Imax (NYSE:IMAX) 주식

Imax

Imax Corp is a technology platform for entertainment and events. Through its proprietary software, auditorium architecture, patented intellectual property, and specialized equipment, IMAX offers end-to-end solution to create superior, immersive content experiences for which the IMAX brand is globally renowned. The Company has two reportable segments being Content Solutions and Technology Products and Services. The Company leverages its proprietary technology and engineering in all aspects of its business, which principally consists of the IMAX film remastering and the sale or lease of premium IMAX theater systems.

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목요일(10일) 중국은 도널드 트럼프 대통령의 중국산 제품에 대한 관세 인상에 대한 보복으로 할리우드 영화 수입을 즉시 제한하겠다고 발표했다. 무역 긴장이 심화됨에 따라 미국의 유명 수출품을 겨냥한 것이다.

트럼프 관세 전쟁으로 할리우드 타격...중국, &#34;미국 영화 수입 줄일 것&#34;

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화요일(25일) AMC 엔터테인먼트 홀딩스(NYSE:AMC) CEO인 아담 아론(Adam Aron)은 세계 최대 스트리밍 업체들이 대형 영화관에 대한 접근 방식을 재고하고 있다고 했다. 그런데 애플(NASDAQ:AAPL)과 아마존(NASDAQ:AMZN)은 완전히 동참하고 있지만 넷플릭스(NASDAQ:NFLX)는여전히 설득이 필요하다고 말했다.

AMC 엔터테인먼트 CEO, 애플·아마존은 극장 개봉에 긍정적이나 넷플릭스는 설득 필요

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전세계 디지털 도서관인 인터넷 아카이브(Internet Archive)가 심각한 보안 침해와 디도스(DDoS) 공격을 겪어 3,100만 계정의 데이터가 유출되었다. 튀르키예가 법원 판결에 따라 널리 사용되는 인스턴트 메시징 플랫폼 디스코드(Discord)를 차단했다고 국가 정보 통신기술청(BTK)이 전했다.

소비자 기술 뉴스(10월 7일-10월 11일): 프라임 비디오를 통해 애플 TV+ 이용 가능, 테슬라 로보택시 등

Imax Corp

IMAX CHINA HLDG INC ORD by IMAX China Hldg Inc

IMAX China Holding Inc

Roth Capital analyst Eric Handler maintains Imax (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IMAX#NYSE">IMAX</a>) with a Buy and raises the price target from $32 to $36.

