%% %% 丨证券研究报告丨 公司研究丨点评报告丨光线传媒（300251.SZ） [Table_Title] Q3 业绩受投资业务拖累，关注重点动画电影定 档节奏 | --- | --- | |-----------------------------------------------------------------------------------------------------------------------|-------| | 报告要点 | | | [Table_Summary] 光线传媒披露 2024 三季报，公司 24 前三季度实现营收 14.42 亿，同比增长 53.37% ，实现归 | | 分析师及联系人 [Table_Author] 高超 SAC：S0490516080001 SFC：BUX177 请阅读最后评级说明和重要声明 光线传媒（300251.SZ） cjzqdt11111 资料来源：Wind 相关研究 [Table_Title Q3 业绩受投资业务拖累，关注重点动画电影定 2] 档节奏 [Table_Summary2] 事件描述 光线传媒披露 2024 三季报，公司 ...

2024 年 11 月 1 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] 重磅影片储备丰富，关注《哪吒 2》定 档情况 ——光线传媒（300251）2024Q3 业绩点评 最近一年走势 | --- | --- | --- | --- | |---------------------|-----------|-------|------------------| | 相对沪深 300 \n表现 | 表现 \n1M | 3M | 2024/10/31 \n12M | | 光线传媒 | -0.7% | 14.5% | 13.8% | | 沪深 300 | -3.2% | 13.0% | 8.9% | | 市场数据 | | | 2024/10/31 | | 当前价格（元） | | | 8.84 | | 52 周价格区间（元） | | | 6.43-10.91 | | 总市值（百万） | | | 25,933.10 | | 流通市值（百万） | | | 24,639.05 | | 总股本（万股） | | ...

光线传媒（ [Table_StockNameRptType] 300251） | --- | --- | --- | |--------------------------------------------------------------------------------------|------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Financial Performance - The company's revenue for Q3 2024 was ¥107,655,243.69, a decrease of 67.85% compared to the same period last year[2]. - The net profit attributable to shareholders for Q3 2024 was -¥11,890,802.42, a decline of 107.18% year-on-year[2]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥27,813,312.12, down 117.43% from the previous year[2]. - Operating revenue increased by 53.37% year-to-date compared to the same period last year, primarily due to increased income from film and television productions[7]. - Total operating revenue for the period reached ¥1,441,787,169.08, a significant increase of 53.6% compared to ¥940,076,900.42 in the previous period[15]. - Operating profit for the period was ¥572,488,016.03, up 37.5% from ¥416,559,652.75 in the prior year[16]. - Net profit attributable to shareholders of the parent company was ¥460,878,000.71, representing a 25.1% increase from ¥368,468,961.15 in the same period last year[16]. - The company reported a total comprehensive income of ¥414,895,067.82, compared to ¥384,416,387.26 in the previous year, reflecting a growth of 7.9%[16]. Cash Flow and Assets - The operating cash flow for the year-to-date period reached ¥638,742,100.95, a significant increase of 322.80% year-on-year[5]. - Cash flow from operating activities generated ¥638,742,100.95, a substantial rise from ¥151,074,277.10 in the previous year[17]. - Cash inflow from operating activities totaled ¥1,714,069,571.18, significantly higher than ¥966,841,745.46 in the previous year[17]. - Cash and cash equivalents decreased to approximately CNY 2.00 billion from CNY 2.48 billion, a decline of about 19.4%[12]. - Cash and cash equivalents at the end of the period decreased to 1,996,826,086.70 CNY from 2,140,254,734.36 CNY, reflecting a net decrease of 484,031,770.73 CNY[18]. - The total current assets increased to approximately CNY 4.85 billion from CNY 4.54 billion, reflecting a growth of about 6.8%[12]. - The non-current assets totaled approximately CNY 5.31 billion, down from CNY 5.39 billion, indicating a decrease of about 1.5%[13]. Liabilities and Equity - The company's total liabilities amounted to approximately CNY 1.24 billion, showing a slight decrease from CNY 1.25 billion in the previous period[13]. - The total equity attributable to the parent company increased to approximately CNY 8.90 billion, up from CNY 8.68 billion, representing a growth of about 2.5%[14]. - The equity attributable to shareholders at the end of the reporting period was ¥8,901,458,656.14, up 2.57% from the previous year[2]. Investments and Costs - Investment income decreased by 107.86% year-to-date compared to the same period last year, primarily due to changes in earnings from joint ventures[7]. - Operating costs increased by 36.57% year-to-date compared to the same period last year, mainly due to higher costs associated with film and television productions[7]. - R&D expenses increased by 34.67% year-to-date compared to the same period last year, attributed to increased spending on research and development[7]. - The company’s investment in certain funds has been negatively impacted by market fluctuations, but the core business remains profitable[6]. Shareholder Information - The number of common shareholders at the end of the reporting period was 53,701[8]. - The largest shareholder, Light Media Holdings Co., Ltd., holds 37.40% of the shares, totaling 1,097,132,788 shares[9]. Future Outlook and Projects - The company has several upcoming film releases, including "Victory in Hand" on November 15, 2024, and has a pipeline of multiple projects in various stages of production[5]. - The PPP project in Yangzhou has commenced operations, with the company leveraging its project management experience to support its development[6]. - The company is actively developing its artist management and content-related businesses, enhancing the value of its talent pool[6]. Miscellaneous - The company did not undergo an audit for the third quarter report, indicating that the figures are unaudited[18]. - The company has adopted new accounting standards starting from 2024, which may impact future financial reporting and analysis[18].

