2024 年 04 月 22 日 公司研究 评级：买入 (维持 ) 研究所： [Table_Title] 业绩如期释放，关注《哪吒 》上 2024Q1 2 证券分析师： 姚蕾 S0350521080006 yaol02@ghzq.com.cn 证券分析师： 方博云 S0350521120002 线释放弹性 fangby@ghzq.com.cn ——光线传媒（ ） 年及 业绩点评 300251 2023 2024Q1 最近一年走势 事件 : 2024年4月19日，光线传媒公告2023年年报及2024年一季报： （1）2023年公司营收15.46亿元（YOY+104.7%），归母净利润4.18 亿元（YOY+158.6%），扣非归母净利润3.88亿元（YOY+149.3%）。 （2）2024Q1 营收10.7 亿元（YOY+159.3%），归母净利润4.2 亿元 （YOY+248%），扣非归母净利润4.16亿元（YOY+252%）。 （3）2023年度预计每10股派息0.7元，合计派发2.04亿元，分红率 为48.8%。 相对沪深300表现 2024/04/19 表现 1M 3M 12M 投资要点 : 光线传媒 ...

[Table_Page] 年报点评|传媒 证券研究报告 [光Table_线Title] 传媒（300251.SZ） [公Tab司le_I评nves级t] 买入 当前价格 9.90元 爆款带动 24Q1 业绩高增，关注产能释放 合理价值 12.56元 前次评级 买入 [ 核Tabl 心e_Su 观mm 点ary] ： 报告日期 2024-04-21  光线传媒披露2023年报和2024一季报：（1）2023年，公司实现营 [相Tab对le_P市icQ场uote表] 现 收15.46亿元，同比增长104.74%；归母净利润4.18亿元，扣非归母 净利润3.88亿元，同比扭亏为盈。23年公司确认长期股权投资的投资 10% 0% 收益 0.59 亿元、减值损失 0.25 亿元，而 22 年确认投资收益-0.88 亿 04/23 06/23 08/23 10/23 12/23 02/24 04/24 -10% 元、减值损失6.31亿元。（2）24Q1，公司实现营收10.70亿元，同 -20% 比增长 159.33%；归母净利润 4.25 亿元，同比增长 248.01%，其中 -30% -40% 23Q1/24Q1分别 ...

公司研 究 证 券研究 报 告 影视 2024年04月22日 光 线传媒（300251）2023年报点评 推 荐 （维持） Q1 业绩符合预期，年内产品储备丰富，积极 目标价：13.5元 关注《哪吒 2》进展 当前价：9.90元 事项： 华创证券研究所  公司 23 年全年实现收入 15.46 亿元（YOY+105%），归母净利润 4.18 亿元 证券分析师：刘欣 （YOY+159%）,扣非归母净利润3.88亿元（YOY+149%），位于此前预告中枢 偏下（预告归母净利润约4.1-5.1亿元）。24Q1实现营收10.7亿元（YOY+159%）， 电话：010-63214660 归母净利润4.25亿元（YOY+248%），扣非归母净利润4.16亿元（YOY+252%）， 邮箱：liuxin3@hcyjs.com 业绩基本符合预期。此外，公司23年拟每10股派发现金股利0.7元（含税）。 执业编 号：S0360521010001 评论： 公司基本数据  Q1业绩高增，符合此前预期。23年公司计提资产+信用减值损失共1.14亿元 总股本(万股) 293,360.84 （主要长投+存货减值），剔除减值影响后归母净 ...

[Table_Header] 公司点评●影视院线 2024年 04 月21 日 [Table_Title] [Table_StockCode] 光线传媒(300251.SZ) 业绩同比高增，多部作品年内待映 [Table_InvestRank] 推荐 (维持) --公司 2023 年报暨 2024 一季报点评 核心观点： 分析师 [⚫T able事_S件um：m公ar司y]发 布 2023 年度报告和 2024 年一季报：2023 年公司实现营业收入 [岳Ta铮b le_Authors] ：010-8092-7630 15.46亿元，同比增长 104.74%；归属于上市公司股东的净利润 4.18亿元，同 ：yuezheng_yj@chinastock.com.cn 比增长 158.62%；扣非归母净利润 3.88 亿元，同比增长 149.29%。2024 年第 分析师登记编码：S0130522030006 一季度公司实现营业收入 10.70亿元，同比增长 159.33%；归母净利润 4.25亿 元，同比增长 248.01%；扣非归母净利润 4.16亿元，同比增长 252.01%。 研究助理 祁天睿 ：0 ...