Price Target

Analyst Ratings

Roth Capital Maintains Buy on Imax, Raises Price Target to $36

Buybacks

IMAX Announces $100M Increase To Its Current Share Repurchase Program

Tom Cruise-starrer <a href="https://www.benzinga.com/news/23/10/35388413/hollywood-strike-pushes-mission-impossible-to-2025-paramount-adjusts-release-calendar">high-octane blockbuster</a> "Mission: Impossible – The Final Reckoning" reignited China's box office over the weekend, topping charts and signaling renewed interest in Hollywood imports.
What Happened: Paramount Global's (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PARA#NASDAQ">PARA</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PARAA#NASDAQ">PARAA</a>) "Mission: Impossible – The Final Reckoning" debuted at No. 1 in China from May 30 to June 1, earning 184.5 million yuan ($25.6 million), <a href="https://variety.com/2025/film/news/tom-cruise-mission-impossible-china-box-office-1236415430/">reported</a> Variety, citing Artisan Gateway.
The film's strong performance was bolstered by premium formats, with IMAX Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IMAX#NYSE">IMAX</a>) screenings contributing $4.9 million, making it IMAX's biggest opening for a Hollywood film in China this year.
In second place was the Chinese animated fantasy "Endless Journey of Love," which grossed $7.6 million. The film, set in 1930s China, follows a young woman who gains the power to manipulate time.
See Also:&nbsp;<a href="https://benzinga.com/markets/equities/25/04/44862552/ford-recalls-nearly-150000-vehicles-over-brake-and-powertrain-issues-nhtsa" target="_blank" rel="noreferrer noopener">Ford Recalls Nearly 150,000 Vehicles Over Brake And Powertrain Issues: NHTSA</a>
Japan's "Doraemon: Nobita's Art World Tales" debuted third with $7.5 million.
Walt Disney Co.'s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIS#NYSE">DIS</a>) live-action "Lilo &amp; Stitch" slipped to fourth in its second weekend, earning $6.6 million and pushing its total to $17.8 million, the report noted.
Hong Kong action thriller "Behind the Shadows" rounded out the top five with a $4.3 million debut.
Why It's Important: The strong debut of Mission: Impossible marks a notable rebound for Hollywood in China's competitive film market.
MAX CEO Rich Gelfond called the China results encouraging, especially ahead of more Hollywood tentpoles scheduled for release this summer.
Overall, the weekend's box office totaled $58.2 million, reflecting growing momentum.
China's year-to-date box office now stands at $3.82 billion, up 26.6% from the same period in 2024, indicating a healthy recovery in theatrical attendance and international film reception.
Benzinga's Edge Stock Rankings show that Paramount is experiencing a positive price trend across the short, medium, and long term. <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">You can explore more detailed metrics here</a>.
<figure class="wp-block-image aligncenter size-full"><a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"><img decoding="async" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/03052116/Screenshot-2025-06-03-at-2.48.40%E2%80%AFPM.png" alt="" class="wp-image-936310" /></a></figure>
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Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Featureflash Photo Agency / Shutterstock.com

PARA

PARAA

Tom Cruise's 'Mission: Impossible – The Final Reckoning' Smashes China Box Office With $25.6 Million Opening, Sets IMAX Record For Hollywood Films In 2025

Macquarie analyst Chad Beynon maintains Imax (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IMAX#NYSE">IMAX</a>) with a Outperform and raises the price target from $30 to $32.

