Jinwu Financial News | According to GF Securities Research, Maoyan Entertainment (01896) achieved revenue of 4.757 billion yuan in 2023, up 105% year on year; net profit to mother of 910 million yuan, up 765% year on year; adjusted net profit of 1,029 million yuan, up 342% year on year. (2) At 23H2, the company achieved revenue of 2,560 billion yuan, a year-on-year increase of 127%; net profit to mother was 504 million yuan, and adjusted net profit of 573 million yuan, turning a year-on-year loss into a profit.
According to the bank, the company's online entertainment ticketing service achieved revenue of 2,259 billion yuan in 2023, an increase of 111.5% over the previous year. Mainly due to the full recovery of the domestic offline entertainment market. According to Maogan financial report, the country recorded 54.9 billion yuan in movie box office in '23, an increase of 82.64% over the previous year; the country recorded 50.2 billion yuan in performance box office, an increase of 150.65% over 2019.
The bank expects the company to achieve operating income of 51.26/54.50/5.763 billion yuan and net profit to mother of 9.19/10.60/1,161 billion yuan in 2024-2026. Cat's share of ticketing has been rising steadily, and its film promotion capabilities have continued to be iteratively strengthened. In 24 years, dozens of popular films such as “Flying Spur Life 2”, “Chaoyuan Alley”, “Crazy Money at the End”, “Crisis Line”, “Rebirth”, “Improvised Murder”, “Declassified”, “Fire Thief”, and “Genius Game” are scheduled to be screened. Referring to the valuation of similar listed companies, the bank gave Maogan a PE valuation of 18 times in 24 years. The reasonable value of the corresponding company was HK$15.82 per share, maintaining a “buy” rating.