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China Film (600977) Annual Report Review: Expecting Continuous Performance of Production and Import Film Distribution Business

China Film (600977) Annual Report Review: Expecting Continuous Performance of Production and Import Film Distribution Business

China Film (600977) Annual Report Review: Expecting Continuous Performance of Production and Import Film Distribution Business

The company’s 18-year net profit attributable to mother increased by 54.

9%, in line with market expectations, maintain buy rating company issued 18 annual report: 18 years to achieve revenue of 90.

400 million, an increase of 0.

6%; net profit attributable to mother 15.

0 billion, with an increase of 54.

9%; deduct non-attributed net profit 8.

900 million, an increase of 8.

0%.

The performance is in the middle of the forecast, which is in line with market expectations.

A cash dividend of 2 is to be distributed for every 10 shares.

8 yuan (including tax).

The company also released Q1 19 results: revenue of 22.

300 million, an increase of 1.

3%; net profit attributable to mother 3.

6 yuan, the same increase of 4.

5%.

Combined with the national box office performances since 19 years, we cut 19?
20-year net profit to 12.

63/13.

4.9 billion, with an expected net profit of 21 in 14 years.

44 trillion, EPS in 19-21 is 0.

68/0.

72/0.

77 yuan, with reference to the 19 year PE estimate of 22X in the same industry, taking into account its leading position, given the 19 year PE 28X-29X statistics, adjust the target price to 18.

94-19.

61 yuan, maintain BUY rating.

The 18-year production business performed well, and the contribution of the distribution and projection business decreased. The 18-year revenue growth was mainly due to the excellent performance of the production business, with a gross profit margin of -9 in 17 years.

3% excellence improved to 25.

8%, also 14 reached the highest level.

The films led or participated by the company mainly include “Chinatown Detective 2”, “My Country is Wonderful” and “Journey to the West”, etc., alternating domestically-made films at the box office; distribution business is restricted by the 18-year decline in the box office of imported films nationwide (-10.

(6%, National Bureau of Film Statistics), revenue, gross profit decreased by 7 each year.

7%, 13.

3%; in the projection business, the company’s single-screen inclusion for 18 years was 166.

90,000, about 11 compared with 17 years.

3%, consistent with the national trend, but the studio index is still significantly higher than the market average; the film and television service business continued to maintain a positive expansion trend, and the gross profit contribution increased by 17 compared with 2 years.

1 pct.

In the third quarter of 2018, China Film Barco’s consolidated statements will bring new performance increases.

800 million acquisition of 9% of China Film Barco. After the completion of the equity transfer, the company indirectly holds 51% of China Film Barco. The difference between the book value of the company’s original equity interest and the corresponding fair value is included in investment income.About 4.
5 billion.
The company’s announcement revealed that China Film Barco’s net profit in the first six months of 2017 and March was about two.

700 million and 0.

400 million, we believe that its replacement consolidated statement will provide the company with new performance increase in the future. The 19-year Spring Festival film produced a strong response to the film market. We continue to pay attention to the follow-up movies such as “Fulian 4″.”” And “The King of New Comedy”, according to Cat Eye Professional Edition, the box office totaled over 5 billion yuan.

The company disclosed that until March 3, 19, it is expected to expand the income of “Wandering Earth” to 2.

700 million-2.

800 million, we expect this part of the revenue to be fully swapped in the 1st quarter of 1991 report.

In addition, according to Cat Eye Professional Edition statistics, “Fulian 4” refreshed the domestic pre-sale box office, a single-day box office film history record, the cumulative box 苏州夜网论坛 office in 4 days of release exceeded 20 billion.

The annual report reveals that there are abundant follow-up reserves, and it is recommended to continue to pay attention.

The top layer is stable, optimistic about the continuous performance of the production + import film distribution business, maintaining the buy rating. We believe that the company’s ability to develop and obtain high-quality projects is outstanding, and the production business promotes continuous performance.It is likely that the growth will help the distribution business; the projection and film services business is expected to remain stable.

Combined with the national box office performances since 19 years, we cut 19?
20-year net profit to 12.

63/13.

4.9 billion (previous value was 12.

95/14.

03 billion), with an estimated net profit of 21 in 2014.

44 trillion, corresponding to EPS of 19-21 is 0.

68/0.

72/0.

77 yuan, with reference to the PE industry’s 2019 estimate of 22X (Figure 10), and considering its leading position, a 19-year PE 28X-29X estimate is given, with an adjusted target price of 18.

94 yuan-19.

61 yuan, maintain BUY rating.

Risk warning: The single-screen expansion has exceeded expectations, and the proportion of foreign imports has increased.