【行业研究报告】中国儒意-中国影视行业的寻道者,首予“买入”评级

类型: 港股公司研究

机构: 国泰君安(香港)

发表时间: 2023-05-15 00:00:00

更新时间: 2023-05-25 14:11:50

Weinitiatewitha"Buy"ratingandaTPofHK$2.50.Accordingtoourrelative
valuationbasedonEV/EBITDAratio,weassignChinaRuyia2023EV/EBITDA
ratioof15xwithatargetmarketvalueofHK$25bn.
Weexpectthattherecoveryofthefilmandtelevisionindustrywillbesupported
bytheresumptionoffilmshootingschedules,aswellasthecontinuous
improvementofconstructionofChina'sfilmfacilitiesinrecentyears.ChinaRuyi
(the"Company"),asafilmproducerwithastreamingmediaplatform,is
(the"Company"),asafilmproducerwithastreamingmediaplatform,is
well-positionedtobenefitfromthisgrowth.Additionally,theCompany's
recentexceptionalperformanceinitsnewgamesbusinesshaslaidasolid
foundationforfuturecollaborationsbetweencontentIPandgames.
WebelievethattheCompany'suniquead-freeplatformandits
characteristicsasapureproducerenableitsfilmandtelevisioncreations
toachievebetter-than-expectedmarketperformance.Currently,the
long-termprofitabilityofmajorlong-formvideoplatformsinChinaisuncertain.
However,PumpkinFilmoperatesprofitablywithoutrelyingonanyadvertising
income.TheCompany'scentralproducersystemandabilitytodistributeand
broadcastensurecreativeindependence,whilebenefittingfromuserdatatoaid
contentcreation.ItsabilitytoproduceblockbusterhitsmakesPumpkinFilm
highlyvaluablebeyondjustrevenuegeneration.
Catalysts:Ongoingrecoveryattheboxoffice;thereleaseoftheCompany’s
filmsorTVdramas;announcementofnewregulationsandpoliciesforthefilm
andtelevisionindustry.
Risks:Productionprojectsmaynotprogressasexpected;uncertaintiesin
developmentofgamesbusiness.
相对估值,我们给予中国儒意2023年15倍企业价值倍数,目标市值为250亿港元。
我们预期影视行业的复苏将受到影片拍摄计划重启以及近年来中国电影设施建设不断完善的
支持。拥有流媒体平台的电影制片商中国儒意(“公司”)将在这一增长趋势中获得巨大的优
势。此外,公司在新游戏业务方面的出色表现为其未来影视IP与游戏联动打下坚实的基础。
我们认为公司特有的无广告平台和作为纯制片人的成长基因使其影视创作能获得超市场预期