Investment Rating - The report maintains a "Recommended" rating for Bona Film Group (001330) with a target price of 8.9 CNY, compared to the current price of 5.81 CNY [1]. Core Views - The company reported a revenue of 320 million CNY in Q3 2024, a year-over-year decrease of 32%, and a net loss attributable to shareholders of 216 million CNY, a year-over-year increase of 856% [1]. - The overall film market in Q3 2024 saw a box office revenue of 10.865 billion CNY, down 44% year-over-year, significantly impacted by a lack of quality content [1]. - The company has a rich film reserve for 2025, including titles like "Operation Dragon" and "Kashmir Princess," which are expected to contribute positively to future performance [1]. - The company is exploring new technologies such as AI in film production, with recent projects like the AIGC-generated series "Sanxingdui: Future Revelation" [1]. Financial Summary - Total revenue for 2023 is projected at 1.608 billion CNY, with a year-over-year decline of 20.1%. For 2024, revenue is expected to be 1.412 billion CNY, a further decline of 12.2%, before rebounding to 2.338 billion CNY in 2025, representing a growth of 65.6% [2]. - The net profit attributable to shareholders is forecasted to be -553 million CNY in 2023, -492 million CNY in 2024, and is expected to turn positive with 408 million CNY in 2025 and 558 million CNY in 2026 [2]. - The company’s price-to-earnings ratio is projected to be -14 in 2023, -16 in 2024, and then shift to 20 in 2025 and 14 in 2026 [2].
博纳影业：2024年三季报点评：25年产品大年，期待后续业绩弹性