华策影视（300133）：储备多部长剧，深度布局微短剧：——华策影视（300133）：公司动态研究

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is positioned as a leader in the domestic television industry, benefiting from favorable new policies for drama series, a rich film reserve, and active expansion into computing power, short dramas, and overseas markets [6][8] Financial Performance - In Q3 2025, the company's revenue was 251 million yuan, a year-over-year decline of 52.21%, and the net profit attributable to the parent company was 58 million yuan, down 39.38% year-over-year. This decline is attributed to the impact of platform scheduling on revenue recognition for drama projects and a decrease in film project contributions [5][6] - The net profit margin for Q3 2025 was 23.86%, an increase of 5.65 percentage points year-over-year, while the gross profit margin was 46.33%, up 14.92 percentage points year-over-year [5] Business Development - The drama business is steadily advancing and is expected to benefit from new broadcasting policies. Several dramas are in various stages of production and release, with multiple projects scheduled for airing in 2025 [6] - The company has a rich pipeline of films, with the main investment in "Assassination Novelist 2" set for release during the National Day holiday in 2025, which has so far grossed 375 million yuan, slightly below expectations [6] - The micro-short drama market is rapidly developing, with the company establishing a comprehensive system for production, quality, and ecosystem, achieving a monthly production capacity of 20 episodes [6] Earnings Forecast - The company’s revenue projections for 2025-2027 are as follows: 2,109 million yuan in 2025, 2,714 million yuan in 2026, and 3,336 million yuan in 2027, with growth rates of 8.79%, 28.67%, and 22.90% respectively [8][9] - The net profit attributable to the parent company is forecasted to be 205 million yuan in 2025, 393 million yuan in 2026, and 490 million yuan in 2027, with growth rates of -15.67%, 91.87%, and 24.52% respectively [8][9]