Investment Rating - The report assigns an "Outperform" rating to the company for the first time [6] Core Views - The company is a leading provider of "technology + full entertainment" services in China, with a strong market position in online ticketing and film distribution, holding a 60% market share in movie ticketing [1][7] - The company's revenue for 2024 is projected to decline by 14% to 4.08 billion yuan, primarily due to a lack of quality film supply and a significant drop in the overall box office [2][25] - Despite short-term performance pressures, the company is actively returning capital to shareholders, with a buyback of 50 million HKD and a dividend of 0.32 HKD per share, corresponding to a yield of approximately 4.3% [3][26] Summary by Sections Financial Performance - In 2024, the company achieved a net profit of 182 million yuan, a decrease of 80% year-on-year, mainly due to increased costs associated with ticketing and poor performance of key films [3][26] - The company expects revenue growth from 2025 to 2027, with projected revenues of 4.80 billion, 5.41 billion, and 5.97 billion yuan, representing year-on-year growth of 17%, 13%, and 10% respectively [4][29] Market Outlook - The overall film market is expected to recover in 2025, driven by the release of "Nezha 2," with an estimated total box office of 50 billion yuan, a year-on-year increase of 18% [4][29] - The company has a robust pipeline of upcoming films, with several titles already scheduled for release, indicating potential for improved performance in key release periods [27][28] Competitive Position - The company maintains a strong competitive position in the online ticketing market, with a market share of approximately 60%, supported by significant shareholder resources and partnerships with major platforms like Tencent and Meituan [20][21] - In the content service sector, the company has increased its market share in film distribution, achieving nearly 50% in 2023, despite challenges in 2024 [21][25]
猫眼娱乐（01896）：影大盘疲软及重点影片不佳致24年承压，积极进行股东回报