横店影视：放映有望随大盘回暖，参投项目表现可期

Investment Rating - The report assigns an "Accumulate" rating for the company, marking the first coverage [5][7]. Core Insights - The company reported a decline in revenue and net profit for the first three quarters of 2024, with revenue at 1.616 billion yuan, down 17.27% year-on-year, and a net profit of 17 million yuan, down 92.63% year-on-year [5]. - The film screening business is focused on cost reduction and efficiency improvement, with a diverse portfolio of film investments [5][6]. - The company maintains a solid market position with 449 operational cinemas and a market share of 3.76%, which has improved year-on-year [6]. Financial Performance Summary - Revenue for 2023 is projected at 2.349 billion yuan, with a year-on-year growth of 64.6%, followed by a forecasted decline of 14.7% in 2024 [4]. - The net profit for 2023 is expected to be 166 million yuan, with a significant year-on-year increase of 152.2%, but a forecasted loss of 57 million yuan in 2024 [4]. - The gross profit margin is projected to be 14.0% in 2023, with a slight decline to 12.4% in 2025 [4]. - The return on equity (ROE) is expected to be 12.4% in 2023, dropping to -4.7% in 2024, but recovering to 15.2% in 2025 [4]. Market Position and Future Outlook - The company is expected to benefit from a recovery in the film market, with a rich content pipeline for the 2025 Spring Festival [6]. - The company has implemented a cinema closure policy to enhance overall quality and competitiveness, closing 6 cinemas and 34 screens in the first three quarters [6]. - Profit forecasts for 2024-2026 indicate a net profit of -57 million yuan in 2024, followed by 216 million yuan in 2025 and 258 million yuan in 2026, with corresponding PE ratios of 40.4 and 33.8 times [7].