CFC(600977) 天风证券·2025-02-28 10:23Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6]. Core Views - The company is expected to benefit from the recovery in the film industry, with a projected revenue of 43.74 billion, 56.86 billion, and 65.39 billion for 2024E, 2025E, and 2026E respectively, reflecting a year-on-year change of -18%, +30%, and +15% [4][5]. - The company has a rich pipeline of film projects, with over 34 films released in the first three quarters of 2024, achieving a total box office of 195.01 billion, which accounts for 73% of the total domestic box office during the same period [2][3]. - The company has approved the use of up to 40 billion yuan of temporarily idle funds for cash management, enhancing financial flexibility while ensuring operational needs are met [4][5]. Summary by Sections Business Performance - In the first three quarters of 2024, the company participated in the production of 34 films, contributing to a box office of 195.01 billion yuan, representing 73% of the domestic box office [2]. - The company was involved in the distribution of 425 domestic films and 80 imported films, achieving box office revenues of 221.83 billion and 55.26 billion yuan respectively, capturing 91.37% and 78.01% of the total box office for domestic and imported films [2]. - The company operates 128 cinemas with 965 screens, holding a market share of 29.85% and generating a box office of 91.13 billion yuan with 217 million admissions [2]. Financial Forecast - The company's projected revenue for 2024E is 43.74 billion yuan, with a net profit of 3.37 billion yuan, expected to grow to 6.26 billion yuan in 2025E and 7.72 billion yuan in 2026E [4][5]. - The company reported a significant increase in EBITDA from 205.45 million yuan in 2022 to an estimated 628.85 million yuan in 2024E [5]. - The projected P/E ratios for 2024E, 2025E, and 2026E are 60.24, 32.43, and 26.30 respectively, indicating a potential for improved valuation as earnings recover [4][5]. Cash Management - The company has initiated a cash management plan allowing for the use of up to 40 billion yuan of idle funds, which can be rolled over within the authorized period, enhancing liquidity and operational efficiency [4][5]. - A cash dividend of 0.035 yuan per share was distributed, totaling 0.65 billion yuan, reflecting the company's confidence in its long-term development [4].