WANDA FILM(002739) 中邮证券·2024-03-07 16:00Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1][8]. Core Insights - The company is expected to achieve a net profit attributable to shareholders of 0.9 to 1.2 billion yuan in 2023, indicating a turnaround from previous losses [4]. - The film industry is experiencing a significant recovery, with the company's box office revenue reaching 7.56 billion yuan in 2023, recovering to 96.4% of 2019 levels [5]. - The change in controlling shareholder to Ke Liming and the appointment of Chen Xi as chairman and CEO are expected to enhance the company's content production capabilities [6]. Company Overview - The latest closing price is 12.62 yuan, with a total market capitalization of 27.5 billion yuan [2]. - The company has a total share capital of 2.179 billion shares, with 2.108 billion shares in circulation [2]. Financial Projections - The company is projected to achieve revenues of 14.12 billion yuan, 15.89 billion yuan, and 17.39 billion yuan for the years 2023, 2024, and 2025 respectively [7]. - The expected net profit attributable to shareholders for the same years is 1.13 billion yuan, 1.44 billion yuan, and 1.66 billion yuan [7]. - The earnings per share (EPS) are forecasted to be 0.52 yuan, 0.66 yuan, and 0.76 yuan for 2023, 2024, and 2025 respectively [7]. Market Position - The company holds a 16.7% market share in the cinema box office, solidifying its position as an industry leader [5]. - The company’s direct cinema market share has increased by 2 percentage points compared to 2019 [5].