证 券 2024 年 04 月 22 日 研 究 主业内容供给丰富 看 AI 赋能动画电影潜力 报 告 —光线传媒（300251.SZ）公司事件点评报告 买入(维持) 事件 分析师：朱珠 S1050521110001 光 线 传 媒 发 布 公 告 ： 2023 年 公 司 营 收 15.5 亿 元 zhuzhu@cfsc.com.cn （yoy+104.74%），归母利润 4.2 亿元，扣非利润 3.9 亿元 （ 均 扭 亏 为 盈 ） ； 单 季 度 看 ， 2023Q4 营 收 6 亿 元 （yoy+771%），归母与扣非利润为 0.49、0.39 亿元（均扭亏 为盈）；2024Q1 营收 10.7 亿元（yoy+159%），归母与扣非 基本数据 2024-04-19 利润 4.25、4.16 亿元（yoy+248%、+252%）。2023 年公司计 当前股价（元） 9.9 提各项减值损失合计 1.15 亿元；2023 年度利润分配预案， 总市值（亿元） 290 拟每10股派发现金股利人民币 0.70 元（含税）。 总股本（百万股） 2934 流通股本（百万股） 2787 投资要点 52周价格范围（元） ...

Financial Performance - The company's revenue for Q1 2024 reached ¥1,070,472,201.14, representing a significant increase of 159.33% compared to ¥412,780,189.29 in the same period last year[3] - Net profit attributable to shareholders was ¥424,566,741.81, up 248.01% from ¥121,998,241.53 year-on-year[3] - The net profit after deducting non-recurring gains and losses was ¥416,136,962.83, reflecting a growth of 252.01% compared to ¥118,218,992.32 in the previous year[3] - The company reported a basic earnings per share of ¥0.15, which is a 275.00% increase from ¥0.04 in the same period last year[3] - Operating revenue increased by 159.33% compared to the same period last year, primarily due to increased income from film and television productions[9] - The net profit for the first quarter of 2024 was CNY 425,167,358.66, a significant increase from CNY 121,731,325.25 in the same period last year, representing a growth of approximately 249%[18] - The company reported a total comprehensive income of CNY 401,021,501.45 for the quarter, compared to CNY 139,497,761.02 in the previous year, reflecting a substantial increase[19] - Basic and diluted earnings per share were both CNY 0.15, compared to CNY 0.04 in the same quarter last year, marking a 275% increase[19] - The operating profit for the quarter was CNY 495,770,473.43, compared to CNY 137,905,863.48 in the previous year, representing a growth of approximately 260%[18] Assets and Liabilities - The total assets at the end of the reporting period were ¥10,332,934,098.28, an increase of 4.03% from ¥9,932,219,881.11 at the end of the previous year[3] - The total current assets as of March 31, 2024, were CNY 4,936,999,561.99, compared to CNY 4,538,003,568.60 at the beginning of the period, indicating a growth of approximately 8.8%[16] - The company's total liabilities as of March 31, 2024, were CNY 1,249,691,274.42, slightly up from CNY 1,245,750,447.82 at the beginning of the period, showing a marginal increase of about 0.3%[17] - The company's accounts receivable increased to CNY 1,098,328,922.40 from CNY 349,085,570.59, marking a substantial rise of approximately 214.4%[15] - Other current liabilities increased by 60.28% year-on-year, attributed to the rise in film and television revenue[9] - Lease liabilities increased by 33.62% compared to the end of last year, due to the recognition of lease liabilities from increased right-of-use assets[9] Costs and Expenses - Operating costs rose by 79.67% year-on-year, mainly due to higher costs associated with film and television productions[9] - R&D expenses increased by 60.57% compared to the previous year, attributed to higher spending on research and development activities[9] - The operating costs for the first quarter of 2024 were CNY 577,081,280.68, compared to CNY 322,684,896.30 in the previous year, which is an increase of approximately 78.7%[17] - Research and development expenses rose to CNY 8,389,877.29, up from CNY 5,224,940.81, indicating a year-over-year increase of approximately 60%[18] Income and Cash Flow - Other income surged by 197.50% year-on-year, primarily due to government subsidies recognized during the reporting period[9] - Investment income decreased by 84.37% compared to the same period last year, mainly due to changes in earnings from joint ventures[9] - The total tax expenses for the quarter were CNY 70,777,424.23, compared to CNY 16,729,543.53 in the previous year, indicating a significant increase[18] - The company experienced a net loss from credit impairment of CNY 17,088,141.11, compared to a loss of CNY 13,405,576.76 in the previous year, indicating an increase in credit risk[18] - The net cash flow from operating activities was -85,412,153.33, a decrease from 18,926,578.80 in the previous year[21] - Total cash outflow from operating activities amounted to 399,332,883.88, compared to 286,463,558.47 in the same period last year[21] - Cash inflow from investment activities was 100,432,484.39, down from 150,527,436.63 year-over-year[21] - The net increase in cash and cash equivalents was 6,283,686.43, a decrease from 128,808,202.73 in the previous year[21] - The ending balance of cash and cash equivalents was 2,487,141,543.86, compared to 2,075,218,969.44 at the end of the same quarter last year[21] Business Operations - The company’s film business saw substantial growth, with total box office revenue from films it invested in reaching approximately ¥24.66 billion[6] - The company’s animation film production capacity has improved, with the first work from its animation brand set to release on April 30, 2024[7] - The company is actively expanding its artist management and content-related businesses, which have shown significant growth in brand endorsements and commercial collaborations[7] - The PPP project in Yangzhou is expected to commence operations this year, attracting interest from various film crews[7] - The investment business performed well, enhancing the company's operational performance and industry influence through strategic partnerships[7] Audit and Compliance - The company has not undergone an audit for the first quarter report[22]

