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]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook based on its performance and future potential [4][19]. Core Insights - The company reported a revenue of 2.267 billion yuan in 2023, a decrease of 8.39% year-on-year, with a net profit attributable to shareholders of 382 million yuan, down 5.08% year-on-year [4][23]. - The first quarter of 2024 saw a significant decline in revenue, dropping 81.69% year-on-year to 177 million yuan, primarily due to reduced sales scale in television dramas [4][23]. - The company is focusing on enhancing the quality of its content and expanding its intellectual property (IP) portfolio, with a strategic emphasis on AI integration to improve efficiency and reduce costs [4][25][27]. Financial Performance Summary - **Revenue and Profitability**: - 2023 revenue: 2.267 billion yuan, down 8.39% - 2023 net profit: 382 million yuan, down 5.08% - 2024E revenue forecast: 2.770 billion yuan, with a projected growth of 22.2% [4][23]. - **Profit Margins**: - Gross margin for 2023 was 28.50%, a decrease of 5.17 percentage points year-on-year [4][24]. - **Earnings Per Share (EPS)**: - Projected EPS for 2024: 0.25 yuan, with a PE ratio of 32.5 [4][16]. Content Strategy and Development - The company is enhancing its content strategy by focusing on high-quality productions and delaying the development of less promising projects [4][25]. - It has a robust pipeline with 8 projects in post-production or review, and plans to initiate 4 new series in the second quarter of 2024 [4][14]. - The company has expanded its international reach, distributing 150,000 hours of content across over 200 countries [4][15]. AI Integration and Innovation - The company has significantly increased its investment in AI, with a 70.84% rise in R&D spending, focusing on AI talent acquisition and project development [4][27]. - AI tools are being utilized to streamline script evaluation and translation processes, significantly reducing the time required for these tasks [4][27].

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]

浙江华策影视股份有限公司 2024 年限制性股票激励计划实施考核管理办法 浙江华策影视股份有限公司（以下简称"公司"）为进一步完善公司法人治 理结构，健全公司的激励约束机制，形成良好均衡的价值分配体系，充分调动公 司核心团队的积极性，使其更诚信勤勉地开展工作，以保证公司业绩稳步提升， 确保公司发展战略和经营目标的实现，公司拟实施 2024 年限制性股票激励计划 （以下简称"股权激励计划"或"本激励计划"）。 为保证股权激励计划的顺利实施，现根据《中华人民共和国公司法》《中华 人民共和国证券法》《上市公司股权激励管理办法》《深圳证券交易所创业板股票 上市规则（2023 年 8 月修订）》《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》等有关法律、法规和规范性文件、以及公司章程、公司本 激励计划的相关规定，并结合公司的实际情况，特制定本办法。 一、考核目的 进一步完善公司法人治理结构，建立和完善公司激励约束机制，保证公司股 权激励计划的顺利实施，并在最大程度上发挥股权激励的作用，进而确保公司发 展战略和经营目标的实现。 二、考核原则 考核评价必须坚持公正、公开、公平的原则，严格按照本办法和考核 ...

浙江华策影视股份有限公司 第五届董事会 2024 年第一次独立董事专门会议决议公告 浙江华策影视股份有限公司（以下简称"公司"）第五届董事会2024年第一 次独立董事专门会议通知于2024年4月17日向各位独立董事发出，2024年4月22 日在公司会议室以现场会议的方式召开。本次会议由过半数独立董事推举杜烈康 先生主持，会议应到独立董事3人，实到独立董事3人，公司董事会秘书列席了本 次会议。 本次会议的召开符合《中华人民共和国公司法》、《上市公司独立董事管理办 法》等有关法律法规、部门规章、规范性文件和《公司章程》、《独立董事工作制 度》等公司规章制度的规定。会议审议通过了如下议案： 一、审议通过《关于选举第五届董事会独立董事专门会议召集人的议案》 根据《上市公司独立董事管理办法》等有关法律法规要求，公司设立独立董 事专门会议，选举杜烈康先生为第五届董事会独立董事专门会议召集人，负责召 集并主持独立董事专门会议，任期与本届董事会任期一致。 表决结果：3票同意，0票反对，0票弃权。 二、审议通过了《2023年度内部控制自我评价报告》 经核查，我们认为：公司内部控制制度符合我国有关法律、法规和证券监管 部门的要求 ...

