Investment Rating - The investment rating for the company is "Buy" and it is maintained [4]. Core Insights - The entertainment market has shown a strong recovery, leading to significant growth across multiple business segments for the company. In 2023, the company achieved a revenue of 4.757 billion yuan, representing a year-on-year increase of 105.1%. The net profit reached 908 million yuan, up 766.2%, while the adjusted net profit was 1.029 billion yuan, reflecting a growth of 342.2%. The adjusted EBITDA was 1.250 billion yuan, marking a 290.4% increase [4][5]. Summary by Sections Event Description - On March 21, 2024, the company released its full-year results for 2023, highlighting a robust recovery in the entertainment industry and the company's effective management of quality content. The company’s various business and financial metrics reached historical highs [4][5]. Market Performance - The national box office in 2023 reached 54.915 billion yuan, a year-on-year increase of 82.64%. Domestic films generated a box office of 46.005 billion yuan, setting a new record. The summer box office for 2023 was 20.619 billion yuan, also a record for the same period. The offline performance market saw 171 million attendees, an increase of 83.01% compared to 2019, with total ticket revenue of 50.232 billion yuan, up 150.65% from 2019 [4][5]. Business Growth - The company participated in 54 domestic films released in 2023, achieving historical highs in terms of the number of films, total box office, and market coverage. The company’s involvement in top films has increased, with significant contributions to the box office of major releases [5]. Content Strategy - The company has a rich content reserve and is expected to provide long-term growth potential. It has increased its participation in the promotion and production of major films, with several upcoming projects already scheduled for release [5].
文娱市场强势复苏，多元业务全面增长