SFC(601595) 东吴证券·2024-09-05 01:00Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's main business is impacted by the overall film market, but its IP business is experiencing rapid revenue and profit growth [1] - In the first half of 2024, the company's revenue increased by 2.4% year-on-year to 380 million yuan, with a gross margin rise of 2.1 percentage points to 26.7% [1] - The company has adjusted its net profit forecasts for 2024-2026 downwards due to the adverse effects on its cinema business, but remains optimistic about the progress of its IP business and future product pipeline [1] Financial Performance Summary - Total revenue (million yuan): - 2022A: 429.68 - 2023A: 795.23 - 2024E: 811.16 - 2025E: 1,031.99 - 2026E: 1,226.07 - Year-on-year growth rates: - 2023A: 85.07% - 2024E: 2.00% - 2025E: 27.22% - 2026E: 18.81% [1][7] - Net profit attributable to the parent (million yuan): - 2022A: (328.21) - 2023A: 126.98 - 2024E: 164.53 - 2025E: 278.77 - 2026E: 384.65 - Year-on-year growth rates: - 2023A: 138.69% - 2024E: 29.57% - 2025E: 69.44% - 2026E: 37.98% [1][7] - Latest diluted EPS (yuan/share): - 2023A: 0.28 - 2024E: 0.37 - 2025E: 0.62 - 2026E: 0.86 [1][7] Business Segment Performance - Film screening and other business revenue decreased by 23.6% year-on-year to 280 million yuan, accounting for 70.0% of total revenue [1] - Cinema line business revenue increased by 205.1% year-on-year to 26.3 million yuan, with a gross margin increase of 59.4 percentage points to 57.2% [1] - IP licensing business revenue was 64.05 million yuan, accounting for 15.9% of total revenue, with a gross margin of 65.9% [1] Market Context - The domestic film market's total box office decreased by 9.5% year-on-year to 23.77 billion yuan in the first half of 2024, negatively impacting the company's cinema business [1] - The company has established a strategic partnership with BOE Technology Group to innovate new business models in the film industry [1] Future Outlook - The company's IP development business saw revenue and profit growth exceeding 100% in the first half of 2024, with a promising product pipeline ahead [1] - Upcoming projects include a game based on the "Black Cat Sheriff" IP and an animated film "Summer of Little Monsters" set for release in 2025 [1]