Macquarie Maintains Outperform on Imax, Raises Price Target to $32

Wall Street analysts rerated Imax Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IMAX#NYSE">IMAX</a>) after its <a href="https://www.benzinga.com/pressreleases/25/04/b44964131/imax-corporation-reports-first-quarter-2025-results" target="_blank" rel="noreferrer noopener">first-quarter results</a> Wednesday. 
Rosenblatt analyst Steve Frankel maintained Imax with a Buy rating and a <a target="_blank" href="https://www.benzinga.com/quote/IMAX/analyst-ratings" rel="noreferrer noopener">$35&nbsp;price target</a> Thursday.
JP Morgan analyst David Karnovsky reiterated a Neutral rating on Imax with a price target of $26 Thursday.
Also Read: <a target="_blank" href="https://www.benzinga.com/general/entertainment/25/04/44752206/strong-slate-premium-push-fuel-imax-forecast-upgrades-says-analyst" rel="noreferrer noopener">Strong Slate, Premium Push Fuel IMAX Forecast Upgrades, Says Analyst</a>
Rosenblatt: Fueled by the runaway success of Ne Zha 2, Imax reported $86.7 million in revenue (+9.5% Y/Y) and $37.0 million in adjusted EBITDA, well ahead of both Frankel&#8217;s $82.8 million and $26.9 million and the consensus of $84.0 million and $27.4 million. 
The quarter also featured the signing of 95 new screens (and over 100 so far this year), reflecting the industry&#8217;s anticipation of a strong film slate in 2025 and 2026, as well as consumers&#8217; growing preference for premium cinema experiences, especially IMAX.
The second quarter is off to a strong start with A Minecraft Movie and Sinners, where Imax accounted for 18% of the film&#8217;s opening weekend on a global basis. From now until August, every Imax Hollywood release is part of the Filmed for Imax program, which sets the stage for material to over-index and drive the box office upside. Importantly, it is not just about Hollywood. 
This year is set to be a record period for local language films, boosted by Ne Zha 2 and other titles in China, Japan, and India that are expected to perform well. In 2019, local language represented 12% of GBO, rising to 21% in 2023. In the first quarter, the local language was 68%. 
Imax continues to command a growing portion of the market, accounting for 3.5% of the global box office on less than 1% of the screens. In China, the company&#8217;s share hit a record 5.4% in the first quarter, compared to 3.8% the previous year. Domestically, Imax accounted for 3.6% of the market in the first quarter, down from the 4.5% share it had in the previous year&#8217;s Dune 2.
Frankel projected second-quarter revenue of $83.95 million and adjusted EPS of $0.19.
JP Morgan: Imax shares were up ~5% post-market close after reporting first-quarter results. Revenue and adjusted EBITDA were $87 million and $37 million, compared to JP Morgan estimates of $85 million and $32 million. Content Solutions&#8217; gross profit was a beat on margin, with management citing the greater contribution of local China content and a more efficient marketing strategy in the region that leveraged social channels.
At Tech Products and Services, STL/ hybrid installs of 13 compared to the 5 Karnovsky modeled and helped drive a beat on gross margin. Free cash flow in the first quarter, net of growth capex, was -$7 million, an improvement from -$18 million in the year prior. 
Imax disclosed system signings of 95 in the first quarter, with the increase Y/Y partly reflective of a recently <a href="https://www.benzinga.com/news/contracts/25/04/44603254/amc-expands-premium-movie-experience-with-imax-laser-upgrades-in-landmark-deal" target="_blank" rel="noreferrer noopener">announced agreement with</a> AMC Entertainment Holdings (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AMC#NYSE">AMC</a>). First-quarter box office indexing was reported at 3.5% globally and 5.4% for China, a record. Karnovsky estimates that the US was at 3.6% (down from 5.9% in the first quarter of 2024, which featured Dune 2).
The company maintained guidance for 2025. Management did state that the results were tracking ahead of expectations, and a reiteration of the outlook after only a quarter was not a surprise. On the topic of China, CEO Richard Gelfond commented that a &#8216;moderate&#8217; reduction in film imports would target movies with limited box office potential, not the kind the company distributes. 
Karnovsky noted the wording of the China Film Administration&#8217;s recent announcement, which stated that it would consider market demand in its decision-making. Management also asserted there had been no reduction in activity among Chinese exhibitors and their interest in Imax, but rather that this had increased on the back of Ne Zha. 
Overall, Karnovsky is incrementally positive following the solid print and commentary on China, which should ease investor concerns to a degree, even as the analyst expects some near-term risk to persist, given the volatility of the situation.
Karnovsky projected second-quarter revenue of $90 million and adjusted EPS of $0.05.
Price Action: IMAX stock is down 2.66% at $23.46 at last check Thursday.
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Photo: Shutterstock

Earnings

Imax Wins Analyst Praise On Strong Film Slate, But China Market Volatility Raises Concerns

Wells Fargo analyst Omar Mejias maintains Imax (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IMAX#NYSE">IMAX</a>) with a Overweight and lowers the price target from $32 to $30.

Wells Fargo Maintains Overweight on Imax, Lowers Price Target to $30

Barrington Research analyst Patrick Sholl maintains Imax (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IMAX#NYSE">IMAX</a>) with a Outperform and maintains $32 price target.

Barrington Research Maintains Outperform on Imax, Maintains $32 Price Target

Rosenblatt analyst Steve Frankel maintains Imax (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IMAX#NYSE">IMAX</a>) with a Buy and maintains $35 price target.

