2023年及2024Q1业绩点评：影院业务稳步恢复，大IP开发多点开花

Investment Rating - The report maintains a "Buy" rating for Shanghai Film [1] Core Views - The cinema business is steadily recovering, and the development of major IPs is flourishing [1] - In 2023, the company achieved a revenue of 795 million yuan, a year-on-year increase of 85.07%, and a net profit attributable to the parent company of 63 million yuan [2] - For Q1 2024, the revenue reached 210 million yuan, representing a year-on-year growth of 18.26%, with a net profit of 29 million yuan [2] - The company plans to distribute a cash dividend of 1.14 yuan per 10 shares, with a dividend payout ratio of 40.24% [2] Financial Performance Summary - In 2023, the film screening revenue was 550 million yuan, up 109.91% year-on-year, with a gross margin of 1.57% [9] - The company operated 51 cinemas and 375 screens by the end of 2023, with a market share of 1.15%, an increase of 0.24 percentage points from 2022 [2] - The "Cinema+" strategy has driven significant growth in advertising and merchandise sales, with merchandise revenue of 70 million yuan (up 84.79% year-on-year) and advertising revenue of 38 million yuan (up 40.41% year-on-year) [4] IP Development Strategy - The company is committed to a major IP development strategy, launching the "iPAi Star Plan" to enhance the value of IP through AI [10] - The company has acquired a 51% stake in Shanghai Film Yuan, focusing on the full industry chain development and operation of IP [10] - The report outlines plans for continuous content renewal, including multiple high-quality IP projects each year and collaborations with various brands for IP licensing [11] Earnings Forecast - The company expects revenues of 991 million yuan in 2024, 1.199 billion yuan in 2025, and 1.397 billion yuan in 2026, with corresponding net profits of 226 million yuan, 321 million yuan, and 403 million yuan respectively [12] - The projected EPS for 2024, 2025, and 2026 are 0.50 yuan, 0.72 yuan, and 0.90 yuan, with P/E ratios of 60.38, 42.52, and 33.85 [12]