>> 国泰君安-CHINA RUYI (00136 HK) Short-Term Strategic Loss in 1H23 due to Increased Fixed Cost Expenditures Paving the Way for Long-Term Profitability -230822
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研究报告全文：股票研究TableTitleFlashNoteCHINARUYI00136HKTeddyLin林荣叶EquityResearch85225095409快讯中国儒意00136HKrongyelingtjascomhk22August2023ShortTableSummary-TermStrategicLossin1H23duetoIncreasedFixedCostExpendituresPavingtheWayforLong-TermProfitability快讯WhathappenedOntheeveningofAugust202023ChinaRuyitheCompanyannouncedthatitexpectstoincuranetlossofapproximatelyRMB259mntoRMB269mninthefirsthalfof2023comparedtoanetprofitofapproximatelyFlashNoteRMB147mninthesameperiodlastyearThedeclineinperformanceisprimarilyduetofixedcostexpendituresresultingfromtheactiveexpansionofvarioussegmentsforthelatterhalfoftheyearandnextyearsbusinessdevelopmentTheCompanyanticipateslaunchingmultiplemovieandtelevisionproductionsinthelatterhalfoftheyearandnextyearwhichwillcontributesubstantialincomeandprofitstotheannualperformanceItalsoforecastssignificantgrowthinrevenueandprofitsfromtheonlinegamingbusinessinthelatterhalfoftheyearwiththreegameslaunchedsinceJuneThecompanyisalsopoisedtovigorouslydevelopitssimulationgameSLGhavingsecuredlicensingforaThreeKingdoms-themedSLGCommentsandViewsTheprofitwarningissuedbytheCompanyalignswithourpreviousanalysisGiventhestrong证seasonalityofthemovieindustryespeciallywithmajorreleasesconcentratedinthelatterhalfoftheyearthismarksthefirstinstanceofalosssincetheCompanyscomprehensiveforayintostreamingservicesinthelatterhalfof2020We券considerthisatemporaryandstrategiclossresultingfromtheCompanysintensifiedfuture-orientedexpansionBased研onthemoviesandTVseriesslatedfor2023releaseoralreadyreleasedweprojectsubstantialrevenueandprofit告究contributionsinthelatterhalfoftheyearNotablyproductionsliketheinspirationalsports-themedmovieOneandOnly报报starringYiboWangandBoHuangandtheTVseriesFireworksofMyHeartstarringYangYangareexpectedto告generate究considerablereturnsfortheCompanyAdditionallythewarblockbusterHengyang1944thecostumeEquityResearchReportdetectiveTVseriesRechterTietheadaptationofXiaoSunsmartialartsfictionHeroLegendsandtheRepublicof研TableChinaeraTVseriesChangFengPoLangfeaturingYiboWangandQinLiaresetforreleaseSimultaneouslywe券Info1anticipatesubstantialgrowthinrevenueandprofitsfromtheonlinegamingbusinessin2H23TheCompanyhas证providedpublicationandmarketingsupportforthreegameswhichwerereleasedsinceJuneandissettoprovidesuchsupportforseveralupcominggamesincludingRPGandtwo-dimensionalcardmobilegamesTheCompanywillalso传activelydevelopsimulationgamebusinessandhasobtainedthepublicationapprovalforalicensedThree播Kingdoms-themedsimulationgameTheCompanywillsuccessivelylaunchanumberofwell-knownIPmassively文化multiplayeronlinemobilegamesandothersimulationgamesAllinallwehavegreatconfidenceintheCompanys行long-termprofitability业InvestmentsuggestionsReviewingtheCompanystrajectoryoverthepasthalf-yeareachstephasconsistentlyMediaCultureSectorreinforcedtheCompanysimmenselatentcommercialvaluetothemarketInearlyJulyTencentsincreasedstakeinChinaRuyiandtheupdatedstrategiccooperationagreementfollowedcloselybyChinaRuyisacquisitionofasubstantial98stakeinWandaFilmatasignificantdiscountcoupledwithrecentstrongboxofficeperformancesofpremiummoviesarepoisedtofurtherelevatetheCompanysfutureprofitprospectsandvaluationlevelsAnchoredinTableChinaRuyissubstantialpotentialforbusinessexpansionandoperationalmarginenhancementweestimatetheInfo2Companysvaluationat150xadjusted2023EVEBITDAyieldingareasonablemarketcapitalizationofaroundHK25bnequivalentto248xadjusted2023PEratioWemaintainaBuyinvestmentratingalongwithatargetpriceofHK250中国儒意CHINARUYI00136RUYICHINAHKSeethelastpagefordisclaimerPage