2023年报点评：主营稳中向好，全产业链协同发展

Investment Rating - The report maintains a "Strongly Recommend" rating for Huace Media (300133 SZ) with projected PE ratios of 34X, 31X, and 28X for 2024-2026 respectively [8][11] Core Views - Huace Media's main business remains stable with coordinated development across the entire industry chain [2][6] - The company achieved revenue of 2 267 billion yuan in 2023 (yoy -8 39%) with net profit attributable to parent company of 382 million yuan (yoy -5 08%) [17] - TV drama production and distribution business grew steadily accounting for 70 10% of total revenue [7] Financial Performance Revenue Breakdown - TV drama production and distribution: 1 590 billion yuan (yoy +3 68%) [7] - TV drama copyright distribution: 407 million yuan (yoy +19 33%) [7] - Box office revenue: 31 million yuan (yoy +38 74%) [7] - Film revenue: 81 million yuan (yoy -80 59%) [7] - Advertising revenue: 32 million yuan (yoy -48 66%) [7] - Brokerage business: 116 million yuan (yoy -26 42%) [7] - Music business: 22 million yuan (yoy +41 14%) [7] Profitability - Gross margin: 28 50% (yoy -5 16 percentage points) [18] - Net profit margin: 16 85% (yoy +0 57 percentage points) [18] - Sales expense ratio: 7 63% (yoy -3 64 percentage points) [18] - Management expense ratio: 7 54% (yoy +0 07 percentage points) [18] Business Development - Broadcasted 7 TV dramas and 4 movies in 2023 [7] - Signed pre-sale TV drama projects worth 1 981 billion yuan with cumulative pre-sales of 3 798 billion yuan [7] - Acquired Senlian Film increasing copyright library to 50 000 hours [7] - Invested in major films including "The Wandering Earth 2" and "Boonie Bears: Guardian Code" [8] - Established AIGC Application Research Institute with over 20 experts [8] Future Projections - Expected revenue growth: 13 2% in 2024 13 2% in 2025 and 14 9% in 2026 [24] - Projected net profit attributable to parent company: 476 million yuan in 2024 520 million yuan in 2025 and 574 million yuan in 2026 [24] - Anticipated EPS: 0 25 yuan in 2024 0 27 yuan in 2025 and 0 30 yuan in 2026 [24] Industry Position - Leading enterprise in TV drama production with diversified business including artist management film advertising and animation [9] - Comprehensive industry chain layout covering animation music copyright operation and international new media [8]