WANDA FILM(SZ:002739) Zhongyuan Securities·2024-02-05 16:00Investment Rating - The investment rating for the company is "Accumulate" [2][3] Core Views - The company is positioned as an industry leader with significant advantages, particularly in the content sector, and is expected to benefit from the new management team [3] - The recovery of the domestic film market is promising, with strong performance during the summer and New Year holiday seasons validating market demand [3] - The company is increasing its focus on a light-asset model to reduce operational costs while enhancing its competitive efficiency in the exhibition sector [3] Financial Performance Summary - The company forecasts a net profit attributable to shareholders for 2023 between 900 million and 1.2 billion yuan, with a significant recovery from previous losses [2] - The estimated earnings per share (EPS) for 2023, 2024, and 2025 are projected to be 0.49 yuan, 0.64 yuan, and 0.72 yuan respectively, with corresponding price-to-earnings (PE) ratios of 20.49, 15.56, and 13.93 [3][4] - Revenue is expected to grow from 9.695 billion yuan in 2022 to 14.595 billion yuan in 2023, reflecting a growth rate of 50.54% [4][7] Market Position and Share - The company's market share in the domestic cinema sector is reported at 16.82% for 2023, showing a slight decline compared to the previous year but an increase of 3.09 percentage points compared to 2019 [2][3] - The company has expanded its cinema operations, with a total of 905 cinemas and 7,546 screens as of the end of 2023, indicating a growth in both direct and light-asset cinema formats [3][4] Management Changes - The company has appointed a new chairperson and CEO, Chen Xi, who is expected to bring more flexibility and enhance collaboration with Ru Yi Film [3]