SFC(601595) 国海证券·2024-09-06 02:30Investment Rating - The report maintains a "Buy" rating for Shanghai Film [1][2][5] Core Views - The company demonstrates strong resilience in performance, with a significant growth in IP business, achieving a revenue of 381 million yuan in H1 2024, representing a year-over-year increase of 2.39% [1][2] - The net profit attributable to shareholders reached 69 million yuan, up 4.92% year-over-year, while the net profit excluding non-recurring items surged by 84.86% to 43 million yuan [1][2] - The report highlights the impact of a weak film market on the cinema business, which faced short-term pressure, but the "Cinema+" strategy is driving growth in non-ticket revenue [2][3] Summary by Sections Financial Performance - H1 2024 revenue was 381 million yuan (YOY +2.39%), with a gross margin of 26.70% (up 2.10 percentage points) and a net margin of 21.90% (up 1.91 percentage points) [2][5] - The company reported a quarterly breakdown with Q1 revenue at 210 million yuan (YOY +18.26%) and Q2 revenue at 171 million yuan (YOY -12.09%) [2][3] Business Development - The cinema business is under pressure due to the overall film market performance, with ticket sales for the company's cinemas declining [2][3] - The "Cinema+" initiative has led to nearly 100 events, enhancing non-ticket revenue through innovative activities [2][3] Future Outlook - The company is expected to see revenue growth, with projections of 810 million yuan in 2024, 1.01 billion yuan in 2025, and 1.17 billion yuan in 2026 [6][8] - The net profit forecast for 2024 is 131 million yuan, increasing to 216 million yuan in 2025 and 271 million yuan in 2026 [6][8]