WANDA FILM(SZ:002739) GUOTAI HAITONG SECURITIES·2025-09-11 05:15Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of 13.57 CNY [5][13][15] Core Views - The company has a rich pipeline of film investment projects and is focusing on cinema transformation, strategic investments, and the development of trendy toys and gaming businesses to explore new growth points [2][13] - Despite a relatively weak box office performance in Q2, the company is optimistic about the recovery of the film market and has adjusted its EPS forecasts for 2025-2027 to 0.45, 0.59, and 0.69 CNY respectively [13][15] - The company achieved a total revenue of 6.689 billion CNY in the first half of 2025, representing a year-on-year growth of 7.57%, and a net profit attributable to shareholders of 536 million CNY, a significant increase of 373% year-on-year [13] Financial Summary - Total revenue projections for the company are as follows: 14,620 million CNY for 2023, 12,362 million CNY for 2024, 13,474 million CNY for 2025, 15,397 million CNY for 2026, and 16,610 million CNY for 2027, with a growth rate of 50.8% in 2023 followed by a decline of 15.4% in 2024 [4][14] - The net profit attributable to shareholders is projected to be 912 million CNY in 2023, a loss of 940 million CNY in 2024, and a recovery to 959 million CNY in 2025, with a growth rate of 202.1% [4][14] - The company maintains a stable market share with 14.4% and leads in the number of direct-operated cinemas, with 705 cinemas and 6,121 screens in China as of June 30, 2025 [13][14] Market Position - The company has a strong market presence, with 51 of the top 100 cinemas in terms of box office revenue, and a significant increase in membership numbers, reaching approximately 80 million [13][14] - The company is actively building a second growth curve by diversifying its investments beyond traditional cinema and film projects, including partnerships with brands like 52TOYS and the launch of its own snack and beverage brand [13][15]