Investment Rating - The investment rating for the company is "Buy" and it is maintained [8] Core Viewpoints - The company's performance in 2024 was impacted by a weak film market, with total revenue of 4.082 billion yuan, a year-on-year decrease of 14.19%. The entertainment content service accounted for 48% of total revenue, online entertainment ticketing services 47.1%, and advertising services and others 4.9%. The net profit attributable to shareholders was 182 million yuan, down 80.02% year-on-year, while adjusted net profit was 310 million yuan, a decrease of 69.9% [2][5] Revenue Breakdown - Entertainment content services generated 1.96 billion yuan in 2024, a year-on-year decrease of 14.8%, primarily due to underperforming box office results of certain films. Online entertainment ticketing services brought in 1.922 billion yuan, down 14.9% year-on-year, attributed to a decline in the total box office of the Chinese film market. Advertising services and other revenues increased by 1.2% to 201 million yuan [9] Market Coverage and Competitive Strength - The company achieved record highs in both the number of films participated in and market coverage, with 63 domestic films released in 2024, including 36 films under its control, generating a total box office of 23.2 billion yuan. The company participated in 8 of the top 10 domestic films by box office in 2024 [9] Future Prospects - The company is optimistic about its content pipeline for 2025, with several films scheduled for release, including the first 3D animation "Time's Son" on May 30, and other animated films and projects in development. The live performance market is also showing strong demand, with the company providing ticketing services for both domestic and international artists [9] Technological Advancements - The company is continuously updating its "Cat Eye Professional Version" and "Cat Eye Research Institute," exploring more collaboration scenarios in "AI + Film." The "Cat Eye Professional Version" covers major global markets, providing domestic users with insights into overseas markets, while the "Cat Eye Research Institute" offers in-depth data services for films [9]
猫眼娱乐（01896）：公司业绩受电影大盘疲软影响，市场覆盖率及核心竞争力有望持续提升