证券代码：300251 证券简称：光线传媒 公告编号：2024-057 北京光线传媒股份有限公司 北京光线传媒股份有限公司 关于 2023 年限制性股票激励计划 第一个归属期归属结果暨股份上市的公告 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。 （一）本激励计划简介 公司分别于 2023 年 8 月 17 日、2023 年 9 月 4 日召开第五届董事会第十四 次会议、2023 年第二次临时股东大会审议通过《关于<2023 年限制性股票激励计 划（草案）>及摘要的议案》等相关议案，本激励计划的主要内容如下： 1. 股权激励方式：第二类限制性股票。 北京光线传媒股份有限公司 重要内容提示： 1. 本次归属股票的上市流通日：2024 年 10 月 21 日 2. 本次归属股票的数量：9,853,787 股，占目前公司总股本的 0.34% 3. 本次归属人数：26 人 4. 归属股票来源：公司前期自二级市场以集中竞价交易方式已回购的公司A 股普通股。 北京光线传媒股份有限公司（以下简称"公司"）2023 年限制性股票激励计 划（以下简称"本激励计划"）规定的第一个 ...

2024 年 9 月 30 日 何利超 H70529@capital.com.tw 目标价(元) 12 | --- | --- | --- | --- | |-----------------------|--------|---------------|------------| | | | | | | | | | | | 公司基本资讯 | | | | | 产业别 | | | 传媒 | | A 股价 (2024/9/27) | | | 7.87 | | 深证成指 (2024/9/27) | | | 9514.86 | | 股价 12 个月高/低 | | | 10.82/6.43 | | 总发行股数(百万 ) | | | 2933.61 | | A 股数(百万) | | | 2787.22 | | A 市值(亿元 ) | | | 219.35 | | 主要股东 | | 光线控股有限 | | | | | 公司 | (37.40%) | | 每股净值(元 ) | | | 3.04 | | | 一个月 | 三个月 | 一年 | | 股价涨跌 (%) | | 13.7 2.3 -8.5 | | 近期评等 出刊日期 前 ...

证 券 研 究 报 告 2024 年 09 月 23 日 光线传媒 (300251) ——现实题材有突破，期待动画电影产能释放 | --- | --- | |-----------------------------|-------------------------------| | 市场数据： | 2024 年 09 月 23 日 | | 收盘价（元） | 6.62 | | 一年内最高 / 最低（元） | 10.91/6.43 | | 市净率 | 2.2 | | 息率（分红/股价） | 1.06 | | 流通 A 股市值（百万元） | 18,451 | | 上证指数/深证成指 | 2,748.92/8,083.38 | | --- | --- | |-------------------------------|-------------------------------| | | | | 基础数据 : | 2024 年 06 月 30 日 | | 每股净资产（元） | 3.04 | | 资产负债率 % | 12.46 | | 总股本/流通 A 股（百万） | 2,934/2,787 | | 流通 B ...

