2.0时代，关注影院增量和儒意协同

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The actual controller of the company changed from Wang Jianlin to Ke Liming on April 15, 2024, with a focus on enhancing cinema market share and non-ticket revenue [2][11]. - The company aims to increase its market share from 15.44% to over 20% by leveraging its extensive cinema network and optimizing its operational strategies [2][16]. - The collaboration with Ru Yi is expected to accelerate the development of film, television, and gaming projects, enhancing resource sharing and competitive advantages [2][8]. Summary by Sections 1. Change of Actual Controller and Strategic Alliance - The company announced a change in its actual controller to Ke Liming, who holds significant stakes through various entities [11]. - The management team combines expertise from both Wanda and Ru Yi, focusing on cinema, film production, and gaming [11][13]. 2. Cinema Business: Scale and Operational Efficiency - As of the end of 2023, the company operates 709 cinemas in China, maintaining a leading market share of 15.44% [2][16]. - The company plans to enhance its market share to over 20% by expanding its cinema network and improving operational efficiency [2][16]. - The operational efficiency of Wanda cinemas has improved post-pandemic, with ticket sales recovering to 96.4% of 2019 levels [16][23]. 3. Content Business: Film, Television, and Gaming - The company plans to release over 7 films and 6 television series in 2024, alongside multiple gaming projects [2][8]. - The gaming segment has shown rapid growth, particularly with successful overseas releases [2][8]. 4. Profit Forecast and Investment Recommendations - Projected revenues for 2023-2025 are 15.089 billion, 16.852 billion, and 18.145 billion yuan, with net profits of 1.045 billion, 1.502 billion, and 1.780 billion yuan respectively [2][4]. - The report assigns a 30x PE valuation for 2024, leading to a target price of 20.68 yuan per share [2][4].