Chinese Film (600977): The value of the long-term leader in the steady growth of non-net profit in the third quarter is prominent
Q3’s consolidation effect in Q18 led to the interruption of the quarter’s profit growth, and the net profit after deducting non-return to motherhood in the first three quarters of 19 achieved positive growth.
Revenue in the third quarter of 2019 was 18.
8.5 billion, down 18 a year.
15%, net profit attributable to mother is 1.
92 ppm, a drop of 69 per year.
62%; in the first three quarters, the company achieved revenue of 67.
2.7 billion, down 2 every year.
82%, realized net profit attributable to mother 8.
74 trillion, down 32 a year.
67%, the net profit after deducting non-attribution is 7.
83 ppm, an increase 合肥夜网 of 2 per year.
As the company’s Q3 2018 was included in China Film Barco’s consolidated investment income4.
54 ppm, so the profit growth rate in the third quarter of 19, but net profit after deducting non-attribution to achieve positive growth.
Production of film and television productions: The company has a wealth of film stocks, and there are a lot of movies to be released in the fourth quarter.
(1) Film production, the company produced a total of 6 films in the third quarter (at the box office 2).
6.7 billion), a total of 15 films produced in the first three quarters, gradually box office 60.
3.7 billion, accounting for 22 domestic box office in the same period.
2%, mainly contributed by “Wandering Earth”, the company ‘s merger or participation in the production of recently released film projects such as “Chinese Women’s Volleyball Team”, “Pioneer”, “Detective Chinatown 3”, “Island of Hope”, etc., we expect the company’s fourth quarter production businessPerformance will pick up.
Film projects under preparation include “The Starting Point of Red”, “The Autobots of China”, “Renbo Boat”, “34 Days”, “Counterattack”, “Kung Fu Tea”, “The Secret War of Capturing Drugs”, “Mom’s Magic Kid”, “Love You, Sunday “and so on.
(2) TV drama producer, “Locked Room” (26 episodes) produced by the company in the third quarter: “Father’s Prairie Mother’s River”, “People’s Republic of China (tentative name)”, “Black Lighthouse” produced or contributed by the companyMore than 30 TV series (web dramas), including “Dark Love, Orange Health Huainan”, “Dear, Where are you”, “Cranberry Dill”, “Crocodile and Toothpick Bird”, are progressing as planned.
Film distribution: The guarantee above the leader provides long-term driving force for performance.
In 19Q3, the company led or participated in the distribution of 123 domestic films, with a cumulative box office of 21.
21 trillion, accounting for 18 of the box office area of domestic films in the same period.
09%; issued 42 imported films, renewed box office 15.
51 ppm, accounting for 54 of the box office area of the country’s imported films during the same period.
In the first three quarters, the company led or participated in the distribution of 412 domestic films and gradually made a box office 102.
14 trillion, accounting for 38 of the box office area of domestically produced films.
78%; distribution of 110 imported films, 104 renewal box office.
6 trillion, accounting for 58 of the box office area of the country’s imported films during the same period.
Ranked in the first half of 19, the company’s issuance business market box office accounted for a slight tilt.
Film screening: The National Day file is blessed, and the rebound of the film market in the fourth quarter will benefit the cinema line.
In the third quarter, the company’s affiliated controlled cinema lines and holding theaters achieved a total of box office 42.
1.8 billion, with a total of 12,120 moviegoers.
In the first three quarters, the company’s controlling shareholding theaters and holding theaters achieved a total of 122 box office.4.7 billion, with a total of 33,686 moviegoers.
As of the end of the third quarter, the company had 136 operating and holding theaters with 1,002 screens. The company’s 4 holding theater lines and 3 participating stock lines had a total of 2,920 theaters and 17,647 screens.
We believe that the box office performance of the National Day film market is better, which is conducive to increasing the revenue of cinema screenings.
In 2019, the company will continue to deepen the comprehensive development of the entire film industry chain, lead the direction of Chinese film development, and promote domestic films to the world.
We expect the company’s EPS for 2019-2021 to be 0.
57 yuan, 0.
61 yuan and 0.
With reference to the similar expected price-earnings ratio of comparable companies in the industry in 2019, considering the company’s comprehensive strength, complete industry chain, extensive brand influence, and rich team experience, we give the company 19 years 25
30 times, corresponding to a reasonable value range of 14.
10 yuan, given the market rating.
Changes in industrial policies, intensified market competition, illegal piracy, and film and television performance in 19 years were less than expected.