龙头担当，行稳致远

Investment Rating - The report assigns a "Buy-A" investment rating to the company, with a target price of 14.0 CNY over the next six months, representing a dynamic price-to-earnings ratio of 40x for 2024 [2]. Core Insights - The company has established a robust position in the film industry with a comprehensive value chain that includes production, distribution, exhibition, technology, services, and innovation. The restructuring in 2021 has enhanced its core competitiveness [1][22]. - The film market is recovering strongly, with the company expected to benefit from the cyclical recovery and the revaluation of state-owned enterprises. The anticipated revenue for 2024-2026 is projected at 6.15 billion, 7.04 billion, and 8.06 billion CNY, respectively, with net profits of 650 million, 780 million, and 880 million CNY [1][2]. Summary by Sections 1. Review and Outlook - The film industry is expected to recover strongly, with 2024 box office projections returning to 60 billion CNY. The average ticket price has increased by 14% compared to 2019, reaching 42.3 CNY [11][20]. 2. Company Overview - The company was established in 2010 and has integrated high-quality resources across the film production, distribution, exhibition, and service sectors. It has a well-defined structure with six business segments [1][22]. 3. Competitive Advantages - The company maintains a high market share in its core segments: - Production: 58.45% of domestic box office - Distribution: 82.93% of total box office, with 85.54% for domestic films and 68.90% for imported films - Exhibition: 25.20% of total box office, covering 21,577 screens with a market share of 27.91% [1][23]. 4. Financial Analysis - In 2023, the company reported revenues of 5.33 billion CNY, a year-on-year increase of 82.7%, and a net profit of 263 million CNY, marking a return to profitability. The production segment contributed significantly to this recovery, with major films achieving high box office results [28].