WANDA FILM(002739) 申万宏源·2024-04-01 16:00Investment Rating - The report maintains an "Outperform" rating for the company [4]. Core Insights - The new management team is in place, aiming to enhance market share and diversify revenue streams through film production and distribution [4]. - The company achieved a box office revenue of 7.56 billion yuan in 2023, recovering to 96.4% of 2019 levels, with a market share of 16.7% [4]. - The collaboration between the new controlling shareholder and the company is expected to bring flexibility to the film content business [4]. - The company is exploring diversified income sources, including IP derivative sales and advertising revenue [4]. - The report adjusts profit forecasts, projecting net profits of 1.137 billion yuan for 2023 and 1.513 billion yuan for 2024 [4]. Financial Summary - Total revenue for 2023 is estimated at 14.396 billion yuan, with a year-on-year growth rate of 48.5% [6]. - The net profit for 2023 is projected at 1.137 billion yuan, with a corresponding earnings per share of 0.52 yuan [6][7]. - The gross margin is expected to be 27.1% in 2023, with a return on equity (ROE) of 13.8% [6].