传媒行业年度策略报告：AI应用催化叠加供需向好，行业基本面有望边际改善

Investment Rating - The report maintains an investment rating of "Buy-A" for Kunlun Wanwei (300418.SZ) and Shanghai Film (601595.SH), and "Add-A" for Dianhun Network (603258.SH) [3] Core Insights - The media sector is expected to see marginal improvements in its fundamentals due to the catalytic effects of AI applications and favorable supply-demand dynamics [2] - The media index rose by 2.23% in 2024, ranking 19th among 31 primary sub-industries, with advertising and publishing sectors leading with increases of 7.42% and 6.68% respectively [12][13] - The overall revenue for the media industry reached 366.21 billion yuan in the first three quarters of 2024, a year-on-year increase of 0.82%, while net profit attributable to shareholders dropped by 32.28% to 23.3 billion yuan [14] Summary by Sections 1. Industry Review - The media industry experienced fluctuating performance throughout the year, with the advertising and publishing sectors showing the most resilience [12][13] - The media sector's PE (TTM) ratio stands at 25.67x, slightly above the industry median of 21.28x, indicating potential for growth driven by AI advancements [13] 2. AI Development - The AI model landscape is rapidly evolving, with significant advancements in capabilities and applications expected to drive digital transformation across industries [19][29] - The Chinese generative AI industry is projected to exceed one trillion yuan by 2030, supported by robust infrastructure and increasing application scenarios [29][30] 3. Film Industry - The film sector faced challenges in 2024, with box office revenues declining by 22.34% year-on-year to 42.596 billion yuan, attributed to a lack of quality content [41] - The upcoming 2025 Spring Festival is anticipated to improve content supply, potentially revitalizing box office performance [4] 4. Gaming Industry - The gaming market in China is expected to continue its growth trajectory, with revenues projected at 325.783 billion yuan in 2024, a year-on-year increase of 7.53% [5] - The introduction of new game products and the expansion of overseas markets are expected to further enhance revenue growth in the gaming sector [5]