《大行》中金降貓眼娛樂(01896.HK)目標價至8.4元 自制影片或影響上半年利潤
中金髮表報告指,預期貓眼娛樂(01896.HK)或於8月中下旬發佈上半年業績,預計收入25.02億元人民幣(下同),按年增長15.3%,淨利潤1.65億元,按年下降42.4%,Non-IFRS淨利潤2.19億元,按年下降 37.8%,低於市場預期,主因主投影片票房不及預期,而毛利率低於預期。電影票務業務收入或增 12%,現場娛樂票務收入受費率影響或按年持平。部分自制影片或有虧損,對利潤產生拖累。暑期檔主發多部影片,關注後續儲備影片彈性。
考慮電影行業供給波動性,該行下調2025年含服務費票房大盤11%至490億元;及主投影片不及預期,綜上,下調今明兩年Non-IFRS淨利潤預測33.5%及14.4%,至4.62億與6.87億元。維持「跑贏行業」評級,因電影行業2025年票房波動較大,切換至2026年Non-IFRS市盈率15倍,下調目標價17.6%至8.4
港元。
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