On August 18, Bona Films (001330) officially landed on A-shares for trading, with the daily limit at the opening. As of press time, Bona Films closed at 7.24 yuan per share, an increase of 43.94%, with a total market value of 9.95 billion yuan.
A Shanghai-area securities analyst told reporters that from the perspective of stock price performance, the capital market believes that Bona’s listing is a reflection of policy warming. Because no film and television company has been listed for several years, the film and television stocks have been largely ignored for a long time in the past. “The business model is not very good, it is also subject to supervision, and it is also affected by the epidemic.”
According to the prospectus of Bona Films, the issue price is 5.03 yuan per share, and it is expected to raise 1.383 billion yuan. The raised funds are mainly used for the Bona Film Project and the Bona Cinema Project.
Bona Films is the first private enterprise engaged in film distribution business in China. Its main business is film investment, distribution, theater chain and theater business. The films produced include “Taking Tiger Mountain by Wisdom”, “Operation Mekong”, “Unparalleled” and “Unparalleled”. Captain of China”, “Changjin Lake” and so on.
From 2019 to 2021, the revenue of Bona Films is 3.116 billion yuan, 1.61 billion yuan, and 3.124 billion yuan, respectively, and the net profit is 315 million yuan, 191 million yuan, and 363 million yuan, respectively. Bona Pictures’ revenue in the first half of 2022 was 1.473 billion yuan, with a net profit of 236 million yuan.
Zhu Zhu, chief analyst of new consumption of Huaxin Media, predicts that the revenue of Bona Films will be 3.31 billion yuan, 3.78 billion yuan, and 4.16 billion yuan respectively in 2022-2024, and the profits attributable to the parent will be 354 million yuan, 405 million yuan, and 475 million yuan respectively. 100 million yuan (YOY is -2.4%, 14.3%, 17.4%, respectively), the assumption of the growth rate of profit attributable to the parent in 2022 is mainly due to the fact that Changjin Lake is a dark horse champion film in 2021. Looking at it year-on-year, the performance fluctuates due to the epidemic in the 2022 quarter, and the 2022 Years still need to see the performance of the National Day file list.
According to the prospectus, the actual controller of the issuer is Yu Dong, chairman and general manager of the company. Yu Dong currently directly holds 282.2289 million shares of the issuer, accounting for 25.66% of the issuer’s shares, and is the issuer’s largest shareholder, and indirectly controls 2.34% and 0.09% of the issuer through the Tibet Xiangchuan and film and television bases he controls. shares, controlling 28.09% of the issuer’s shares in total.
In 2010, Bona Pictures went public in the United States and completed its privatization in 2016. In September 2017, Bona Films submitted its A-share listing application for the first time. It was suspended in 2019, and then it was submitted again. The meeting will be held in November 2020. After more than a year, on August 18, 2022, Bona Films realized its dream of A shares.