CFC(600977) 华创证券·2024-11-10 04:06Investment Rating - The report maintains a "Recommendation" rating for the company with a target price of 13.2 CNY [1]. Core Views - The company's Q3 2024 performance was below expectations, with revenue of 0.893 billion CNY (down 34% YoY) and a net profit of 0.011 billion CNY (down 90% YoY) [1]. - The overall film market saw a box office of 10.865 billion CNY in Q3 2024, an increase of 44% YoY, but the company faced significant pressure due to a lack of quality supply [1]. - The company remains a leader in various business segments, including film distribution, production, exhibition, technology, and services, with significant market shares in each area [1]. - Looking ahead to 2025, the company is expected to recover, particularly in the distribution and production segments, as both domestic and imported films are anticipated to enter a new supply release cycle [1]. Financial Summary - For 2024E, total revenue is projected at 4.49 billion CNY, a decrease of 15.8% YoY, with net profit expected to be 0.291 billion CNY, reflecting a growth of 10.5% YoY [2]. - The company’s earnings per share (EPS) for 2024E is estimated at 0.16 CNY, with a price-to-earnings (P/E) ratio of 75 [2]. - The projected net profit for 2025E is 0.615 billion CNY, with a significant growth rate of 111.4% YoY, and an EPS of 0.33 CNY [2].