WANDA FILM(SZ:002739) EBSCN·2025-01-19 02:13Investment Rating - The report maintains a "Buy" rating for Wanda Film [5] Core Views - The upcoming release of the film "Detective Chinatown 1900" is expected to perform well at the box office during the Spring Festival, benefiting Wanda Film as a leading cinema chain [1] - The overall film market is recovering, and Wanda Film is well-positioned with a rich content pipeline and active exploration of non-ticket revenue streams [1][3] Summary by Sections Film Investment and Box Office - In 2024, Wanda Film's cumulative box office is projected to reach 6.477 billion yuan, maintaining a market share of 15.25%, ranking first [2] - The overall box office for cinemas is expected to decline significantly in 2024, with Wanda's cinema box office reaching 7.439 billion yuan, maintaining a market share of 17.51% [2] Cinema Operations and Non-Ticket Revenue - Wanda Film is diversifying its cinema operations and enhancing non-ticket revenue through collaborations with popular games and themed offerings [3] - The company has opened its first "Flower World" popcorn specialty store and is broadcasting key esports events in its IMAX theaters [3] Film Production and Future Releases - Upcoming films include "The Story That Is Not Known," "Kidnapping 3," and "I Like to Deceive You," with box office earnings of 113 million, 746 million, and 329 million yuan respectively as of January 17, 2025 [3] - The company has a strong pipeline of films, with "Detective Chinatown 1900" expected to generate box office revenues between 3.03 billion and 3.75 billion yuan [3] Financial Forecasts and Valuation - The net profit forecast for Wanda Film has been revised down to 174 million yuan for 2024 and 1.037 billion yuan for 2025, with a new estimate of 1.257 billion yuan for 2026 [4] - Revenue projections show a decline in 2024, followed by growth in subsequent years, with total revenue expected to reach 14.823 billion yuan in 2025 and 16.146 billion yuan in 2026 [4][8]