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1、Huanxi Media Group Limited(1003 HK)Equity ResearchCompany ResearchMedia(HS)1/18 东吴证券（香港）东吴证券（香港）请务必阅读正文之后的免责声明部分请务必阅读正文之后的免责声明部分 Pioneering film innovation,Huanxi Media focuses on both content and platform Outperform(Initiation)Forecast&Valuation 2023A 2024E 2025E 2026E Revenue(HKD mn)1,332.79 817.4

2、0 901.51 968.68 Growth(YoY%)9678.39 -38.67 10.29 7.45 Net profit(HKD mn)159.14 122.94 178.18 192.99 Growth(YoY%)171.74 -22.75 44.94 8.31 EPS(HKD)0.04 0.03 0.05 0.05 P/E(X)14.02 17.25 11.90 10.99 Investment Thesis Huanxi Media is an innovative film content investment,production,and online video platf

3、orm company,co-founded in 2015 by former Alibaba Pictures Chairman Dong Ping,along with renowned directors Ning Hao,Xu Zheng,and Xiang Shaokun.The company went public through a backdoor listing on the Hong Kong Stock Exchange under“21 Holdings.”The company pioneered a new equity structure,establishi

4、ng collaborations with several directors and aligning the long-term interests of shareholder directors with the company.Simultaneously,it has been actively expanding its online video platform,curating high-quality films and TV programs from both domestic and international sources for its users.Huanx

5、i Media binds top directors and creative teams to consistently produce quality content.Huanxi Media firmly believes that content is king in the film industry,with outstanding directors and creative teams being central to artistic and commercial success.Since 2016,the company has brought in renowned

6、directors such as Chen Kaige,Wong Kar-wai,Gu Changwei,Zhang Yibai,and Zhang Yimou as shareholders and partners through targeted equity offerings.Emulating DreamWorks in the U.S.,Huanxi Medias innovative equity structure ties the long-term interests of these shareholder directors to the companys futu