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研報掘金丨中金公司:光線傳媒業績預吿低於預期 關注重點動畫電影定檔進展
格隆匯 01-31 15:45
中金公司研報指出,光線傳媒(300251.SZ)預測歸母淨利潤為4~5億元,同比扭虧為盈。業績低於我們和市場預期,判斷主要系資產減值損失高於預期所致。2023年,公司推出10部電影上映,供給穩定,且10部電影的票房均過億元。根據貓眼專業版,4Q23公司出品的《堅如磐石》在國慶檔(9月28日)上映,斬獲檔期票房第一,截至2024年1月29日,累計票房13.51億元。2024年,公司主投併發行的電影《第二十條》定檔於2月10日(大年初一春節檔)上映。公司預計儲備的真人電影項目如《掃黑·決不放棄》《透明俠侶》《草木人間》《她的小梨渦》等影片也或將於2024 年內上映。該行認為,公司電影產出相對穩定,真人電影儲備豐富多元,建議關注《第二十條》在春節檔的票房表現。公司預計《哪吒之魔童鬧海》《小倩》或將於2024年內上映。認為公司動畫電影生產能力較強,擁有彩條屋和光線動畫兩條業務線,光線動畫已儲備多部神話宇宙作品,未來有望逐步呈現;而AI等新技術的發展為動畫電影產能提升提供加持,亦有望助力公司實現降本增效,中長期關注公司動畫電影生產效率和產能提升進展。維持跑贏行業評級和目標價9.4元。
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