万达电影：Q3业绩受大盘拖累，电影业务业绩增长

Investment Rating - The report maintains a "Buy" rating for the company [5][7]. Core Views - The company's Q3 performance was impacted by a lack of blockbuster films during the summer season, leading to a significant decline in net profit [1][2]. - Despite the overall market pressure, the film production and distribution segment showed growth, with a strong pipeline of upcoming projects expected to drive future performance [4][5]. - The company is actively enhancing its non-ticket revenue streams through innovative cultural events and collaborations, which are expected to attract more customers and boost box office sales [3]. Financial Performance Summary - For the first three quarters of 2024, the company reported total revenue of 9.847 billion yuan, a year-on-year increase of 13.23%, but a net profit of 169 million yuan, down 84.87% year-on-year [1]. - In Q3 2024, the company achieved revenue of 3.629 billion yuan, a decrease of 18.98% year-on-year, with a net profit of 55.3 million yuan, down 92.01% year-on-year [1]. - The company's domestic cinema ticket sales for the first three quarters were 4.61 billion yuan, a decline of 25.9% year-on-year, with a market share of 14.7% [2]. Future Outlook - The company expects a recovery in the film supply quality in 2025, which is anticipated to positively impact overall market performance [5]. - The projected net profits for 2024, 2025, and 2026 are 270 million yuan, 1.268 billion yuan, and 1.450 billion yuan, respectively, indicating a significant rebound in 2025 [5][6].