20230523_东方证券_传媒行业影视深度复盘：22年受疫情影响23年行业回暖AI赋能产业增长_30页.pdf
|AIGC 23 5 21 60%105.8%/80.5%PE 23 22 23 23Q1 22 23Q1 23Q1 23 24 22 2022 23Q1 9.2pp 5.6pp 0%-10%2022 23Q1 22 22 2022 22 AI 1 AI+AI AI+IP AI 3D&AI IP 2 22 23 1 IP+MCN+IP 2 3 IP 22 23 AI 2.YWFUzQmRsRpOpRsRrMpQrQaQaO9PsQnNsQpMeRnNqNjMtRqMbRoOwOxNqMmPxNrRrN 22 23 AI 3.1 2022.22 23 AI 4 20 5 22 23Q1 IP AI 1 AIGC 23 5 21 60%105.8%/80.5%PE 23 1 2023 5/21 2 5/21 SW 5.21 wind wind 23 wind 2 2.1 22 2022 3 2018-2022 4 2018-2022 Wind Wind 0.0%20.0%40.0%60.0%80.0%100.0%120.0%5.21 010203040506070 TTM 0%20%40%60%80%100%2018 2019 2020 2021 2022 0%20%40%60%80%100%2018 2019 2020 2021 2022 22 23 AI 5 5 2022 22 22 15%68pp 22 15%22 68pp X Y 2022 2022 2022 54%89pp 2022 2022 71%226pp 2022 3%67pp 22 94.6%19.7%5%99.9%23.3%15%22 12pp 68pp 69.7%54%89pp 22 横店,-38%,-23pp欢瑞,54%,89pp唐德,-14%,4pp慈文,15%,68pp百纳,-42%,-4pp华策,-35%,6pp东望,-6%,-80pp幸福蓝海,-33%,-39pp金逸,-37%,-18pp中影,-50%,-11pp万达,-22%,-21pp捷成,5%,2pp华谊,-71%,-226pp北京文化,-64%,-12pp上影,-50%,-94pp博纳,-36%,-15pp鼎龙,-45%,-68pp文投,3%,-67pp中广天择,-22%,-1pp光线,-35%,-68pp归母净利率同比提升幅度 营收增速 22 23 AI 6 MCN 10pp 5.9pp 2.2 23Q1 23Q1 6 18-23 7 18-23 Wind Wind 0%10%20%30%40%50%60%70%80%90%100%18Q1 19Q1 20Q1 21Q1 22Q1 23Q1 0%10%20%30%40%50%60%70%80%90%100%18Q1 19Q1 20Q1 21Q1 22Q1 23Q1 22 23 AI 7 8 23Q1 23Q1 23Q1 77%95pp 23Q1 77%23Q1 95pp 1165%2039pp 1951%413pp X Y 22 23Q1+1165%+2039pp+1951%+413pp 23Q1 23Q1 59%44pp 23Q1 105%9pp 1953%横店,9%,9pp欢瑞,-70%,8pp慈文,-37%,-7pp百纳,-21%,-2pp华策,105%,-9pp东望,134%,77pp幸福蓝海,27%,19pp 金逸,4%,17pp中影,53%,0pp万达,9%,7pp捷成,-32%,-6pp华谊,77%,95pp上影,13%,21pp博纳,-59%,-44pp鼎龙,20%,22pp文投,-28%,2pp中广天择,-15%,2pp光线,-6%,13pp归母净利率同比提升幅度 营收增速 22 23 AI 8+1000pp 129pp 78pp 22pp 3 2022 2022 2022 2022 2.6%0.49 2022 6.7%0.21 2022 2022 2022 23Q1 2022 2022 22 23 AI 9 1 2022 603103.SH-3.65-2.69 14.27-3.17 300528.SZ 5.5 7-3.7-2.7 6.32-3.60 002905.SZ-4.6-3.6 8.56-3.81 000892.SZ 0.25 0.25 5.96 0.18 300426.SZ 0.24 0.36 4.10 0.31 002343.SZ 0.32 0.48 4.66 0.49 300291.SZ 0.13 0.195 4.69 0.21 300133.SZ 24.73 24.73 4.05 4.05 24.75 4.03 600977.SH-2.4-2 29.20-2.15 002739.SZ 95 100-19.5-13 96.95-19.23 300182.SZ 39.07 5.21 300027.SZ-13.04-8.75 4.02-9.82 000802.SZ 1.03 1.33-0.585-0.45 1.08-0.61 601595.SH-3.9-3.25 3.68-3.35 600052.SH-2.04-2.04 2.20-2.13 001330.SZ-0.74-0.37 20.12-0.72 002502.SZ 3.01 3.89-2.65-1.77 3.58-2.41 600715.SH-12-10 8.00-12.73 603721.SH 2.12 0.16 300251.SZ-7.3-6.3 7.55-7.13 4 2022 17%-34%46%39%11%0%0%-10%-9%-7%-11%9 2022-10%46%-9%0%33%23%19%34%18%17%32%-7%29%-11%39%36%11%0%28%19%-20%-10%0%10%20%30%40%50%22 23 AI 10 2022 10%-20%74%50%43%28%34%10 2022 2022 0%-15%64%24%18%17%0%11 2022 32%3%9%34%11%8%33%2%10%23Q1 23%-35%59%63%13%13%16%3%5%4%20%11%15%10%7%19%8%19%11%9%50%74%20%28%11%43%34%21%15%0%20%40%60%80%1%64%18%13%2%1%12%11%5%7%3%24%0%1%3%17%6%2%8%1%0%20%40%60%80%平均 线 22 23 AI 11 12 23Q1 23Q1 0%-10%49%36%30%13 23Q1 23Q1 0%-10%38%33%34%18%14 23Q1 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