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博纳影业(001330):主投影片表现不及预期,剧集业务实现显著增长

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company's film performance was below expectations, while the series business saw significant growth [1][4] - The overall revenue for 2024 was 1.461 billion yuan, a year-on-year decrease of 9.12%, with a net loss attributable to shareholders of 867 million yuan, a year-on-year increase in loss of 56.87% [1] - The cinema business is expected to recover in Q1 2025 due to the overall market rebound driven by blockbuster films [2] Financial Performance - In 2024, the company achieved revenue of 1.461 billion yuan, down 9.12% year-on-year, and a net loss of 867 million yuan, which is a 56.87% increase in loss compared to the previous year [1] - For Q1 2025, the company reported revenue of 525 million yuan, an increase of 19.43% year-on-year, but a staggering net loss of 9.55 billion yuan, reflecting a year-on-year increase in loss of 17303.99% [1] - The cinema business generated revenue of 941 million yuan in 2024, down 23.65% year-on-year, while the film business revenue was 258 million yuan, down 43.92% year-on-year [3][2] Market Position - The company maintained a stable market share, with cinema market shares of 2.08% and 1.79% for 2024 and Q1 2025 respectively, ranking 13th and 16th nationally [2] - The film investment market share was 1.93% and 1.60% for the same periods, ranking 7th and 6th respectively [2] Business Segments - The series business saw remarkable growth, with revenue reaching 278 million yuan in 2024, a year-on-year increase of 853120% [4] - The company has a diverse film reserve, including various genres such as suspense, history, comedy, and animation, which is expected to contribute to future performance [4] Profit Forecast - The profit forecast for 2025-2027 has been adjusted, with expected net profits of -780 million yuan, 151 million yuan, and 295 million yuan respectively, indicating a year-on-year growth rate of 10.0%, 119.3%, and 95.4% [5]