Investment Rating - The report maintains a "Buy" rating for the company, considering its leading position in the ticketing business and strong selection capabilities despite a conservative outlook on future box office performance [2]. Core Insights - The company's ticketing business remains robust, with online entertainment ticketing revenue of 1.046 billion RMB, accounting for 48.2% of total revenue, showing a year-on-year increase of 3.0% [2]. - The overall revenue for the first half of 2024 was 2.171 billion RMB, a decrease of 1.2% year-on-year, while gross profit increased by 5.0% to 1.156 billion RMB, resulting in a gross margin of 53.3% [2]. - Adjusted EBITDA reached 490 million RMB, down 16.2% year-on-year, and adjusted net profit was 352 million RMB, a decrease of 22.8% due to increased sales expenses from film subsidies [2]. Summary by Sections Ticketing Business Performance - The ticketing business is driven by steady growth in live performances, with the offline performance market showing a 13.2% year-on-year increase in ticket revenue, reaching 19.016 billion RMB in the first half of 2024 [2]. - The company has strengthened collaborations across the cinema industry chain and expanded its service capabilities, enhancing multi-platform synergy [2]. Entertainment Content Services - Revenue from entertainment content services was 1.024 billion RMB, a decrease of 6.9% year-on-year, accounting for 47.2% of total revenue [2]. - The company participated in the distribution and production of 31 films in the first half of 2024, with significant box office performances from several titles [2]. - The company is actively developing over 20 projects and leveraging AI technology for film creation and marketing [2]. Financial Forecasts and Valuation - Revenue forecasts for 2024-2026 have been adjusted downwards to 4.6 billion RMB, 4.9 billion RMB, and 5.1 billion RMB, reflecting a decrease of 7%, 8%, and 10% respectively from previous estimates [2]. - Net profit forecasts for the same period have also been revised down to 580 million RMB, 740 million RMB, and 900 million RMB, representing decreases of 38%, 29%, and 25% respectively [2].
猫眼娱乐：票务业务保持稳健，关注影视大盘修复进展