WANDA FILM(SZ:002739) Changjiang Securities·2025-11-17 01:45Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 3.098 billion yuan for Q3 2025, a year-on-year decrease of 14.63%, while the net profit attributable to shareholders was 173 million yuan, an increase of 212.04% year-on-year. The non-recurring net profit was 131 million yuan. The company's leading position in the cinema industry continues to be solidified, and there is optimism regarding the new growth momentum injected by the "super entertainment space" and non-ticket business initiatives [2][4]. Summary by Sections Financial Performance - As of October 30, 2025, the total box office revenue in China reached 44.5 billion yuan, surpassing the total for the entire year of 2024. The company achieved a total revenue of 9.786 billion yuan in the first three quarters, a slight decrease of 0.61% year-on-year. The net profit attributable to shareholders was 708 million yuan, a significant increase of 319.92% year-on-year, with a non-recurring net profit of 611 million yuan, up 641.09% year-on-year [11]. Market Position - In Q3 2025, the national box office reached 12.72 billion yuan (including service fees), representing a year-on-year growth of 17.2%. The number of moviegoers was 340 million, an increase of 29.8% year-on-year. The company's domestic cinemas achieved a box office of 1.88 billion yuan (including service fees), with 45.048 million moviegoers, and a market share of 14.8% from July to September, showing steady improvement from the first half of the year [11]. Strategic Initiatives - The company has implemented the "super entertainment space" strategy, upgrading its "1+2+5" framework to explore diverse growth paths. Activities such as the "super entertainment animation market" during the summer season have integrated IP, scenes, and users, enhancing cinema efficiency and member engagement. Collaborations with popular IPs have driven both non-ticket revenue and box office growth [11]. Future Outlook - The company is expected to continue transforming cinemas from single viewing venues into multi-functional cultural consumption spaces, reshaping the growth logic of cinema operations. Projections for net profit attributable to shareholders are 1.077 billion yuan, 1.279 billion yuan, and 1.447 billion yuan for 2025, 2026, and 2027, respectively, with corresponding PE ratios of 22.71, 19.12, and 16.90 [11].