Everbright Securities released a research report stating that maintaining the “buy” rating of Maoyan Entertainment (01896) and considering the insufficient supply of films in 24, the 24-25 revenue forecast was lowered to 49/5.3 billion yuan based on conservative predictions of the film and television market, and an additional 26-year revenue forecast of 5.7 billion yuan was added. Considering the continued improvement in operating efficiency, the 24-25 net profit forecast was slightly raised to 94/1.04 billion yuan, and an additional 26-year net profit forecast of 1.2 billion yuan was added. As a leading movie ticketing company, the company has fully benefited from the growth of the movie box office, and the box office performance of the main controlled distribution and production of films has been outstanding.
According to the report, data from the National Film Administration shows that in '23, the total box office of national films reached 54.9 billion yuan, an increase of 82.6% over the previous year. The annual box office of domestic films was 46 billion yuan, a record high. The offline performance market is also heating up rapidly. According to the “2023 National Performance Market Development Report”, the national performance box office revenue in '23 was 50.2 billion yuan, an increase of 150.7% compared with '19. The company's online entertainment ticketing revenue was 2,259 million yuan (yoy +111.5%), accounting for 47.5% of total revenue. Movie ticketing maintains a leading position in the market, deeply explores the cinema scene, and continues to consolidate ticketing service capabilities; in the performance ticketing business, the company vigorously promoted leading performing arts cooperation, became the general ticketing agent for some concerts by leading artists such as Zhang Xueyou and Jay Chou, and expanded various entertainment segments such as sporting events, e-sports events, and immersive theaters. The total revenue of the company's offline performances and GMV all reached record highs in the same period in history.