3 表 1：2023 年度景气指数 TOP30 刷集………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………… 12 表 6: 华策影业 2024年度电影开机计划 . 表 9: 华策影视盈利预测拆分 | --- | --- | |--------------------------------------------------------------------------|-------| | | | | | | | 投资聚焦 . | | | 一、公司概况:多年深耕影视行业,莫定行业领军地位 | | | 二、行业概况:电视剧市场精益求精,短剧市场蓬勃发展 | | | 三、业务拆分:传统业务引领行业发展,新兴版权拓展出海赛道……………………………………… 17 | | | 四、AI 深度赋能华策影视诸多环节,有风大模型通过国家备案 ...

| --- | --- | --- | |--------|-------------------------------------------------------------------------------------------------------------------------------------------|-------| | | | | | | 图 1: 华餐影视发展历程 | | | | 图 2: 华贸影视股权架构图(截至 2024年一季度）… | | | | 图 3: 2019-2023 年公司营业收入（单位: 万元） | | | | 图 4: 2019-2023 年公司归母净利润（单位: 万元 ） . | | | | 图 5: 2019-2023 年公司 期间 费 用率（ % ） . | | | | 图 6: 2019-2023 年公司毛利率和归母净利率（%）. | | | | 图 7: 2019-2023 公司经营活动产生的现金流量净额（万元） . | | | | 图 8: 2020-2023Q1-3 全国生产完成并获得许可证刷集总数……………………………………………… ...

Investment Rating - The report maintains a "Strongly Recommend" rating for Huace Media (300133 SZ) with projected PE ratios of 34X, 31X, and 28X for 2024-2026 respectively [8][11] Core Views - Huace Media's main business remains stable with coordinated development across the entire industry chain [2][6] - The company achieved revenue of 2 267 billion yuan in 2023 (yoy -8 39%) with net profit attributable to parent company of 382 million yuan (yoy -5 08%) [17] - TV drama production and distribution business grew steadily accounting for 70 10% of total revenue [7] Financial Performance Revenue Breakdown - TV drama production and distribution: 1 590 billion yuan (yoy +3 68%) [7] - TV drama copyright distribution: 407 million yuan (yoy +19 33%) [7] - Box office revenue: 31 million yuan (yoy +38 74%) [7] - Film revenue: 81 million yuan (yoy -80 59%) [7] - Advertising revenue: 32 million yuan (yoy -48 66%) [7] - Brokerage business: 116 million yuan (yoy -26 42%) [7] - Music business: 22 million yuan (yoy +41 14%) [7] Profitability - Gross margin: 28 50% (yoy -5 16 percentage points) [18] - Net profit margin: 16 85% (yoy +0 57 percentage points) [18] - Sales expense ratio: 7 63% (yoy -3 64 percentage points) [18] - Management expense ratio: 7 54% (yoy +0 07 percentage points) [18] Business Development - Broadcasted 7 TV dramas and 4 movies in 2023 [7] - Signed pre-sale TV drama projects worth 1 981 billion yuan with cumulative pre-sales of 3 798 billion yuan [7] - Acquired Senlian Film increasing copyright library to 50 000 hours [7] - Invested in major films including "The Wandering Earth 2" and "Boonie Bears: Guardian Code" [8] - Established AIGC Application Research Institute with over 20 experts [8] Future Projections - Expected revenue growth: 13 2% in 2024 13 2% in 2025 and 14 9% in 2026 [24] - Projected net profit attributable to parent company: 476 million yuan in 2024 520 million yuan in 2025 and 574 million yuan in 2026 [24] - Anticipated EPS: 0 25 yuan in 2024 0 27 yuan in 2025 and 0 30 yuan in 2026 [24] Industry Position - Leading enterprise in TV drama production with diversified business including artist management film advertising and animation [9] - Comprehensive industry chain layout covering animation music copyright operation and international new media [8]

[Table_MainInfo] 公司研究/传媒 证券研究报告 华策影视（300133）公司年报点评 2024 年 05 月 09 日 | --- | --- | --- | |-----------------------------------------------------|----------|-------------| | [Table_InvestInfo] 投资评级 优于大市 | | 维持 | | 股票数据 | | | | 05 [ Table_StockInfo 月 08 日收盘价（元） ] | | 8.21 | | 52 周股价波动（元） | | 3.88-11.06 | | 总股本 / 流通 A 股（百万股） | | 1901/1628 | | 总市值 / 流通市值（百万元） | | 15608/13368 | | 相关研究 | | | | [Table_ReportInfo] 《科技助力，多元传媒业态布局》 | | 2023.08.28 | | 《 22 年及 23Q1 业绩持续稳健增长，稀缺版 | | | | 权资源全面拥抱 AIGC 》 2023.04.09 | | | | 市 ...

[Table_Contacts] [Table_Page] 年报点评|传媒 证券研究报告 [Table_Title] 华策影视（300133.SZ） 提质导致短期减产，引领布局版权及 AI [Table_Summary] 核心观点： 华策影视披露 2023 年报与 2024 年一季报：（1）2023 年，公司实现 营收 22.67 亿元，同比减少 8.39%；归母净利润 3.82 亿元，同比减 少 5.08%；归母扣非净利润 2.92 亿元，同比减少 3.24%。（2） 24Q1，公司实现营收 1.77 亿元，同比减少 81.69%；归母净利润 0.30 亿元，同比减少 79.58%；归母扣非净利润 144 万元，同比减少 98.80%，24Q1 业绩大幅下滑主要系电视剧收入的确认节奏影响。 提质导致短期减产，长线发展势能充足。2023 年公司提高了对影视剧 项目的质量要求，因此适度延后部分项目开机进度，并聚焦版权剧、头 部剧。23 年公司首播 7 部电视剧，24 年已首播《我们的翻译官》、《承 欢记》2 部电视剧，当前处于后期制作/审查/备播的剧集共 8 部，24Q2 拟开机 4 部剧集，24H2 拟开机 ...