Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HKD 9.27, indicating a potential upside of 21% based on a 2025 target PE of 12x [2]. Core Insights - The 2025 Spring Festival box office in China reached a historical high of HKD 9.51 billion, representing an 18.6% increase compared to the previous year. The average daily box office was HKD 1.36 billion, up 35.3% year-on-year, driven by a 14.7% increase in audience attendance [1]. - The company's film ticketing business is expected to benefit directly from the recovery of the overall box office market, with a strong supply of quality films anticipated to drive demand [7]. - The offline performance sector is also showing significant growth, with a projected 85% increase in ticket sales for live performances in 2024, indicating a robust market environment [7]. Financial Data and Earnings Forecast - Revenue projections for the company are as follows: - 2022: HKD 2,319 million - 2023: HKD 4,757 million - 2024E: HKD 4,140 million - 2025E: HKD 5,001 million - 2026E: HKD 5,594 million - The net profit attributable to the parent company is forecasted to be: - 2022: HKD 233 million - 2023: HKD 1,002 million - 2024E: HKD 308 million - 2025E: HKD 819 million - 2026E: HKD 1,005 million [3][8]. - The earnings per share (EPS) are projected to be: - 2022: HKD 0.20 - 2023: HKD 0.87 - 2024E: HKD 0.27 - 2025E: HKD 0.72 - 2026E: HKD 0.88 [3][8]. Market Data - As of February 5, 2025, the closing price of the company's stock was HKD 7.66, with a market capitalization of HKD 88.19 billion. The stock has a 52-week high of HKD 11.08 and a low of HKD 5.56 [4].
猫眼娱乐：2025春节档开门红