IMAX中国值得投资吗

If buying Chinese shares was not already sufficiently entertaining, Imax is about to increasethe thrill factor still further — by listing shares in its China unit on Hong Kong’s stock market.

如果说买入中国股票还不够有意思，IMAX正准备进一步提高刺激程度——它将把其中国分部在香港上市。

Although the issue is small — up to a maximum $317m if the overallotment option is exercised— it should attract interest. China’s entertainment industry is representative of the shift inthe economy from investment to consumption, and buying experiences over things. Last year,China’s box office became the first outside the US to surpass $4bn, with revenues rising nearlytwo-fifths year on year, says researcher IHS Technology.

虽然募资规模较小——在行使超额配股权的情况下最多也只有3.17亿美元——这只股票应该会吸引投资者的兴趣。中国娱乐业是中国经济从投资驱动向消费驱动转型的一个代表性行业，它也代表着体验型消费的流行。研究机构IHS Technology表示，去年中国成为美国以外首个电影票房收入突破40亿美元的国家，增长了近五分之二。

Imax China looks well placed to benefit. The company makes money from equipment sales,revenue sharing agreements and systems maintenance. Its partners operate 251 cinemas ingreater China (including Hong Kong and Taiwan) with a further 214 to be installed up to 2021.

IMAX中国(IMAX China)非常有希望从这种增长中获益。该公司通过设备销售、收入分账协议及系统维护赚钱。在包括香港和台湾在内的大中华区，IMAX的合作方运营着251家电影院，到2021年还要再建设214家。

There is more room to grow. Imax and similar non-conventional screening technologiesaccount for less than 5 per cent of a broader cinema market that is still underpenetrated. Chinahas only 1.8 silver screens per 100,000 people, compared with 14.9 in the US; lower-tier citieswith fewer screens are experiencing the most rapid box office growth. The company also plansto build a facility to convert Chinese-language films to the 3D Imax format. Revenue sharingarrangements for such movies are typically more generous than for Hollywood flicks, whichaccounted for 22 out 28 films screened by Imax in China last year.

增长空间很大。在渗透率仍然不高的中国电影市场，IMAX和其他非常规银幕技术所占的份额还不到5%。中国每10万人只拥有1.8块银幕，大大低于美国的14.9块。在银幕更少的中国三四线城市，票房增长最为迅猛。该公司还计划建设一座工厂，将中文电影转制成3D IMAX格式。比起好莱坞电影，此类电影的收入分账一般更高。去年IMAX在中国上映了28部电影，22部都是好莱坞电影。

The proposed issue of new and existing shares could give the company a market value as highas $1.6bn. On a price to earnings ratio of 30 times 2016 earnings — a premium to the parent’s26 times — Imax China would need to more than double its 2014 earnings to justify the topend of the price range. It may well do that. But buyers will have to be confident that Chinesecinema goers continue to put high value on the novelty of an Imax ticket.

IMAX中国计划发售现有股份和新股，公司市值可能达到16亿美元。相对2016年预期盈利，市盈率为30倍，高于其母公司的26倍。IMAX中国需要拿出比2014年高一倍以上的盈利，才能证明其发行价区间的高端是合理的。这是很有可能做到的。不过，购股者必须抱有这样的信心：中国观影者会继续热衷于IMAX电影所带来的新鲜感。