China Film (600977) Company Annual Report Review: Four Major Businesses Escort Whole Industry Leader to Accelerate Rise

The four major business layouts of the entire industry chain, investment income led to a substantial increase in net profit attributable to mothers.

In 2018, Chinese film revenue reached 90.

38 ppm, rising by 0 every year.

55%; net profit attributable to mother 14.

95 million, an annual increase of 54.

85% (attributable to the rise in net profit attributable to China Film Barco 4.

5.4 billion investment income); non-net profit attributable to the mother 8.

9 ‰, an increase 杭州桑拿网 of 7 per year.


In view of the spin-off business, the film and television production in 2018 achieved revenue7.

2.3 billion (+ 17% YoY).

84%), with a gross profit margin of 25.

76% (+35.

06pct), movie distribution achieved revenue of 49.

7.7 billion (YOY-7.

73%), with a gross profit margin of 20.

32% (-1.

31pct), the movie show achieved revenue of 18.

230,000 yuan (+1 year-on-year.

37%), with a gross profit margin of 21.

11% (-2.

77pct), film and television services achieved revenue 14.

1.3 billion (+31 year-on-year.

14%), gross margin is 25.

35% (-2.

59 points).

Film and television production: content endeavors, 2019 has a lot to see.

(1) Film production. In 2018, the company participated in or participated in production and released 15 films to achieve box office revenue of 81.

3.3 billion, accounting for 21 in the domestic box market.


“Detective Chinatown 2”, “Catch Monsters 2” led the 18-year Spring Festival file, “Wandering Earth” box office jumped to the second place in film history, achieved 19 years of success.

(2) TV drama production, confirmed the revenue of 4 dramas (168 episodes), the super web drama “Sin of Native” has become a phenomenon-level “explosion model” at the end of 18 years, “Fengtian Hotel” has entered the release stage, and will be released in 19Many works.

(3) Animation production business. The main production of the animated film “Life and Death Bullring” has completed post-production, and “Legend of the Golem” is in production.

(4) Film and television production. In 2018, China Film Base provided production services for a total of 779 film works, 78 TV series works, 272 records, promotional films and feature films. A total of 1129 works were provided.

The China Film Base actively develops the construction of film and television technology in all areas, forming a full industrialization chain of “shooting-production-screening”.

Film distribution and marketing: “Integrate publicity and distribution” to consolidate the industry’s leading categories.

(1) Film distribution. In 2018, the company led or participated in the distribution of 451 domestic films and converted 131 at the box office.

5.5 billion, accounting for 40 domestic box office area.23%; issued 124 imported films, 125 box office.

04 billion, accounting for 58 large-scale box office imports.


“Chinatown Detective 2”, “I’m Not the Medicine God”, “Avengers 3” and other top ten national box office films to replace the company’s merger or joint release.Guarantee.

(2) Advertising marketing. In the 18 years, China Film’s screen advertising platform signed 947 theaters; the number of screens was 6,271, accounting for 10 of the total screens in the country.

2%, covering 281 cities in 30 provinces.

Film screening: Strengthen the layout of national theaters and attach importance to the construction of terminal markets.

The company has 4 holding cinema lines, 3 equity cinema lines, and 131 holding cinemas, covering a total of 17,358 screens and 225 nationwide.

280,000 seats, the market value of the screen is 28.


The ticket business of China Film Cloud has launched 6031 theaters, achieving a box office of 18 billion yuan and a sales income of 29.71 million yuan.

Film and television services: Strengthen technological innovation and enhance the competitiveness of projection terminals.

In 18 years, the company completed the acquisition of China Film Barco. The number of “China Giant Screen” cinemas has reached 324 with a market share of 34%. Nearly 31,500 sets of “China Film Barco” digital projectors have been installed with a market share of over 50%.The competitiveness of the projection terminal market continues to increase.

profit prediction.

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.

8 yuan, 0.

79 yuan and 0.

88 yuan.

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 深圳桑拿网 interval of 20?
24 yuan, given the market rating.

risk warning.

Changes in industrial policies, intensified market competition, illegal piracy, and film and television performance in 19 years were less than expected.