证券代码：300133 证券简称：华策影视 公告编号：2024-028 浙江华策影视股份有限公司 二、补选监事情况 为确保监事会的正常运作，根据《公司法》《深圳证券交易所创业板股票上市 规则》和《公司章程》等相关规定，公司于 2024 年 4 月 23 日召开第五届监事会第 十一次会议，审议通过了《关于监事会主席辞职及补选非职工代表监事的议案》， 公司控股股东杭州大策投资有限公司向公司监事会出具《推荐函》，提名胡根元先 生（简历附后）为公司第五届监事会非职工代表监事候选人，任期自股东大会审议 通过之日起至公司第五届监事会届满之日止。 三、备查文件 1 关于监事会主席辞职及补选非职工代表监事的公告 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。 一、关于监事辞职的情况 浙江华策影视股份有限公司（以下简称"公司"） 于近日收到公司监事会主席 曹郁先生的书面辞职报告。曹郁先生因个人原因申请辞去公司第五届监事及监事会 会主席职务，辞去职务后曹郁先生继续在公司任职。 2022 年 6 月 16 日，公司召开第五届监事会第一次会议，选举曹郁先生为公司 第五届监事会主席，任 ...

根据《上市公司独立董事管理办法》《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》《浙江华策影视股份有限公司章程》 （以 下简称"《公司章程》"）及《浙江华策影视股份有限公司独立董事工作制 度》 等相关规定，并结合独立董事出具的关于独立性自查情况的报告，浙江华 策影视股份有限公司（以下简称"公司"）董事会就现任独立董事杜烈康先生、芮 斌先生、倪宣明先生的独立性情况进行评估并出具如下专项意见： 经核查独立董事杜烈康先生、芮斌先生、倪宣明先生的任职经历以及签署的 相关自查文件等内容，公司董事会认为上述人员未在公司担任独立董事以外的任 何职务，也未在公司主要股东担任任何职务，与公司以及主要股东之间不存在利 害关系或其他可能妨碍其进行独立客观判断的关系，不存在其他影响独立董事独 立性的情况，因此，公司独立董事符合《上市公司独立董事管理办法》《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 法律法规及《公司章程》中对独立董事独立性的相关要求。 浙江华策影视股份有限公司董事会 浙江华策影视股份有限公司 董事会对独立董事独立性评估的专项意见 2024年4月24日 ...

证券代码：300133 证券简称：华策影视 公告编号：2024-008 浙江华策影视股份有限公司 第五届监事会第十一次会议决议公告 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。 一、监事会会议召开情况 浙江华策影视股份有限公司（以下简称"公司"） 第五届监事会第十一次会议 通知于 2024 年 4 月 12 日以通讯方式发出，于 2024 年 4 月 23 日在公司会议室以通 讯方式召开。会议应参与表决的监事 3 名，实际参与表决的监事 3 名，符合《公司 法》和《公司章程》等有关规定。 会议由监事会主席曹郁先生主持，与会监事审议并通过了如下决议。 二、监事会会议审议情况 1、会议以 3 票同意，0 票反对，0 票弃权，审议通过《2023 年度监事会工作报 告》。 详见公司 2023 年年度报告第四节公司治理。 本议案尚需提交公司股东大会审议。 2、会议以 3 票同意，0 票反对，0 票弃权，审议通过《2023 年年度报告》及其 摘要。 经审核，监事会认为董事会编制和审议公司 2023 年年度报告的程序符合法律、 行政法规及中国证监会的规定，报告内容真实、准 ...