1of2TablePageHeaderCHINARUYI00136HKCompanyRatingDefinitionTheBenchmarkHongKongHangSengIndex1raMthgiRelbaTTimeHorizon6to18monthsRatingDefinitionBuy买入RelativePerformance15orthefundamentaloutlookoftheCompanyorsectorisfavorableAccumulate收集RelativePerformanceis5to15orthefundamentaloutlookoftheCompanyorsectorisfavorableNeutral中性RelativePerformanceis-5to5orthefundamentaloutlookoftheCompanyorsectorisneutral22August2023Reduce减持RelativePerformanceis-5to-15orthefundamentaloutlookoftheCompanyorsectorisunfavorableSell卖出RelativePerformance-15orthefundamentaloutlookoftheCompanyorsectorisunfavorableSectorTableRatingIndustryDefinitionRatingDefinitionTheBenchmarkHongKongHangSengIndexTimeHorizon6to18monthsRatingDefinition2raMthgiRelbaTOutperform跑赢大市RelativePerformance5orthefundamentaloutlookofthesectorisfavorableNeutral中性RelativePerformanceis-5to5orthefundamentaloutlookofthesectorisneutralUnderperform跑输大市RelativePerformance-5OrthefundamentaloutlookofthesectorisunfavorableTableDISCLOSUREOFINTERESTSDISCLOSUREOFINTERESTS1TheAnalystsandtheirassociatesdonotserveasanofficeroftheissuermentionedinthisResearchReport2TheAnalystsandtheirassociatesdonothaveanyfinancialinterestsinrelationtotheissuermentionedinthisResearchReport3GuotaiJunananditsgroupcompaniesdonotholdequaltoormorethan1ofthemarketcapitalizationoftheissuermentionedinthisResearchReport00136HK4GuotaiJunananditsgroupcompanieshavenothadinvestmentbankingrelationshipswiththeissuermentionedinthisResearchReportwithinthepreceding12months5GuotaiJunananditsgroupcompaniesarenotmakingamarketinthesecuritiesinrespectoftheissuermentionedinthisResearchReport6GuotaiJunananditsgroupcompanieshavenotemployedanindividualservingasanofficeroftheissuermentionedinthisResearch中国儒意ReportThereisnoofficeroftheissuermentionedinthisResearchReportassociatedwithGuotaiJunananditsgroupcompaniesCHINARUYIDISCLAIMERThisResearchReportdoesnotconstituteaninvitationoroffertoacquirepurchaseorsubscribeforsecuritiesbyGuotaiJunanSecuritiesHongKongLimitedGuotaiJunanGuotaiJunananditsgroupcompaniesmaydobusinessthatrelatestocompaniescoveredinresearchreportsincludinginvestmentbankinginvestmentservicesetcforexampletheplacingagentleadmanagersponsorunderwriterorinvestproprietarilyAnyopinionsexpressedinthisreportmaydifferorbecontrarytoopinionsorinvestmentstrategiesexpressedorallyorinwrittenformbysalespersonsdealersandotherprofessionalexecutivesofGuotaiJunangroupofcompaniesAnyopinionsexpressedinthisreportmaydifferorbecontrarytoopinionsorinvestmentdecisionsmadebytheassetmanagementandinvestmentbankinggroupsofGuotaiJunanThoughbestefforthasbeenmadetoensuretheaccuracyoftheinformationanddatacontainedinthisResearchReportGuotaiJunandoesnotguaranteetheaccuracyandcompletenessoftheinformationanddatahereinThisResearchReportmaycontainsomeforward-lookingestimatesandforecastsderivedfromtheassumptionsofthefuturepoliticalandeconomicconditionswithinherentlyunpredictableandmutablesituationsouncertaintymaycontainInvestorsshouldunderstandandcomprehendtheinvestmentobjectivesanditsrelatedrisksandwherenecessaryconsulttheirownfinancialadviserspriortoanyinvestmentdecisionThisResearchReportisnotdirectedatorintendedfordistributiontoorusebyanypersonorentitywhoisacitizenorresidentoforlocatedinanyjurisdictionwheresuchdistributionpublicationavailabilityorusewouldbecontrarytoapplicablelaworregulationorwhichwouldsubjectGuotaiJunananditsgroupcompaniestoanyregistrationorlicensingrequirementwithinsuchjurisdiction2023GuotaiJunanSecuritiesHongKongLimitedAllRightsReserved27FLowBlockGrandMillenniumPlaza181QueensRoadCentralHongKongTel8522509-9118Fax8522509-7793WebsitewwwgtjacomhkFlashNoteSeethelastpagefordisclaimerPage2of2
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