SFC(601595) 东吴证券·2024-11-24 09:55Investment Rating - The report maintains a "Buy" rating for Shanghai Film (601595) [1] Core Views - The acquisition of a 19% stake in Shangying Yuan is expected to increase the listed company's net profit and enhance IP development efforts [1] - Shangying Yuan's stable growth in operating performance and commercial value will effectively improve the listed company's operating quality and shareholder returns [2] - The transaction will further promote the IP strategy, accelerating the development of a second growth curve beyond box office revenue [3] - The report raises the forecast for net profit attributable to the parent company for 2024-2026 to 1.19/2.47/3.68 billion yuan, with corresponding P/E ratios of 118/57/38 [4] Financial Projections - Revenue is projected to grow from 733.42 million yuan in 2024E to 1,077.71 million yuan in 2026E, with year-on-year growth rates of -7.77%, 17.56%, and 25.00% respectively [1] - Net profit attributable to the parent company is forecasted to increase from 118.79 million yuan in 2024E to 367.79 million yuan in 2026E, with year-on-year growth rates of -6.45%, 108.02%, and 48.84% respectively [1] - EPS is expected to rise from 0.27 yuan/share in 2024E to 0.82 yuan/share in 2026E [1] IP Development Strategy - Shangying Yuan focuses on multi-form content renewal, commercial licensing, game cooperation, and creating hit cultural products across online and offline channels [3] - Key IP projects include "Chinese Fantasy 2" and "Little Monster's Summer: Once Upon a Time in Langlang Mountain," expected to be released in 2025 [3] - The company leverages classic IPs like "Calabash Brothers" and "Black Cat Detective" through short video platforms with over 5 million fans [3] - AI technology integration is expanding IP value and commercial applications in areas like social media, gaming, and interactive storytelling [3] Market Performance - The stock price has shown significant volatility, with a 52-week range of 16.12-36.42 yuan [7] - Current market data shows a closing price of 31.17 yuan, with a P/B ratio of 8.20 and a total market capitalization of 13,970.39 million yuan [7] Financial Health - The company's asset-liability ratio stands at 31.38% [8] - Net assets per share are reported at 3.80 yuan [8] - Total share capital is 448.20 million shares, all of which are tradable A-shares [8]