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                                                                                                                                                                          百家乐平注常赢:华兴资本:猫眼娱乐(01896)票务业务将与市场同步发展 予

                                                                                                                                                                          2019年03月12日 11:10 来源:黑河市教育网

                                                                                                                                                                          (原标题:华兴资本:猫眼娱乐(01896)票务业务将与市场同步发展 予“买入”评级)

                                                                                                                                                                          华兴资本发表研报称,猫眼娱乐综合的商业模式、2B和2C的平衡收入组合,使其能够受益于当前国内娱乐市场的结构性增长。

                                                                                                                                                                          据艾瑞咨询的调查显示,猫眼娱乐占国内在线票务市场份额的61%,是国内最大的电影票务公司。该公司凭借其在电影票务领域的巨大消费者洞察力,从内容制作,电影发行和推广,到影院运营,全面提高了其电影供应链各节点的效率。

                                                                                                                                                                          华兴资本认为,国内电影票房在2016年之前是由基础设施驱动的,而2016年之后是由内容驱动的。可以说,基础设施的改善已经基本完成,在线电影售票的普及率已经达到相当高的水平。

                                                                                                                                                                          根据猫眼影业提供的数据,在2019年春节假期期间,国内票房同比增长0.7%,平均售价增长12%。华兴资本注意到,整个在线票务行业的补贴同比显著下降,这反映出合理的竞争环境和猫眼娱乐在上半年的潜在盈利增长。

                                                                                                                                                                          华兴资本表示,电影票务业务一直是猫眼娱乐的营收驱动,预计未来三年,猫眼娱乐的电影票务业务将与国内票房同步增长。此外,作为国内电影的探索门户,以及拥有无与伦比的消费者洞察,猫眼娱乐正日益成为制片商的分销合作伙伴和内容制作的首选合作伙伴。

                                                                                                                                                                          在其看来,购票补贴将在未来三年里大幅减少,因此华兴资本预测,猫眼娱乐2017-

                                                                                                                                                                          2020年营收的年复合增长率34%,非GAAP净利润的年复合增长率为134%,到2020年,非GAAP净利润率将增至26%。

                                                                                                                                                                          因此,基于2020的目标市盈率为15倍的预测,华兴资本给予猫眼娱乐“买入”评级,定目标价为26港元。

                                                                                                                                                                          (文章来源:智通财经)