CHINA RUYI(00136.HK)HARMONIZING ARTISTRY:THE UNION OF CHINA RUYI AND WANDA FILM SHAPING A CINEMATIC RENAISSANCE
CHINA RUYI(00136.HK)HARMONIZING ARTISTRY:THE UNION OF CHINA RUYI AND WANDA FILM SHAPING A CINEMATIC RENAISSANCE
Maintain "Buy" and TP of HK$2.50. We adopt relative valuation based on EV/EBITDA ratio. We assign China Ruyi a 2023 adjusted EV/EBITDA ratio of 17.2x with a target market value of HK$29 bn.
維持 “買入” 和目標價2.50港元。我們採用基於電動汽車/息稅折舊攤銷前利潤比率的相對估值。我們將中國如意的2023年調整後的電動汽車/息稅折舊攤銷前利潤比率定爲17.2倍，目標市值爲290億港元。
China Ruyi is set to become the new controlling shareholder of Wanda Film. On December 12, 2023, Wanda Film announced that its controlling shareholder, Beijing Wanda Cultural Industry Group and its wholly-owned subsidiary, Beijing Hengrun, along with the actual controller of Wanda Film, Jianlin Wang, signed an agreement to transfer 51% of Beijing Wanda Investment Co., Ltd. to Shanghai Ruyi Investment Management for a total consideration of RMB2.155 bn. If this transaction is completed, Ruyi Investment will hold a 51% stake in Wanda Investment, and Liming Ke, the controlling shareholder of Ruyi Investment, will indirectly control 20% of Wanda Film. Jianlin Wang, through various entities, will indirectly control a 10.9% stake in Wanda Film.
中國如意將成爲萬達電影的新控股股東。2023年12月12日，萬達電影宣佈，其控股股東北京萬達文化產業集團及其全資子公司北京恒潤與萬達電影實際控制人王健林簽署協議，將北京萬達投資有限公司 51% 的股份轉讓給上海如意投資管理公司，總對價爲人民幣21.55億元。如果本次交易完成，如意投資將持有萬達投資51％的股份，而如意投資的控股股東李明柯將間接控制萬達影業20％的股份。王健林將通過各種實體間接控制萬達電影10.9％的股份。
The acquisition price of Wanda Film by China Ruyi was set at a significant discount to market value. From a transaction perspective, China Ruyi will have spent a total of RMB4.417 bn in July and December 2023 to acquire a 20% stake in Wanda Film, equivalent to 435,873,762 shares; this is an 18% discount to the market value of China Ruyi's stake in Wanda Film of approximately RMB5.391 bn as of 26 December 2023 when Wanda Film's share price closed at RMB12.37 RMB.
中國如意對萬達影業的收購價格設定爲與市值相比大幅折扣。從交易角度來看，中國如意將在2023年7月和12月總計花費44.17億元人民幣收購萬達影業20％的股份，相當於435,873,762股股份；這比截至2023年12月26日萬達電影股價收於人民幣12.37元人民幣的中國如意持有萬達影業的股權約53.91億元的市值折讓18％。
Wanda Film is expected to provide significant operational synergistic effects to China Ruyi. Wanda film has been deeply involved within the film industry and is expected to bring its extensive experience and resources in creating and distributing films to China Ruyi. The Company's existing IP reserves include series such as "Detective Chinatown," "Sheep Without A Shepherd," "Someday Or One Day," and "Folding City". In addition to film production, the cinema assets owned by Wanda Film, namely the 877 offline cinemas and movie theaters that it owns and operates serve as a strong and stable revenue source for the Company, along with a reliable method of distributing films already made.
預計萬達電影將爲中國如意提供顯著的運營協同效應。萬達電影一直深耕電影行業，並有望將其在電影創作和發行方面的豐富經驗和資源帶到中國如意。該公司現有的知識產權儲備包括《唐人街探案》、《沒有牧羊人的綿羊》、《總有一天》和《摺疊之城》等系列作品。除電影製作外，萬達電影擁有的電影資產，即其擁有和運營的877家線下電影院和電影院，是公司強大而穩定的收入來源，也是發行已製作電影的可靠方式。
The acquisition of Wanda Film by China Ruyi presents significant value creation potential. We adjust our 2023-2025 revenue expectations for China Ruyi. The proposed draft regulation on online game management may impact the gaming industry, leading us to revise down our gaming revenue projections.
中國如意對萬達電影的收購具有巨大的價值創造潛力。我們調整了對中國如意2023-2025年的收入預期。擬議的在線遊戲管理法規草案可能會影響遊戲行業，導致我們下調遊戲收入預測。
After these adjustments, we increase the 2023-2025 forecasts for China Ruyi's EPS by 6.7%, 1.9% and 2.2%, respectively. Consequently, our final projected EPS for 2023-2025 are RMB0.022, RMB0.062 and RMB0.078, respectively.
經過這些調整，我們將2023-2025年中國如意每股收益的預測分別提高了6.7％、1.9％和2.2％。因此，我們預計2023-2025年的最終每股收益分別爲人民幣0.022元、人民幣0.062元和0.078元人民幣。
譯文內容由第三人軟體翻譯。