浙江华策影视股份有限公司 监事会关于2024年限制性股票激励计划 激励对象名单的公示情况说明及核查意见 本公司及监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。 浙江华策影视股份有限公司（以下简称"公司"）于 2024 年 4 月 23 日分别 召开第五届董事会第十一次会议和第五届监事会第十一次会议，审议通过《关于 公司<2024 年限制性股票激励计划（草案）>及其摘要的议案》等相关议案，具 体内容详见公司于 2024 年 4 月 25 日在巨潮资讯网（www.cninfo.com.cn）上披 露的相关公告。 根据《上市公司股权激励管理办法》（以下简称"《管理办法》"）《深圳证券 交易所创业板股票上市规则》（以下简称"《上市规则》"）《深圳证券交易所创业 板上市公司自律监管指南第 1 号—业务办理》的相关规定，公司对 2024 年限制 性股票激励计划（以下简称"本激励计划"）首次授予的激励对象名单进行内部 公示，监事会结合公示情况对激励对象的有关信息进行核查，并发表核查意见。 相关内容如下： 证券代码：300133 证券简称：华策影视 公告编号：2024-049 监事会 ...

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]

Investment Rating - The investment rating for the company is "Outperform the Market" [2][8] Core Insights - The company continues to enhance its core business in television and film production while actively developing its second curve of ecological business through AI empowerment. In 2023, total revenue was 2.27 billion yuan (down 8.4% year-on-year), with a net profit attributable to shareholders of 380 million yuan (down 5.1% year-on-year) [3][4][8] - The company has a robust reserve of television series and plans to increase production in 2024, with a total of 6 films scheduled for release [3][4] - The company is expanding its ecological content across various sectors, including copyright, international distribution, short dramas, and animation, with significant growth in television copyright revenue [4][5] Summary by Sections Financial Performance - In 2023, the company reported total revenue of 2.27 billion yuan, a decrease of 8.4% year-on-year, and a net profit of 380 million yuan, down 5.1% year-on-year. The operating cash flow increased by 35.8% to 390 million yuan [3][4][8] - For Q1 2024, total revenue was 180 million yuan, a significant decline of 81.7% year-on-year, primarily due to reduced sales of television series [3][4] Business Segments - Television production revenue was 1.59 billion yuan in 2023, up 3.7% year-on-year, accounting for 70.1% of total revenue. The top five revenue-generating series contributed 1.25 billion yuan [3][4] - The company plans to produce 7 new television series in 2024 and has a total of 6 films scheduled for release [3][4] Future Projections - Revenue projections for 2024-2026 indicate a recovery, with expected total revenues of 2.57 billion yuan, 2.85 billion yuan, and 3.06 billion yuan, respectively, reflecting year-on-year growth rates of 13.3%, 10.9%, and 7.5% [8][9] - The net profit attributable to shareholders is projected to grow to 440 million yuan, 520 million yuan, and 590 million yuan over the same period, with growth rates of 15.2%, 18.5%, and 12.8% [8][9] Valuation - The company is valued using both PE and PB methods, with a reasonable value range estimated between 7.80 yuan and 9.36 yuan, maintaining an "Outperform the Market" rating [8][9]

名 称 关于对夏欣才采取监管谈话措施的决定 文 号 主 题 词 关于对夏欣才采取监管谈话措施的决定 索 引 号 bm56000001/2024-00004861 分 类 发布机构 发文日期 1715042608000 夏欣才： 浙江证监局 2024年4月29日 【打印】 【关闭窗口】 上述买卖公司股票的行为构成短线交易，违反了《证券法》第四十四条规定，我局决定对你采取监管谈话的监督 管理措施，并记入证券期货市场诚信档案。请你于2024年5月9日携带有效身份证件到我局（地址：浙江省杭州市上城 区民心路1号16楼）接受监管谈话。 如果对本监督管理措施不服，可以在收到本决定书之日起60日内向中国证券监督管理委员会提出行政复议申请， 也可以在收到本决定书之日起6个月内向有管辖权的人民法院提起诉讼。复议和诉讼期间，上述监督管理措施不停止 执行。 你作为浙江华策影视股份有限公司（以下简称公司）董事，你配偶芮彩萍证券账户于2024年4月23日买入公司股 票16,300股，成交金额118,175元；4月24日卖出公司股票16,300股，成交金额116,708元。 ...

