华策影视：剧集储备充足，AI驱动影视全链路环节

Investment Rating - The report assigns a "Buy" rating for the company, Huace Film & TV [16][40]. Core Viewpoints - Huace Film & TV is a leading domestic television drama production company with a robust order reserve, achieving a pre-sale of 1.981 billion yuan in 2023, totaling 3.798 billion yuan in pre-sales, laying a solid foundation for long-term performance [16][40]. - The company is actively diversifying its business into short dramas, overseas content distribution, and integrating AI technology into various production processes, enhancing efficiency and quality [16][40]. - The self-developed "Youfeng" AI model has been registered with national authorities, significantly improving script evaluation and selection efficiency [16][40]. Company Overview - Huace Film & TV has established itself as a leader in the film and television industry, producing numerous award-winning dramas and films, including popular titles like "The Story of Yanxi Palace" and "My True Friend" [52][54]. - The company has a comprehensive ecosystem that includes new media, artist management, music, integrated marketing, and cinema operations, leveraging its extensive content library [54][67]. Industry Overview - The television drama market is evolving, with a growing emphasis on high-quality content and the rapid development of short dramas, which are gaining popularity among viewers [52][58]. - The integration of AI technology is reshaping the industry, enhancing production efficiency and enabling innovative marketing strategies [62][65]. Business Segmentation - Huace Film & TV's traditional business remains strong, while new ventures into short dramas and international markets are expanding its growth potential [40][48]. - The company is focusing on the overseas distribution of its content, having established partnerships with major international platforms, significantly increasing its global reach [55][48]. Profit Forecast - The company is projected to achieve revenues of 2.471 billion yuan in 2024, 2.740 billion yuan in 2025, and 2.937 billion yuan in 2026, with year-on-year growth rates of 9%, 10.9%, and 7.2% respectively [9][16]. - Expected net profits for the same period are forecasted to be 420.8 million yuan, 471 million yuan, and 509.5 million yuan, with growth rates of 10.1%, 11.9%, and 8.2% respectively [9][16].