中国儒意-港股公司研究报告-中国影视行业的寻道者首予“买入”评级-230515（20页）.pdf

1、 See the last page for disclaimer Page 1 of 20 Equity Research Equity Research Report Company Report 股股票票研研究究 公公司司报报告告 证证券券研研究究报报告告 传播文化行业传播文化行业 Media&Culture Sector 中国儒意中国儒意 CHINA RUYI(00136 HK)Company Report:CHINA RUYI(00136 HK)Teddy Lin 林荣叶(86755)2397 6692 公司报告：中国儒意(00136 HK).hk 15 May 2023 A For

2、erunner in the Chinese Film and Television Industry;Initiate With Buy 中国影视行业的寻道者，首予“买入”评级 We initiate with a Buy rating and a TP of HK$2.50.According to our relative valuation based on EV/EBITDA ratio,we assign China Ruyi a 2023 EV/EBITDA ratio of 15x with a target market value of HK$25 bn.We expect

3、 that the recovery of the film and television industry will be supported by the resumption of film shooting schedules,as well as the continuous improvement of construction of Chinas film facilities in recent years.China Ruyi(the Company),as a film producer with a streaming media platform,is well-pos

4、itioned to benefit from this growth.Additionally,the Companys recent exceptional performance in its new games business has laid a solid foundation for future collaborations between content IP and games.We believe that the Companys unique ad-free platform and its characteristics as a pure producer en

5、able its film and television creations to achieve better-than-expected market performance.Currently,the long-term profitability of major long-form video platforms in China is uncertain.However,Pumpkin Film operates profitably without relying on any advertising income.The Companys central producer sy

6、stem and ability to distribute and broadcast ensure creative independence,while benefitting from user data to aid content creation.Its ability to produce blockbuster hits makes Pumpkin Film highly valuable beyond just revenue generation.Catalysts:Ongoing recovery at the box office;the release of the