Investment Rating - The report maintains a "Buy" rating for the company [7]. Core Insights - The company reported a significant revenue increase of 120.43% year-on-year for the first half of 2024, achieving revenue of 1.334 billion yuan and a net profit of 473 million yuan, up 133.14% year-on-year [2][4]. - The second quarter of 2024 saw a revenue of 264 million yuan, representing a year-on-year growth of 36.99%, but the net profit declined by 40.33% year-on-year to 48 million yuan due to a high base effect from the previous year [2][5]. - The performance of the film "The Twentieth" significantly boosted the company's Q1 2024 results, ranking among the top four in the Spring Festival box office with over 2.4 billion yuan in total box office [5]. - The company's television and web series business also saw substantial growth, with a revenue increase of 100% year-on-year in H1 2024, driven by the success of the web series adapted from a popular comic [5]. - The company is focusing on enhancing animation film production capabilities through AI technology, with a rich pipeline of upcoming films, including several sequels and adaptations [5][6]. Summary by Sections Financial Performance - In H1 2024, the company achieved a total revenue of 1.334 billion yuan and a net profit of 473 million yuan, marking a year-on-year increase of 120.43% and 133.14% respectively [2][4]. - For Q2 2024, the revenue was 264 million yuan, a 36.99% increase year-on-year, while the net profit was 48 million yuan, down 40.33% year-on-year [2][4]. Film and Television Business - The film "The Twentieth" released during the Spring Festival contributed significantly to Q1 2024 performance, while Q2 2024 saw a more subdued performance with films generating a total box office of 313 million yuan [5]. - The television series segment reported a revenue of 234 million yuan in H1 2024, with a gross margin of 37.72%, benefiting from the successful web series [5]. Future Outlook - The company is enhancing its animation film production through AI, with a strong pipeline of upcoming projects, including sequels and adaptations of popular works [5][6]. - The company expects to achieve net profits of 540 million yuan and 1.071 billion yuan in 2024 and 2025 respectively, with corresponding PE ratios of 37.68X and 18.99X [6].

公司报告 | 半年报点评 关注《哪吒 2》定档情况，动画电影项目有望"数质"双升 光线传媒（300251） 证券研究报告 2024 年 09 月 02 日 投资评级 行业 传媒/影视院线 6 个月评级 买入（维持评级） 当前价格 7.12 元 目标价格 元 事件：光线传媒（300251）发布 2024 年半年度报告。2024 年上半年，公司实现营收 13.34 亿元，同比增加 120.43%；归母净利润 4.73 亿元，同比增长 133.14%，扣非归母净利润 4.61 亿元，同比增长 143.90%。公司 2024 上半年毛利率为 44.41%，同比上升 9.23pct。 其中，2024 年二季度，公司实现营收 2.64 亿元，同比增加 37.0%；归母净利润 0.48 亿元， 同比下滑 40.3%，扣非归母净利润 0.45 亿元，同比下滑 36.4%。毛利率为 28.87%，同比 下降 27.5pct。 电影业务表现良好，公司储备项目丰富 2024 年上半年，公司电影及相关衍生业务营收 9.74 亿元，同比增加 84.34%；毛利率 47.36%，同比提升 12.72pct，收入及利润较去年同期均实现大幅 ...

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：2024-055 北京光线传媒股份有限公司 2024年第二次临时股东大会决议公告 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： 1. 本次股东大会未出现否决议案。 2. 本次股东大会不涉及变更以往股东大会决议。 一、会议召开和出席情况 北京光线传媒股份有限公司（以下简称"公司"）2024 年第二次临时股东大会于 2024 年 8 月 28 日 15:00 在公司会议室以现场及网络方式召开，本次股东大会由公 司董事会召集，现场会议由董事长王长田先生主持，公司董事、监事、高级管理人 员、律师等相关人士出席了本次会议。 公司 2024 年第二次临时股东大会通过深圳证券交易所系统进行网络投票的具 体时间为：2024 年 8 月 28 日 9:15-9:25，9:30-11:30，13:00-15:00；通过深圳证券交 易所互联网投票系统进行网络投票的具体时间为：2024 年 8 月 28 日 9:15-15:00。 会议的召集、召开符合《公司法》《公司章程》和《上市公司股东大 ...