北京光线传媒股份有限公司 证券代码：300251 证券简称：光线传媒 公告编号：2024-015 北京光线传媒股份有限公司 关于续聘会计师事务所的公告 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。 特别提示： 公司续聘会计师事务所符合财政部、国务院国资委、证监会印发的《国有企业、 上市公司选聘会计师事务所管理办法》（财会〔2023〕4号）的规定。 一、拟续聘会计师事务所的基本情况 （一）机构信息 1. 基本信息 名称：信永中和会计师事务所（特殊普通合伙） 成立日期：2012 年 3 月 2 日 组织形式：特殊普通合伙企业 注册地址：北京市东城区朝阳门北大街 8 号富华大厦 A 座 8 层 首席合伙人：谭小青先生 截至 2023 年 12 月 31 日，信永中和合伙人（股东）245 人，注册会计师 1,656 人，签署过证券服务业务审计报告的注册会计师人数超过 660 人。 信永中和 2022 年度经审计的业务收入为 39.35 亿元，其中，审计业务收入为 29.34 亿元，证券业务收入为 8.89 亿元。2022 年度，信永中和上市公司年报审计项 目 366 ...

Financial Performance - The company's operating revenue for 2023 reached ¥1,545,630,987.79, representing a 104.74% increase compared to ¥754,909,328.32 in 2022[12] - Net profit attributable to shareholders was ¥417,812,097.90, a significant turnaround from a loss of ¥712,889,081.44 in the previous year, marking a 158.62% improvement[12] - The net profit after deducting non-recurring gains and losses was ¥388,082,621.87, compared to a loss of ¥787,467,109.01 in 2022, reflecting a 149.29% increase[12] - The net cash flow from operating activities was ¥642,095,023.91, a substantial increase from a negative cash flow of ¥7,456,520.84 in 2022, indicating an 8,711.19% improvement[12] - Basic earnings per share were ¥0.14, a recovery from a loss of ¥0.24 per share in the previous year, representing a 158.33% increase[12] - The total cash inflow from operating activities was CNY 1,780,954,000.78, an increase of 43.47% year-on-year[45] - The net profit for 2023 reached CNY 490,134,027.94, a significant recovery from a net loss of CNY 609,118,737.42 in 2022[188] Market and Industry Trends - In 2023, the domestic film market saw a strong recovery, with total box office revenue reaching 54.915 billion yuan, a significant increase from 30.067 billion yuan in 2022, representing a growth of approximately 82.7%[20] - The number of moviegoers reached 1.299 billion, marking the highest attendance in nearly four years, with domestic films accounting for 83.77% of the total box office, totaling 46.005 billion yuan[20] - The film industry is expected to benefit from a series of supportive government policies aimed at promoting consumption and development in the entertainment sector[21] - The company is focusing on expanding its business across various content areas, including film, television, animation, and music, positioning itself as one of the most comprehensive content groups in China[22] Operational Highlights - The company reported quarterly revenues of 412.78 million yuan, 192.47 million yuan, 334.83 million yuan, and 605.55 million yuan for Q1, Q2, Q3, and Q4 respectively, with a total annual revenue increase[18] - The company received government subsidies amounting to 27.08 million yuan in 2023, which positively impacted its financial performance[17] - The company is actively preparing for the launch of several new TV series, expecting significant revenue growth in 2024[24] - The company is set to launch multiple new animated films in 2024, including "Nezha: The Devil's Child" and "Little Qian" scheduled for April 30, 2024[25] Risks and Challenges - The company emphasizes the importance of recognizing risks related to policy and regulatory environments, content review, and market risks in film sales[2] - The company has faced uncertainty regarding its ability to continue as a going concern, as indicated in the recent audit report[13] - The company faces regulatory risks due to strict government oversight in the film and television industry, which could impact production and distribution if compliance is not maintained[71] - The competitive landscape in the film industry is intensifying, with private and state-owned companies expanding their market presence, which may impact the company's market share[74] Governance and Compliance - The company has established a robust internal control system and governance structure to ensure compliance with regulatory requirements and protect shareholder interests[77] - The board of directors consists of 9 members, including 3 independent directors, ensuring compliance with legal requirements[77] - The company maintains complete independence from its controlling shareholder, ensuring no business competition exists with Light Media Holdings[79] - The company has established a comprehensive governance structure, including a board of directors, supervisory board, and various committees, to ensure independent operations[79] Shareholder Engagement and Dividends - The company plans to distribute a cash dividend of ¥0.70 per 10 shares, based on a total of 2,913,880,857 shares[2] - The company distributed a total cash dividend of RMB 203,971,659.99, which is RMB 0.70 per 10 shares (including tax) based on a total share base of 2,913,880,857 shares[109] - The company has a cash dividend policy that stipulates a minimum distribution of 10% of the distributable profit in years of profitability and positive retained earnings[106] Research and Development - Research and development expenses increased by 70.30% to ¥31,827,183.73, reflecting a rise in related costs[43] - The company has invested in animation production companies and established an internal animation production line to enhance production capacity and quality[61] - The application of technologies such as AI and cloud computing is expected to drive innovation in the film industry, enhancing production efficiency and creative possibilities[60] Future Outlook - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 25% driven by new product launches and market expansion strategies[90] - The company plans to expand its market presence in Southeast Asia, targeting a 30% increase in market share within the next two years[90] - The company aims to enhance its digital marketing efforts, increasing the budget by 50% to improve customer acquisition and retention rates[90]

