WANDA FILM(002739) 中原证券·2024-05-10 05:30Investment Rating - The report maintains an "Accumulate" investment rating for Wanda Film [2][4] Core Views - The company's business has significantly rebounded, with the content segment expected to encounter new opportunities [2][4] - In 2023, Wanda Film's operating revenue reached 14.62 billion yuan, a year-on-year increase of 50.79%, and the net profit attributable to shareholders was 912 million yuan [2][4] - The domestic film market is recovering well, with total box office revenue in 2023 reaching 54.915 billion yuan, an increase of 83.4% compared to 2019 [2][4] Summary by Sections Financial Performance - In Q1 2024, the company reported operating revenue of 3.821 billion yuan, a year-on-year increase of 1.70%, and a net profit of 326 million yuan, up 3.25% [2][4] - The gross profit margin for the film screening business improved significantly, reaching 30.59% [2][4] - The company achieved a market share of 16.7%, maintaining its leading position in the industry for 15 consecutive years [2][4] Business Segments - The film investment and production segment saw a revenue decline of 12.06%, but the gross profit margin increased by 50.65 percentage points to 45.71% [4] - The merchandise and advertising business experienced notable growth, with revenue of 1.944 billion yuan, a year-on-year increase of 39.60% [4] - The television production and distribution segment generated revenue of 742 million yuan, a year-on-year increase of 388.53% [4] Future Outlook - The new management team is expected to bring new development opportunities while maintaining existing operational advantages [4] - The company plans to expand its market share to over 20% through various strategies [2][4] - Earnings per share (EPS) are projected to be 0.61 yuan, 0.73 yuan, and 0.87 yuan for 2024, 2025, and 2026 respectively, with corresponding price-to-earnings (PE) ratios of 22.85, 18.95, and 15.95 [4][5]