China Ruyi, with its three core businesses of content production (Ruyi Film & Television), streaming media (Pumpkin Film) and gaming (Jingxiu Games), has partnered with Wanda Film Holding to achieve strong synergy effects and has acquired assets from ByteDance Games to further expand its gaming business. In the environment where the film and television industry is trending towards high-quality content, the company's continuous production of content and ability to monetize profits are highly valued, and it is given a "bullish" rating for the first time. It is estimated that China Ruyi's revenue from 2024 to 2026 will reach 4.9 billion, 6.61 billion, and 8.73 billion yuan respectively, and the adjusted net income is expected to reach 1.21 billion, 1.46 billion, and 0.73 billion yuan, corresponding to a P/E ratio of 20.4 times, 16.9 times, and 14.2 times.
研报掘金｜招商证券：首予中国儒意“增持”评级 看好公司内容产出及盈利能力
Research reports | China Merchants Securities: First issued a "shareholding" rating for China Ruyi, bullish on the company's content output and profitability.
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