西部证券（002673）发表研究报告指，大麦娱乐卡位演出与IP衍生双高景气赛道，看好现场娱乐高景气 的持续性，需求端，悦己与社会需求共振，多次观演比例提升。另外，票务业务贡献稳健基本盘，而阿 里鱼亦可望提供业绩弹性，充分受益于线下娱乐消费的持续复苏与结构升级。该行预计大麦娱乐2026至 28财年的经调整纯利分别为10.6亿、13.54亿及15.77亿元人民币，首予公司"买入"评级。 大麦娱乐(01060)现涨近5%，截至发稿，涨4.65%，报0.9港元，成交额4513.51万港元。 消息面上，据灯塔专业版，截至12月28日18时05分，2025年贺岁档(11月28日—12月31日)档期总票房(含 预售)已达52.45亿元。据了解，2025年贺岁档票房为继2017年贺岁档后，中国影史第二次突破50亿元贺 岁档票房，创近八年来同期票房新高。 ...

西部证券发表研究报告指，大麦娱乐卡位演出与IP衍生双高景气赛道，看好现场娱乐高景气的持续性， 需求端，悦己与社会需求共振，多次观演比例提升。另外，票务业务贡献稳健基本盘，而阿里鱼亦可望 提供业绩弹性，充分受益于线下娱乐消费的持续复苏与结构升级。该行预计大麦娱乐2026至28财年的经 调整纯利分别为10.6亿、13.54亿及15.77亿元人民币，首予公司"买入"评级。 消息面上，据灯塔专业版，截至12月28日18时05分，2025年贺岁档(11月28日—12月31日)档期总票房(含 预售)已达52.45亿元。据了解，2025年贺岁档票房为继2017年贺岁档后，中国影史第二次突破50亿元贺 岁档票房，创近八年来同期票房新高。 智通财经APP获悉，大麦娱乐(01060)现涨近5%，截至发稿，涨4.65%，报0.9港元，成交额4513.51万港 元。 ...

西部证券（002673）发布研报称，大麦娱乐(01060)卡位演出与IP衍生双高景气赛道，看好现场娱乐高 景气的持续性，需求端，悦己与社会需求共振，多次观演比例提升。另外，票务业务贡献稳健基本盘， 而阿里鱼亦可望提供业绩弹性，充分受益于线下娱乐消费的持续复苏与结构升级。该行预计大麦娱乐 2026至28财年的经调整纯利分别为10.6亿、13.54亿及15.77亿元人民币，首予公司"买入"评级。 ...

Core Viewpoint - The company reported strong financial performance for the first half of FY26, with total revenue of 4.047 billion yuan, a year-on-year increase of 33%, and a net profit attributable to shareholders of 520 million yuan, up 54% [1] Revenue Summary - The IP derivative business showed remarkable growth, with revenue increasing by 105% to 1.16 billion yuan. The company collaborated with various brands for multiple licensing projects and opened its first retail store in mainland China, which has performed well since its launch [1] - Revenue from performance content and technology business grew by 15% to 1.34 billion yuan, with a 17% increase in ticket sales user numbers for concerts. The overall box office growth has slowed, but the platform maintained its leading position [1] - Revenue from film content and technology business decreased by 15% to 1.06 billion yuan, with a stable market share for ticketing services. The company adjusted its strategy to focus on lower-risk, high-quality films [2] - Revenue from drama production surged by 693% to 480 million yuan, with several high-rated series released and more than 20 projects in the pipeline [2] Performance Summary - The performance content and technology segment's profit increased by 5% to 754 million yuan, but the profit margin decreased by 5 percentage points to 56% [3] - The IP derivative segment's profit rose by 44% to 235 million yuan, with a profit margin decline of 9 percentage points to 20% [3] - The film content and technology segment's profit fell by 22% to 95 million yuan, with a profit margin decrease of 1 percentage point to 9% [3] - The drama production segment turned profitable with a profit of 38 million yuan, and the profit margin increased by 26 percentage points to 8% [3] Future Outlook - The company aims to drive growth through overseas expansion and IP business development, focusing on establishing a presence in Asia and globally, enhancing platform capabilities, and increasing revenue from live entertainment content [3] - Revenue projections for FY26-28 are set at 8.005 billion, 9.234 billion, and 11.728 billion yuan, reflecting year-on-year growth of 19%, 15%, and 27% respectively [4] - Adjusted net profit forecasts for FY26-28 are 1.049 billion, 1.514 billion, and 1.965 billion yuan, indicating significant growth of 188%, 44%, and 30% respectively [4]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of 6-12% over the next 6-12 months [7]. Core Insights - The company is positioned as a leader in the performance and IP licensing sectors, with a strong valuation proposition [5]. - The report highlights the company's robust revenue growth driven by its IP derivative business, which saw a 105% year-on-year increase [5]. - The company is focusing on international expansion and enhancing its IP business, aiming to increase revenue contributions from live entertainment and ticketing categories [5]. Financial Performance Summary - For FY2024, the company is projected to achieve a revenue of 5,040 million, with a year-on-year growth rate of 43% [3]. - Adjusted net profit for FY2024 is expected to be 337 million, reflecting an 18% year-on-year increase [3]. - The company anticipates total revenues of 80.05 billion, 92.34 billion, and 117.28 billion for FY26, FY27, and FY28 respectively, with corresponding adjusted net profits of 10.49 billion, 15.14 billion, and 19.65 billion [5].