Chinese Film (600977): Part of the traditional film industry leader is aloof

Chinese Film (600977): Part of the traditional film industry leader is aloof

Guide to this report: The company has the most complete layout of the film and television industry chain in China, and has strong competitive strengths in content production-distribution-cinema screening-film and television services. It is expected to become an integrator, integrator and leader of the domestic film industry.

Investment Highlights: Cover 17 for the first time.

04 yuan, holdings grade.

The company has achieved significant competitive advantages in the entire industry chain of content production, film distribution, viewing channels and film and television services. It is expected to integrate and develop the domestic film industry in the future. EPS is expected to be zero in 2019-2021.



93 yuan, given a target price of 17.

04 yuan, covering for the first time, increasing the level of holdings.

Production: The main theme is a fusion of high-quality commercials, with both weight and substitution to increase return on investment.

The profitability of the company’s production business continued to increase, benefiting from the increased acceptance of the main commercial film market. The company relied on its own advantages, such as “Wandering Earth”, to gain both word of mouth and box office, and the subsequent product line coverage mostly continued to contribute to the type of performance.Added value.

Distribution and screening: Imported films are distributed by one importer, and domestic films have strong head content acquisition capabilities; four are held by the cinema line and three are 青岛夜网 held by shares, and the movie theater’s own cinema efficiency industry leads.

The distribution of imported films “one import, distribution and distribution” is stable, and policy barriers remain. In terms of domestic film distribution, the company replaces the ability to acquire head resources. “Wandering Earth”, “Detective Chinatown 2”, “I am not the medicine god”A number of blockbuster movies have allowed companies to merge or co-distribute.

The company’s projection business realized revenue 18.

US $ 2.2 billion. There are 3 theaters in the top ten nationwide, and the number of screens actually controlled is the first in the country. Relying on the first- and second-tier cities, its own theaters continue to penetrate into lower-tier cities. The operating efficiency has improved even in the past year, butStay ahead of the industry.
Film and television services: advanced technology + high cost performance, the market share of giant screens and projection equipment continues to increase.

Policies and the needs of movie-watching groups have helped to promote the upgrading and upgrading of projection equipment. Chinese giant screen and associated company Zhongying Guangfeng broke through foreign monopolies, with prominent cost advantages and a steady increase in market share. The holding company, Zhongyingba, can maintain the market leading position with advanced technology.

Risk warning: policy risk, market competition risk, insufficient supply of high-quality content

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