Jinyi Film & Television (002905) 2018 Annual Report Review: Cinema continues to expand to highlight regional advantages

Jinyi Film & Television (002905) 2018 Annual Report Review: Cinema continues to expand to highlight regional advantages
Company dynamics The company released 北京夜网 the 2018 annual report, and the company achieved operating income in 201820.100 million US dollars, compared with the same period last year 8.24%; net profit attributable to shareholders of the listed company is 1.US $ 5.8 billion, 25 compared to the same period last year.29%, EPS per share is 0.59 yuan.The company plans to distribute a dividend for every 10 shares2.8 yuan (including tax). Matter review performance was lower than expected, single-screen box office provenance declined. The company’s 2018 performance was lower than our democratic expectations.In terms of quarters, the company’s fourth quarter revenue was 4.$ 5.5 billion, a ten-year average of 17.52%, net profit attributable to mother 0.2 ppm, 70 years average.86%, dragging down long-term performance.National Box Office 566 in 2018.07 billion, an annual increase of 8.0%, the number of moviegoers has reached 17.18 billion, an increase of 5 per year.85%.As one of the leading theater lines, the company’s revenue growth rate is lower than the box office growth rate.In 2018, the total number of screens exceeded 60,000, but the box office growth rate was much slower than the screen growth rate, and the single-screen box office output continued to decline.The company’s single studio was transformed into 892.470,000, 131 single screens completed.One million theaters are nearly 65 above the national average.01%, but overall income is still down 8.twenty four%.We expect that the box office of movies in 2019 is expected to maintain a 10% growth rate. The company’s projects are mostly focused on the first and second-tier mature markets, and it is expected that performance will improve. The company continues to expand its movie studios and expects to add 30 new movie studios. The company’s existing film projection business accounts for a relatively high proportion.As of the end of 2018, the company added 22 theaters. At present, the company owns a total of 390 opened theaters with 2,403 screens, of which 165 are direct-operated theaters and 1,167 screens.Cat eye box office data shows that as of April 15, 2018, the box office revenue of Jinyi Cinemas reached US $ 900 million, ranking 7th in the national cinemas and accounting for about 4 of the national box office in the country.83%.The company will accelerate the expansion of movie studios and project construction in 2019, aiming to increase the number of movie studios by 30, and strengthen the renovation of existing movie studios. It is planned to complete the laser transformation of 1,000 movie theaters, and realize the full laserization of the company’s ordinary movie theaters.Continuously conduct two-way operation and diversion of the movie city terminal and the self-operated e-commerce platform. Through the company’s unique “theater on-site + online self-operated e-commerce” strong operational advantages, the implementation of online physical business, the e-commerce business entity operation empowerment style operationIt is expected that the expansion target of 10 million registered users will be completed throughout the year, and monthly active users will exceed 1 million.At the same time, Zhonghui Film and TV has actively used the existing IP resources and IP mining capabilities to carry out film and television development and production, and achieve business chain extension. Risk warning Company risks include but are not limited to the following: the risk of dependence on upstream film production, the risk of theater 杭州夜网论坛 location, and the risk of variable box office. It is recommended to maintain a “cautious increase” rating for the next six months. The company is expected to achieve EPS of 0 in 19 and 20 years.661, 0.885 yuan, with a closing price of 21 on April 15.40 yuan calculation, the dynamic PE is 32.39 times and 24.17 times.The median P / E ratio of listed companies in the WIND media industry for 18 and 19 is 24.49 and 20.69 times.The company’s estimate exceeds the industry median P / E ratio. Considering the company’s current film screening, market orientation within the cinema industry and future development prospects, we maintain the company’s “cautious increase” rating.