万达电影：大盘表现平淡使公司业绩承压，公司制片能力不断提升

Investment Rating - The report maintains a "Buy" rating for Wanda Film [7] Core Views - Wanda Film's revenue for H1 2024 was 6.218 billion yuan, a year-on-year decline of 9.48%, with a net profit attributable to shareholders of 113 million yuan, down 73.18% year-on-year. In Q2 2024, the company reported revenue of 2.397 billion yuan, a decrease of 22.97% year-on-year, resulting in a loss of 212 million yuan [5][6] - The company's market share in cinema operations has steadily increased, and it has a rich film reserve. The gaming business has performed well, enhancing the diversified revenue structure, leading to optimism about future performance [5][6] Summary by Sections Financial Performance - In H1 2024, Wanda Film's revenue was 6.218 billion yuan, down 9.48% year-on-year, and the net profit was 113 million yuan, down 73.18% year-on-year. Q2 2024 revenue was 2.397 billion yuan, a decline of 22.97% year-on-year, with a loss of 212 million yuan [5][6] Market Analysis - The film market in Q2 2024 was sluggish, affecting the company's main business. The overall box office was 7.42 billion yuan, down 28.7% year-on-year, with attendance dropping 31.2% to 180 million. The company's cinema operation revenue is closely tied to the overall market performance [6] Film Production and Investment - Wanda Film's selection capability has improved, with all invested films in H1 2024 being profitable. Notable films include "Peacekeeping Riot Team" and "I Don't Want to Be Friends with You," which achieved box office revenues of 511 million yuan and 203 million yuan, respectively. The company has a rich pipeline of upcoming films [6] Gaming Business - The gaming segment has shown significant growth, with revenue reaching 331 million yuan in H1 2024, more than doubling year-on-year. The game "Saint Seiya: Legend of Justice" has performed well in various markets, contributing to this growth [6] Profit Forecast - The forecast for net profit attributable to shareholders is 507 million yuan for 2024 and 939 million yuan for 2025, with corresponding price-to-earnings ratios of 42 and 23 times [7]