SFC(601595) 开源证券·2024-11-25 01:11Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company plans to acquire a 19% stake in Shanghai Film Yuan, which will enhance its IP business layout and potentially boost its performance. Following this acquisition, the ownership structure will be 70% for the company and 30% for Shanghai Meiying. The previous acquisition of 51% stake in March 2023 valued the entire equity at 120 million yuan, while the current transaction values it at 350 million yuan, indicating a significant increase in valuation. The net profit for Shanghai Film Yuan in 2023 was 16.5853 million yuan, and for the first half of 2024, it was 21.1202 million yuan. The acquisition is expected to further enhance the company's performance as the IP business develops [2][3]. Financial Summary - The company's projected financials for 2024-2026 are as follows: - Net profit attributable to shareholders is expected to be 139 million yuan in 2024, 273 million yuan in 2025, and 376 million yuan in 2026, with corresponding EPS of 0.31, 0.61, and 0.84 yuan respectively. The current stock price corresponds to P/E ratios of 100.6, 51.1, and 37.1 for the years 2024, 2025, and 2026 [2][5]. Business Development - The commercial value of the IPs managed by Shanghai Film Yuan continues to be highlighted, with over 600 million views for various programs featuring popular characters during the 2024 Spring Festival. The company also released the film "Good Things," which grossed over 130 million yuan within three days of its release. Upcoming projects like "Chinese Folktales" Season 2 and "Little Monsters' Summer" are expected to contribute to new content and revenue streams [3][4]. Market Outlook - The release of major films such as "Fengshen Part 2," "Boonie Bears: Reboot," and "The Legend of the Condor Heroes" is anticipated to drive box office recovery and support the company's cinema business. The upcoming films scheduled for the 2025 Spring Festival are expected to positively impact the overall film market [4].