[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 ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company experienced a year-on-year decline in performance, with 2023 revenue at 2.267 billion yuan and net profit at 382 million yuan, down 8.39% and 5.08% respectively. The first quarter of 2024 saw a significant drop in revenue and net profit, primarily due to fewer revenue recognition items [1][37] - The company has a strong pre-sale reserve, with a total pre-sale of 3.798 billion yuan and a successful development of original projects, including several notable series [1][25] - The company is focusing on its second growth curve, expanding its copyright business and international operations, and has made significant strides in short drama production and animation [1][9] Summary by Sections Financial Performance - In 2023, the company achieved revenue of 2.267 billion yuan and a net profit of 382 million yuan, with a corresponding diluted EPS of 0.20 yuan. The fourth quarter alone saw revenue of 803 million yuan and a net profit of 55 million yuan, reflecting a year-on-year decline of 20.5% and 46.0% respectively [1][37] - For Q1 2024, the company reported revenue of 177 million yuan and a net profit of 30 million yuan, marking a drastic year-on-year decline of 81.7% and 79.6% [1][37] Business Development - The company is enhancing its IP lifecycle management in the television sector, with several original projects in development and a total pre-sale of 19.81 billion yuan in 2023 [1][25] - In the film sector, the company has initiated production on four major projects in 2023, with six expected to be released in 2024, including high-profile titles [1][25] Growth Opportunities - The company has completed the acquisition of Senlian, increasing its film and television copyright inventory to 50,000 hours. It has also expanded its international distribution to over 200 countries and regions [1][9] - The company is investing in short dramas and animation, with plans to increase capital investment in these areas [1][9] Financial Forecast - The profit forecasts for 2024 and 2025 have been revised down to 448 million yuan and 524 million yuan respectively, with a new forecast for 2026 at 546 million yuan. The diluted EPS is projected to be 0.24, 0.28, and 0.29 yuan for 2024, 2025, and 2026 respectively [1][11]

＃assAuthor＃ 证券研究报告 ＃分析师： emailAuthor＃ | --- | --- | --- | --- | --- | |---------------------------------------|-------|------------|---------------------|-------| | ＄ 会计年度 zycwzb\| 主要财务指标＄ | | 2023 2024E | 2025E | 2026E | | 营业收入 ( 百万元 ) | | | 2267 2770 3027 3281 | | | 同比增长 | -8.4% | 22.2% | 9.3% | 8.4% | | 归母净利润 ( 百万元 ) | | | 382 468 543 584 | | | 同比增长 | -5.1% | 22.5% | 16.0% | 7.5% | | 毛利率 | 28.5% | 28.8% | 28.8% | 29.3% | | ROE | 5.4% | 6.3% | 6.8% | 6.9% | | 每股收益 ( 元 ) | | | 0.20 0.25 0.29 0.31 | | | 市盈率 ...

