SFC(601595) 信达证券·2024-11-24 13:44Investment Rating - The report maintains a "Buy" rating for Shanghai Film [3][28]. Core Views - The acquisition of a 19% stake in Shanghai Film Yuan is expected to enhance the company's IP value and strengthen its position in the IP industry chain, with a focus on multi-field licensing cooperation [10][28]. - The company is projected to see significant revenue growth, with expected revenues of 800 million, 1.22 billion, and 1.59 billion yuan for 2024, 2025, and 2026 respectively, reflecting year-on-year growth of 0.6%, 52.1%, and 31% [28]. - The net profit forecast for the same period is 130 million, 295 million, and 439 million yuan, with year-on-year growth of 2.9%, 125.4%, and 49.1% [28]. Summary by Sections Acquisition Details - On November 22, 2024, the company announced the signing of an equity transfer agreement to acquire 14% and 5% stakes in Shanghai Film Yuan from Shanghai Film Group and Shanghai Meiying, respectively, for a total estimated price of 49.028 million yuan and 17.51 million yuan [10][11]. - After the transaction, the shareholding structure will be 70% for the company and 30% for Shanghai Meiying, with Shanghai Film Group no longer holding direct shares [10]. Financial Projections - The report projects that the company will achieve revenues of 800 million, 1.22 billion, and 1.59 billion yuan for 2024, 2025, and 2026, with corresponding net profits of 130 million, 295 million, and 439 million yuan [28]. - The PE ratios for 2024, 2025, and 2026 are estimated at 106.92, 47.43, and 31.82 respectively, indicating significant valuation potential compared to peers in the IP sector [28][30]. IP Development and Market Position - Shanghai Film Yuan, as the main entity for IP development under Shanghai Film Group, has seen its IP value continue to rise, with a reported online presence of over 6.78 billion for collaborative projects in 2023 [10][12]. - The company is focusing on expanding its IP through various media, including the upcoming releases of "Chinese Tales" Season 2 and "The Summer of Little Monsters" in 2025, which are expected to contribute to new content and licensing revenue [17][28].