Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [4]. Core Views - The company is expected to face pressure on its 2024 performance due to insufficient quality content supply in the film market, but a recovery in the broader market could support performance improvement [1][4]. - The online ticketing business is projected to generate revenue of 1.94 billion, a year-on-year decline of 14.2%, while the offline ticketing business shows resilience and growth potential [2]. - The entertainment content service segment is anticipated to achieve revenue of 2.04 billion, down 11.4% year-on-year, primarily due to underperformance of certain film projects [3]. Summary by Sections Online Entertainment Ticketing - The online ticketing business is expected to be impacted by the overall market downturn, with a projected revenue of 1.94 billion, reflecting a 14.2% decline [2]. - The offline ticketing market is showing growth, with ticket sales reaching 39.83 billion in the first three quarters of 2024, representing 79.3% of the total for 2023, and a 22.9% increase in audience attendance [2]. Entertainment Content Services - The entertainment content service segment is projected to generate 2.04 billion in revenue, a decrease of 11.4% year-on-year, mainly due to disappointing box office results from certain films [3]. - The company is involved in producing 35 domestic films in 2024, with a focus on increasing participation in key release periods [3]. Investment Recommendations - The company is positioned as a leading online ticketing platform and domestic film distributor, with an increasing participation in top films expected to enhance profitability [4]. - Adjusted revenue forecasts for 2024 and 2025 are set at 4.18 billion and 5.29 billion, respectively, with adjusted net profits of 233 million and 930 million [4].
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