Investment Rating - The investment rating for the company is "Buy" (maintained) [4][5]. Core Views - The company's performance in the first half of 2024 is under pressure due to lackluster film performance and a weak film industry overall. Revenue for 2024H1 is reported at 640 million yuan, a year-over-year decline of 24.6%, with a net loss attributable to shareholders of 139 million yuan [4][5]. - The company is actively exploring the integration of AI video technology with film production, having launched the first domestic AIGC-generated sci-fi short series, which ranked second on Douyin's hot list [4]. - Upcoming film projects are anticipated to perform well, including "Operation Dragon" and "Kashmir Princess," with the former's predecessor achieving a box office of 3.65 billion yuan [4]. Financial Summary - Total revenue for 2024 is projected at 1,478 million yuan, with a year-over-year decline of 8.1% [5][7]. - The net profit attributable to shareholders is forecasted to be a loss of 268 million yuan for 2024, with subsequent years showing a recovery to profits of 452 million yuan in 2025 and 503 million yuan in 2026 [5][7]. - The company's gross margin is expected to improve from 18.2% in 2024 to 41.6% in 2025 [5].
博纳影业：24H1业绩短期承压，后续重点影片值得期待