SFC(SH:601595) Tebon Securities·2024-04-30 03:00Investment Rating - The report maintains a "Buy" rating for Shanghai Film (601595.SH) [2] Core Views - The company reported a revenue of 795 million yuan in 2023, an increase of 85.07% year-on-year, and a net profit of 127 million yuan, marking a return to profitability [5] - In Q1 2024, the revenue was 210 million yuan, up 18.26% year-on-year, with a net profit of 46.11 million yuan, reflecting a growth of 28.18% [5] - The company plans to distribute a cash dividend of 1.14 yuan per 10 shares for 2023, with a payout ratio of 40.24% [5] - The commercialization of IP has begun to take shape, with licensing and other revenues exceeding 100 million yuan [5] - The company has engaged in various IP licensing collaborations, generating significant online engagement [5] - Future focus includes expanding into the gaming sector through licensing and joint development [5] - The company is also developing cultural and creative products, with strong sales of related merchandise [5] - Upcoming projects include new seasons and films based on existing IPs, indicating a robust content pipeline [5] - The report highlights advancements in AI-generated video content, which may enhance the company's animation capabilities [5] Financial Summary - For 2024-2026, projected revenues are 1.11 billion yuan, 1.33 billion yuan, and 1.51 billion yuan, representing year-on-year growth rates of 39.4%, 19.9%, and 13.4% respectively [6] - Net profit forecasts for the same period are 260 million yuan, 354 million yuan, and 438 million yuan, with growth rates of 104.5%, 36.3%, and 23.9% respectively [6] - The gross margin is expected to improve from 33.8% in 2024 to 39.3% in 2026 [9] - The company's total assets are projected to grow from 2.97 billion yuan in 2023 to 3.90 billion yuan in 2026 [8]