证券代码：300133 证券简称：华策影视 公告编号：2024-046 浙江华策影视股份有限公司 关于董事亲属短线交易及致歉的公告 本公司及其董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 浙江华策影视股份有限公司（以下简称"公司"）于 2024 年 4 月 25 日收到 公司董事夏欣才先生出具的《关于本人亲属买卖公司股票构成短线交易的说明》， 获悉其配偶芮彩萍女士存在短线交易公司股票的行为。根据《中华人民共和国证 券法》（以下简称"《证券法》"）、《深圳证券交易所创业板股票上市规则》、《深圳 证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范运作》等相关 法律法规的规定，现将相关情况公告如下： 一、本次违规交易的基本情况 经公司核查，夏欣才先生的配偶芮彩萍女士于 2024 年 4 月 23 日至 2024 年 4 月 24 日期间存在买卖公司股票的情况，具体如下： | 序号 | 交易日期 | 交易方式 | 交易方向 | 交 易 | 数 | 量 | 交易均价 | 成交金额 | | --- | --- | --- | --- | --- | --- | --- | ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a potential upside of over 20% relative to the CSI 300 index [28][34]. Core Insights - The company is actively exploring the application of AIGC (Artificial Intelligence Generated Content) and is experiencing rapid growth in its copyright and international business segments [4][34]. - The film segment is expected to regain high production numbers, with a focus on main control projects [2][4]. - The company has established a second growth curve through its copyright, international, and short drama businesses [5][34]. Financial Performance Summary - In 2023, the company's revenue was 2.267 billion yuan, a year-over-year decrease of 8.39%, with a net profit attributable to shareholders of 382 million yuan, down 5% year-over-year [28][34]. - For Q1 2024, revenue dropped to 177 million yuan, a significant decline of 79.58% year-over-year, with a net profit of 30 million yuan, down 79.58% [28][34]. - The company plans to distribute cash dividends of 0.41 yuan per share, totaling 76.69 million yuan [28]. Business Segment Analysis - **Television Series**: In 2023, the television series segment generated 1.997 billion yuan in revenue, a year-over-year increase of 6.53%, with a gross margin of 26.8% [28][34]. - **Film**: The film business generated 80.56 million yuan in 2023, a year-over-year decline of 80.6%, but the gross margin improved by 3.32 percentage points to 46.71% [4][28]. - **Copyright**: The company expanded its copyright library to 50,000 hours, with revenue from television copyright distribution reaching 407 million yuan, up 19.33% year-over-year [31][34]. - **Short Dramas**: Collaborations with platforms like Douyin have yielded positive results, with plans for more short dramas in 2024 [32][34]. Future Projections - The company forecasts revenue growth to 2.707 billion yuan in 2024, with a projected net profit of 443 million yuan, reflecting a 16% increase [8][34]. - The expected earnings per share (EPS) for 2024 is 0.23 yuan, with a price-to-earnings (P/E) ratio of 30.70 [8][34].

Investment Rating - The report maintains a "Buy" investment rating for the company [4] Core Views - The company is positioned as a leading content creator and enabler in the film and television industry, leveraging new technologies such as AI to enhance content production and innovation [4][3] - The company aims to strengthen its core business by focusing on high-quality content and effective management of its intellectual property throughout its lifecycle [18] - The company has established an AI strategy, launching an AIGC application research institute and developing various AI-driven tools to enhance content creation and distribution [3][4] Financial Projections - The company is projected to achieve revenues of 25.1 billion, 27.5 billion, and 30.3 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding EPS of 0.22, 0.25, and 0.27 yuan [4][6] - The company's revenue for 2023 was reported at 22.67 billion yuan, reflecting a year-over-year decline of 8.4% [48] - The company anticipates a growth rate of 10.7% in 2024, followed by 9.4% in 2025 and 10.4% in 2026 [6] Business Developments - The company plans to increase its investment in short-form content, with several new projects in the pipeline for 2024, including collaborations with platforms like Douyin [2] - The company has expanded its copyright business, acquiring additional assets and increasing its total film and television copyright hours to 50,000 [2] - The company has established over 100 channels for overseas media dissemination, significantly increasing its international user base to over 20 million [2] Strategic Initiatives - The company has introduced an incentive plan for employees, granting restricted stock to enhance motivation and align interests with long-term growth targets [21] - The company is committed to enhancing its technological capabilities, with a focus on AI applications that are expected to drive future growth [3][4]