Rosenblatt Maintains Buy on Imax, Maintains $35 Price Target

Earnings Beats

Earnings Misses

Imax Q1 Adj. EPS $0.13 Misses $0.16 Estimate, Sales $86.70M Beat $84.22M Estimate

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Earnings Scheduled For April 23, 2025

Imax (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IMAX#NYSE">IMAX</a>) is set to give its latest quarterly earnings report on Wednesday, 2025-04-23. Here's what investors need to know before the announcement.
Analysts estimate that Imax will report an earnings per share (EPS) of $0.15. 
The announcement from Imax is eagerly anticipated, with investors seeking news of surpassing estimates and favorable guidance for the next quarter.
It's worth noting for new investors that guidance can be a key determinant of stock price movements.
<h3>Earnings Track Record</h3>
During the last quarter, the company reported an EPS missed by $0.04, leading to a 1.07% drop in the share price on the subsequent day.
Here's a look at Imax's past performance and the resulting price change:

<table>
<thead>
<tr>
<th>Quarter</th>
<th>Q4 2024</th>
<th>Q3 2024</th>
<th>Q2 2024</th>
<th>Q1 2024</th>
</tr>
</thead>
<tbody>
<tr>
<td>EPS Estimate</td>
<td>0.31</td>
<td>0.23</td>
<td>0.07</td>
<td>0.10</td>
</tr>
<tr>
<td>EPS Actual</td>
<td>0.27</td>
<td>0.35</td>
<td>0.18</td>
<td>0.15</td>
</tr>
<tr>
<td>Price Change %</td>
<td>-1.0%</td>
<td>12.0%</td>
<td>4.0%</td>
<td>-2.0%</td>
</tr>
</tbody>
</table>

<img src="https://www.benzinga.com/files/images/story/2025/1745352155_0.png" alt="eps graph" />
<h3>Stock Performance</h3>
Shares of Imax were trading at $22.34 as of April 21. Over the last 52-week period, shares are up 32.84%. Given that these returns are generally positive, long-term shareholders should be satisfied going into this earnings release. 
<a href="https://www.benzinga.com/quote/IMAX/earnings">To track all earnings releases for Imax visit their earnings calendar on our site.</a>
This article was generated by Benzinga's automated content engine and reviewed by an editor.

An Overview of Imax's Earnings

JP Morgan analyst David Karnovsky maintains Imax (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IMAX#NYSE">IMAX</a>) with a Neutral and lowers the price target from $27 to $26.

JP Morgan Maintains Neutral on Imax, Lowers Price Target to $26

China announced on Thursday it would immediately restrict Hollywood film imports in retaliation for President Donald Trump&#8216;s tariff increases on Chinese goods, targeting a high-profile American export as trade tensions intensify.
What Happened: A spokesperson for the National Film Administration said, &#8220;The wrong move by the U.S. government to abuse tariffs on China will inevitably further reduce the domestic audience&#8217;s favorability towards American films. We will follow market rules, respect the audience&#8217;s choice, and moderately reduce the number of American films imported.&#8221;&nbsp;
The move could significantly impact major U.S. studios and entertainment companies with Chinese market exposure.
IMAX Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IMAX#NYSE">IMAX</a>) faces particular <a href="https://in.benzinga.com/25/04/44708103/why-investors-should-watch-chinas-service-trade-amid-us-tariff-escalation-disney-and-imax-most-impacted">exposure with 23% of its revenue derived from China</a>, where 45% of all IMAX screens are located. Despite this, the company recently reported strong performance in China during 2025&#8217;s first quarter, driven primarily by the domestic blockbuster &#8220;Ne Zha 2.&#8221;
&#8220;IMAX is benefiting from a blockbuster-heavy 2025-2026 slate and tighter cost control, especially in China,&#8221; noted Rosenblatt Securities analyst Steve Frankel, who maintains a &#8220;Buy&#8221; rating on the stock.
See Also: US Stock Futures Fall, Nikkei Crashes Over 5% As Markets Reel From Trump&#8217;s Tariff Shock
Why It Matters: Walt Disney Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIS#NYSE">DIS</a>) and Warner Bros Discovery Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WBD#NASDAQ">WBD</a>) also face potential impacts. Disney&#8217;s Marvel superhero movie &#8220;Thunderbolts&#8221; secured permission to debut in China on Apr. 30, but the fate of other summer blockbusters remains uncertain. WBD&#8217;s stock has already fallen 21.80% over the last month amid these concerns.
The restrictions follow Beijing&#8217;s broader retaliation against Washington&#8217;s tariff hikes, which includes increasing its <a href="https://www.benzinga.com/25/04/44708618/china-retaliates-with-massive-84-tariff-hike-on-us-goods-amid-escalating-trade-war">levies on U.S. goods from 34% to 84%</a> and filing a World Trade Organization complaint.
Two influential Chinese bloggers with Communist Party connections recently suggested China would &#8220;reduce or ban the import of U.S.-made films&#8221; along with restricting American companies from <a href="https://www.benzinga.com/25/04/44708103/why-investors-should-watch-chinas-service-trade-amid-us-tariff-escalation-disney-and-imax-most-impacted">government procurement processes</a>.
For U.S. studios, the $600 million earned in China last year represents a small but <a href="https://www.benzinga.com/news/25/04/44717030/whats-going-on-with-warner-bros-discovery-wbd-stock">strategic portion of their global revenue</a>. However, China&#8217;s growing preference for domestic content had already created challenges for Hollywood before these new restrictions.
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Image via Shutterstock
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Hollywood Becomes Collateral Damage In Trump Tariff War As China Slashes Film Imports, Says US Actions Will Inevitably Reduce 'Favorability' Towards American Films

