WANDA FILM(SZ:002739) Tianfeng Securities·2025-06-24 15:13Investment Rating - The investment rating for the company is "Buy" with a target price not specified [5]. Core Views - The company is focusing on a new strategic framework called "Super Entertainment Space," which includes five business segments: cinema, film and television series, strategic investments, trendy toys, and gaming [1]. - The cinema business aims to enhance the viewing experience by upgrading projection equipment and introducing diverse content, including sports events and concerts, to attract younger audiences [1]. - The trendy toy business has established partnerships with top global IP licensors and aims to leverage technology to enhance customer experience, with plans to expand its retail presence significantly [2]. - Revenue and profit growth are expected from the company's strategic initiatives and market recovery, with projected revenues of 15.08 billion, 16.29 billion, and 17.10 billion yuan for 2025, 2026, and 2027 respectively, reflecting growth rates of 22%, 8%, and 5% [3]. Summary by Sections Cinema Business - The cinema segment will focus on creating a "Super Entertainment Space" by upgrading to all-laser projection systems by the end of 2026 and diversifying content offerings [1]. - The company has seen significant success with non-ticket revenue initiatives, such as a collaboration with the game "Genshin Impact," generating over 64 million yuan in GMV [1]. Trendy Toy Business - The trendy toy segment has sold nearly 200 million items since its inception in 2015 and has formed deep strategic partnerships with major global IP holders [2]. - The company is set to launch a digital rights platform to enhance customer engagement and has plans to open 130 stores globally by the end of the year [2]. Financial Projections - The company forecasts revenues of 15.08 billion yuan in 2025, with a net profit of 1.12 billion yuan, and expects to maintain a PE ratio of 21 times [3][4]. - The financial outlook includes a significant recovery in 2025, with a projected EBITDA of 2.59 billion yuan [4].