Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's Q3 2024 revenue was 320 million, a year-on-year decrease of 32.23%, with a net loss attributable to shareholders of 216 million, compared to a profit of 28 million in the same period last year, reflecting a significant year-on-year change of -858.46% [2] - The overall film market remains under pressure, leading to increased losses in cinema operations. National box office for Q3 2024 was 10.86 billion, down 43.8% year-on-year, recovering only to 64.5% of 2019 levels. The company's cinema revenue is expected to improve with the anticipated recovery of the industry during the upcoming Spring Festival [2][3] - The summer film season was relatively weak, with the company's major film "Legend" grossing 80 million domestically, indicating a lackluster performance [2] Financial Forecasts and Valuation - The company has a rich pipeline of upcoming projects that are expected to boost performance in Q4 and next year. The film "Shangganling" has already garnered over 200 million viewers, with a peak viewership share of 7.28%. Upcoming films include "Old Gun" and "Operation Jiao Long" in 2025, along with several other major releases [3] - The company's net profit forecasts for 2024-2026 have been adjusted to -313 million, 463 million, and 505 million respectively, with corresponding P/E ratios of -25.6, 17.3, and 15.8 times. The report remains optimistic about the company's film production capabilities and box office potential, maintaining the "Buy" rating [3]
博纳影业：2024Q3业绩点评：院线大盘仍然承压，2025年有望迎来业绩大年