研報掘金丨東吳證券:萬達電影上半年淨利大增,維持“買入”評級
東吳證券研報指出,2025H1萬達電影歸母淨利潤預計5~5.6億元,同比增長3.4~3.9倍;這一強勁表現主要得益於2025Q1電影市場的推動,《唐探1900》等影片的良好投資回報、遊戲業務的穩定增長以及公司整體經營質量的提升。影院業務方面,面對票房市場的波動,萬達電影正積極推進戰略轉型,旨在降低對傳統影院收入的依賴。內容製作方面,萬達電影堅持“內容+人才”雙核驅動,構建了豐富的影視項目儲備。在新興業務領域,萬達電影正加速佈局潮玩與遊戲,以打造新的增長引擎。認爲拓展電競、演唱會直播等多元內容,並引入新消費品牌合作,有望豐富影院場景,提高非票業務收入,降低對票房的依賴風險,從而爲公司業績增長打造第二增長曲線。維持公司2025-2027年歸母淨利潤預測10.0/12.4/14.4億元,當前股價對應PE分別爲24/19/17倍,維持“買入”評級。
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