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国泰君安(HK)8月22日发布公告。Investment suggestions: Reviewing the Company"s trajectory over the past half-year, each step has consistently reinforced the Company"s immense latent commercial value to the market. In early July, Tencent"s increased stake in China Ruyi and the updated strategic cooperation agreement, followed closely by China Ruyi"s acquisition of a substantial9.8% stake in Wanda Film at a significant discount, coupled with recent strong box office performances of premium movies, are poised to further elevate the Company"s future profit prospects and valuation levels. Anchored in China Ruyi"s substantial potential for business expansion and operational margin enhancement, we estimate the Company"s valuation at15.0x adjusted2023EV/EBITDA, yielding a reasonable market capitalization of around HK$25bn, equivalent to24.8x adjusted2023P/E ratio. We maintain a “Buy” investment rating along with a target price of HK$2.50.

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