北京光线传媒股份有限公司 2023 年度社会责任报告 | 第一章 | 综述 3 | | --- | --- | | | 一、基本情况 3 | | | 二、履行社会责任的宗旨和理念 3 | | 第二章 | 社会责任履行情况 5 | | | 一、股东和债权人权益保护 5 | | | 1.规范治理结构和管理制度 5 | | | 2.维护中小股东权益 5 | | | 3.重视投资者关系管理工作 5 | | | 4.持续发展、回馈股东 6 | | | 5.保护债权人的合法权益 7 | | | 二、员工权益保护 8 | | | 1.用工制度 8 | | | 2.员工培训与职业规划 8 | | | 3.员工福利 9 | | | 4.实施股权激励 9 | | | 三、供应商、客户和消费者权益保护 9 | | | 四、环境保护和可持续发展 12 | | | 五、公共关系与社会公益事业 12 | | 第三章 | 总结和展望 14 | 北京光线传媒股份有限公司 2023 年度社会责任报告 第一章 综述 一、基本情况 北京光线传媒股份有限公司（以下简称"光线传媒"或"公司"）于 2011 年 8 月 在深圳证券交易所创业板上市（股票 ...

北京光线传媒股份有限公司 北京光线传媒股份有限公司 2023 年度独立董事述职报告 各位股东及股东代表： 本人作为北京光线传媒股份有限公司（以下简称"公司"）的独立董事，在 2023 年任职期间严格按照《公司法》《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》等法律、行政法规、 规范性文件以及《公司章程》《独立董事工作制度》的规定和要求，认真、勤勉、 谨慎地履行职责，积极出席相关会议，认真审议各项议案，充分发挥了独立董事 及专门委员会委员的作用，维护公司全体股东尤其是中小股东的合法权益。现将 本人 2023 年度履职情况汇报如下： 一、本人基本情况 本人王雪春，中国国籍，无境外永久居留权，汉族，1965年出生，本科学历。 本人曾任公司独立董事（2012年8月至2018年8月），北京博华百校教育投资集团 有限公司财务总监，北京佳文映画文化传媒有限责任公司副总经理；现任北京邮 电大学世纪学院总会计师，湖北佳文映画文化传媒有限责任公司执行董事、总经 理、财务负责人，北京华胜天成科技股份有限公司独立董事，公司独立董事。 报告期内，本人任职符合《上市公司独立董事管理 ...