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研報掘金丨中郵證券:首予華策影視“買入”評級,關注算力及AI業務進展
中郵證券研報指出,華策影視影視劇基本盤穩健,關注算力及AI業務進展。2025年一季度營業收入5.86億元,歸母淨利潤0.92億元,利潤同比上升206.9%,推測與一季度電視劇《國色芳華》上線後火爆播出有關。25年公司計劃開機的電視劇8部,計劃上映電影8部,計劃上映動畫片及動畫電影2部,整體項目充足,爲25年主業的穩定增長奠定了基礎。在25年1月,公司“國色”大模型通過備案,實現文生圖、文生視頻、多語種翻譯等多模態能力。預計大模型的應用將有效提升公司內容製作效率、降低製作成本、豐富內容資產商業化能力。公司長短劇業務穩定提升,毛利率進入上升通道,海外市場拓展增速高,新算力業務具備想象空間。根據6月30日收盤價,分別對應32/28/25倍PE。首次覆蓋,給予“買入”評級。
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