貓眼娛樂 (1896 HK) 電影產業已走出疫情霧霾 下半年復甦可期 September 8, 2020 806

PSR Recommendation: ACCUMULATE Status: Maintained
Target Price: HKDHKD16.86

投資概要

中期業績概況 受到新冠肺炎疫情的影響,貓眼 2020 年上半年實現收入 2.03 億元人民幣,較去年同期 大跌 89.8%;期內毛虧損/淨虧損/經調整淨虧損分別為 2,056 萬元人民幣/4.31 億元人民 幣/3.07 億元人民幣。分業務來看,公司在線娛樂票務收入為 1.03 億元人民幣,按年下 跌 90.4%;娛樂內容服務收入約為 1,560 萬元人民幣,同比下降 98%;廣告服務及其他 業務受疫情影響相對最少,收入約為 8,370 萬元人民幣,較去年同期下跌 64.5%。公司 期內收入低於我們預期,尤其是娛樂內容服務收入。

在線票務及娛樂內容的上半年收入雖受疫情影響而大減,但電影產業下半年復甦可期 受疫情所影響,國內全體電影院於 1 月 24 日起暫停營業,因此 2020 年上半年中國的 總票房以及觀影次數同比大幅減少。此外,公司所參與出品及宣發的春節檔影片以及 其他項目亦全部撤檔及延期上映。另一方面,公司在電影院關閉後第一時間為其用戶 無條件退票,並先行墊付全部退票款,累積退票約500萬張,金額超過2億元人民幣。

自 2020 年 7 月 20 日起,國內電影院開始有序復工。復工後單日票房持續增長,復工 後首週票房即破億元大關。根據貓眼專業版數據,中國 8 月 10 日至 16 日一週的總票 房更高達 2.7 億元人民幣,我們認為在沒有重量級/高質量電影上映的情況下,該週票 房表現已相當不錯。《八佰》於 8 月 21 日上映,上映三天總票房突破 7 億元人民幣, 單日票房更打破了今年全球紀錄,反映出國內群眾對優質院線電影的強勁需求。8 月 10 日起,各地方政府更出台一系列的放寬策略,如提升電影院上座率上限至 50%等相 關措施。除此之外,不少大片亦紛紛於近期定檔,如《我和我的家鄉》、《姜子牙》、 《奪冠》等備受影迷期待的大作,這些影片的定檔帶動了國內群眾整體對院線觀影的 期望值,對下半年中國電影票房有著極大的提振作用。管理層表示對中國疫情控制有 百分百的信心,且認為隨著疫情的進一步控制,政府對於電影院的相關防疫措施也會 逐步放寬,觀影次數及票房有望恢復至疫情前水平。

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About the author

Profile photo of Kevin Chiu

Kevin Chiu
Analyst
Research

Kevin Chiu received Bachelor`s Degree from University of Bristol and obtained Master`s Degree with distinction in Accounting and Finance from Warwick Business School. Kevin once worked as an analyst in the Equity Capital Market department of China Securities International, and he is familiar with the operation of Hong Kong`s capital market. Kevin is currently a licensed research analyst at Phillip Securities and covers TMT / Education sectors.

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