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                                                                                                                                                                          澳门新永利开户网址:横店影视:新影院储备项目充足 买入评级

                                                                                                                                                                          2019-03-12 13:35 吉普森168新闻网
                                                                                                                                                                              事件:

                                                                                                                                                                          横店影视发布公告,2018年,公司营业收入27.24亿元,同比增加8.22%,归属于上市公司股东净利润3.21亿元,同比减少2.98%,经营活动产生的现金流净额6.67亿元,同比增加8.97%。业绩符合预期。公司决定以2018年12月31日总股份4.53亿股为基数,每10股派发现金红利2.48元(含税),合计派发现金红利1.13亿元(含税),同时,向全体股东每10股转增4股,转增后总股本增加至6.342亿元。

                                                                                                                                                                          投资要点:

                                                                                                                                                                          2018年公司加大影院建设力度新增52家,票房收入稳增非票收入占比提升。2018年公司总收入27.24亿元,同比增加8.22%,总收入增速略超全国电影票房增速,同时,经营性活动产生现金流流量净额为6.66亿元,同比增加8.97%;非票收入中,卖品与广告收入分别为2.49亿元、1.99亿元,毛利率分别为76.8%、99.88%。2018年底公司拥有316家自营影院和300个已签约影院储备项目,其中三四五线城市占比达70%,已开业影院以及储备项目都领先于市场,为后续公司收入的增加奠定基础。

                                                                                                                                                                          单季度看,公司第四季度营收环增速比下滑但管理销售费用环比增速未减致全年归母净利润3.21亿元,同比微降2.98%。第四度公司营业收入5.2亿元,环比下滑30.19%,管理费用从第三季度的0.14亿元增加至第四季度的0.2亿元(增加0.06亿元),环比增加38.6%,进而2018年全年看,公司归母净利润减少约0.1亿元。2018年公司非票收入6.9亿元,同比增加17.3%,占总收入的比例提升至25.33%,非票收入占总收入的比例提升利于平滑依靠单一电影票房市场增速带来的总收入的增速波动。