【券商聚焦】摩根大通：看好猫眼娱乐(01896)与阿里影业(01060)线下演出票务分销成为新增长点

金吾资讯04-19

金吾财讯 | 摩根大通发布研报指，线下演出票务分销将成为阿里影业(01060)和猫眼娱乐(01896)的下一个增长引擎。阿里影业收购大麦网后将拥有更强的竞争地位。因此近期股价回落使阿里影业比猫眼更有吸引力。该行指，2023年强劲复苏的中国娱乐行业今年仍呈增长态势，2024年1季度电影票房同比增长4%，演出门票收入同比增长117%。展望未来，行业增长将主要由线下演出票务分销（而非电影）推动，原因是...

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摩根大通发布研报指，线下演出票务分销将成为阿里影业(01060)和猫眼娱乐(01896)的下一个增长引擎。阿里影业收购大麦网后将拥有更强的竞争地位。因此近期股价回落使阿里影业比猫眼更有吸引力。该行指，2023年强劲复苏的中国娱乐行业今年仍呈增长态势，2024年1季度电影票房同比增长4%，演出门票收入同比增长117%。展望未来，行业增长将主要由线下演出票务分销（而非电影）推动，原因是音乐会等演出市场的供需并不平衡。该行续指，得益于行业增长势头，该行仍同时看好两家公司的长期财务前景，但对其短期财务状况的看法变得较为谨慎，原因是今年其电影票房命中率低于预期以及电影市场增速慢于预期。该行将阿里影业的2025财年预期收入/利润和猫眼的2024日历年收入/利润预测值分别下调9%/8%和1%/6%。该行预测，鉴于行业长期前景向好，该行同时看好阿里影业和猫眼，并给予其相同的估值倍数：13倍的2025财年市盈率，高于此前的12倍，原因是今年演出票务业务增长强于预期。该行给予阿里影业截至2024年12月的新目标价为0.59港元（原为0.55港元），猫眼截至2024年12月的目标价仍为12港元，分别存在28%和39%的上行空间。","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; 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