金吾财讯 | 华泰证券发研报指，阿里影业(01060)是围绕文娱行业的全产业链娱乐平台，收购大麦为公司构建新的增长极，电影票务平台构建业绩基础，电影投资业务有望带来营收弹性。该行指，公司收购大麦构建新增长极，IP衍生品业务发展良好；电影票务与科技平台构建行业基础设施，提供业绩基本盘。该行续指，市场观点认为，公司营收成长性不足，但该行认为公司未来成长性较好，其中主要增量将体现在：1）电影投资制作贡献弹性营收；2）大麦和IP衍生品业务营收和利润有望继续保持较高增长。该行预计公司FY25-27归母净利润6.31/8.02/9.84亿元，可比公司25年平均PE为24X，总体上猫眼娱乐与公司业务链条更为接近，估值应更多以猫眼娱乐为参考，并考虑公司电影项目储备较多及大麦并购后的新业绩增长点，给予公司FY26（主要对应可比公司25年自然年）20X估值，对应目标价0.6元/0.65港元，首次覆盖给予“买入”评级。
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