报告认为儒意电影（002739.SZ）被低估。尽管国内票房表现疲弱——2026年国庆档含服务费票房仅11.7亿元，为2015年以来同档期最低，主要因优质影片供给出现周期性短缺——但儒意电影凭借稳健的影片储备脱颖而出，其《正义的痕迹》和《宽恕夫妇》为国庆档票房最高的两部影片。公司股价自2026年9月初以来下跌约5%，而同期沪深300下跌6%，当前估值约15倍2027年预测市盈率，较同业均值低58%。由于下调影院业务收入预测及国内外扩张带来的影院运营成本上升，报告将2026-28年净利润预测分别下调25.2%、19.0%和9.7%至8.50亿元、11.30亿元和14.64亿元，毛利率预测分别下调2.7、2.3和1.2个百分点。
The stock is undervalued, in our view. Ruyi Film stands out despite weak domestic box office takings. During the recent National Day holiday, domestic box office takings, including service fees, reached RMB1.17bn, the lowest level for this holiday period since 2015, which we attribute mainly to a cyclical shortage of high-quality film releases. Against this backdrop, Ruyi Film stands out for its robust film pipeline; its films 'Traces of Justice' and 'Mr. & Mrs. Pardon' were the two highest-grossing releases during the holiday. Ruyi Film's share price has declined c5% since the beginning of September 2026, compared with a 6% decline in the CSI 300 over the same period. The stock is currently trading at c15x 2027e PE, 58% below the peer average. We lower our 2026-28 net profit estimates by 25.2%, 19.0% and 9.7% respectively to RMB850m, RMB1,130m and RMB1,464m, reflecting lower cinema business revenue estimates and rising cinema operating costs. Ruyi Film has a strong pipeline, with more