瑞银-中国-媒体行业-中国媒体：成长的烦恼-2018.1.25-62页

DISCLOSUREAPPENDIXATTHEBACKOFTHISREPORTCONTAINSIMPORTANTDISCLOSURES,ANALYSTCERTIFICATIONS,LEGALENTITYDISCLOSUREANDTHESTATUSOFNON-USANALYSTS.USDisclosure:CreditSuissedoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethattheFirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.25January2018AsiaPacific/HongKongEquityResearchMediaChinaMediaSectorResearchAnalystsIvyJi85221017951ivy.ji@credit-suisse.comKennethFong85221016395kenneth.kc.fong@credit-suisse.comINITIATIONGrowingpainsFigure1:Chinaboxofficetogrowata15%CAGRin2018-20ESource:Companydata,CreditSuisseestimates■WeinitiatecoverageontheChinaMediaSectorwiththreecompanies—BeijingEnlightMedia,Zheji