WANDA FILM(SZ:002739) Guohai Securities·2025-05-15 09:40Investment Rating - The report maintains a "Buy" rating for Wanda Film [1][10][11] Core Views - Wanda Film is focusing on cash investments and strategic partnerships to strengthen its IP derivative business, particularly through collaboration with 52TOYS [2][6][7] - The company is expected to enhance its non-ticket revenue and investment returns by deepening the operation of its IP industry chain [7][10] - The company has a rich pipeline of films, TV series, and games, which is anticipated to drive future growth [7][10] Financial Performance - The current stock price is 10.64 CNY, with a market capitalization of approximately 22.47 billion CNY [4] - Revenue projections for 2024, 2025, 2026, and 2027 are 12.36 billion CNY, 16.33 billion CNY, 18.34 billion CNY, and 19.67 billion CNY respectively, with corresponding net profits of -940 million CNY, 1.20 billion CNY, 1.49 billion CNY, and 1.74 billion CNY [9][10] - The company is expected to achieve a return on equity (ROE) of 15% by 2025, with a projected price-to-earnings (P/E) ratio of 18.66 for 2025 [10][11] Strategic Initiatives - The company plans to invest 82.29 million CNY to acquire a 4% stake in Lezi Tiancheng, a leading toy company, and collaborate on IP toy product development [6][10] - Wanda Film aims to launch various product lines, including blind boxes and transformable toys, while also developing original IPs and collaborating with well-known international IPs [7][10]