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行业点评报告:看好电影衍生品市场,光线、果麦等相关营收或高增
ZHESHANG SECURITIES·2025-06-17 03:57

Investment Rating - The industry investment rating is "Positive" (maintained) [5] Core Viewpoints - The future growth of the film market's non-ticket revenue is expected to accelerate, with film derivatives being a significant component of this revenue [1] - Leading companies like Light Media are projected to have optimistic sales outlooks for film and other entertainment derivatives, with the "Nezha" series expected to generate substantial sales [1][2] - The potential market capitalization increase from film derivative sales is estimated to be between 75 billion to 200 billion yuan, based on various assumptions regarding sales and profit-sharing [2][3] Summary by Sections Industry Overview - The report highlights the increasing importance of non-ticket revenue in the film market, particularly focusing on film derivatives as a key growth area [1] Company Analysis - Light Media's chairman revealed that the overseas box office for "Nezha" is expected to exceed 100 million USD, marking a significant achievement for Chinese films [1] - The "Nezha" series has already achieved hundreds of billions in sales from derivatives, with projections suggesting it could reach over a trillion yuan [1] Financial Projections - The report estimates that a sales figure of 100 billion yuan in film derivatives could correspond to a revenue of 50 billion yuan for related companies, with an assumed profit-sharing ratio of 5%-10% [2] - Valuation estimates for film derivative sales suggest a market capitalization increase of 75 billion to 200 billion yuan, with a neutral assumption placing it at approximately 131.3 billion yuan [3] Investment Recommendations - The report recommends focusing on leading film derivative companies such as Light Media, while also suggesting attention to other key players in the film and animation sectors, including Guomai Culture, Shanghai Film, and Wanda Film [3]