As tensions persist in the tariff dispute, President Donald Trump brushed off China's decision to limit the screening of American films.
What Happened: The China Film Administration confirmed on April 10 that it would be reducing U.S. film imports, as reported by <a href="https://variety.com/2025/film/news/donald-trump-laughs-china-hollywood-movies-1236366364/">Variety</a> on Thursday. This decision is a response to Trump&#8217;s recent tariff increases on Chinese goods to 125%.
Trump, when questioned about China&#8217;s decision, responded with a laugh, saying, &#8220;I think I&#8217;ve heard of worse things.&#8221;
The China Film Administration stated that the U.S. government&#8217;s &#8220;wrong action&#8221; to impose high tariffs on China would &#8220;inevitably further reduce the domestic&nbsp;audience's favorability towards American films.&#8221; The administration plans to &#8220;follow the market rules, respect&nbsp;the audience's choice, and moderately&nbsp;reduce the number of American&nbsp;films imported.&#8221;
See Also:&nbsp;<a href="https://benzinga.com/news/global/25/04/44754763/obama-era-treasury-secretary-larry-summers-rejects-china-cheating-at-trade-narrative-we-get-ev-batter" target="_blank" rel="noreferrer noopener">Obama-Era Treasury Secretary Larry Summers Rejects China &#8216;Cheating&#8217; At Trade Narrative: We Get EV Batteries For &#8216;Pieces Of Paper&#8217; — It&#8217;s A Good Deal</a>
Why It Matters: The U.S. and China have been embroiled in a trade war, with Trump recently increasing tariffs on Chinese goods to 125%. In retaliation, <a href="https://benzinga.com/25/04/44708618/china-retaliates-with-massive-84-tariff-hike-on-us-goods-amid-escalating-trade-war">China has raised its tariffs</a> on U.S. goods to 84%. 
Hollywood films earned just under $600 million in China's $17.7 billion box office in 2024, a sharp contrast to the $8.6 billion generated across U.S. and Canadian theaters during the same period. 
Stocks like Walt Disney Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIS#NYSE">DIS</a>) are expected to draw attention due to their globally recognized intellectual property and a history of multi-million dollar blockbusters. Disney also operates a substantial merchandising and theme park business in China, which may face significant headwinds. Warner Bros. Discovery Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WBD#NASDAQ">WBD</a>) is also exposed, with numerous international licensing agreements in China that could be at risk. However, IMAX Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IMAX#NYSE">IMAX</a>) may feel the biggest impact, as it generates 23% of its revenue from China — home to 45% of all IMAX screens.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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Image via Shutterstock

General

Trump Shrugs Off China's Cutback On US Films Amid Ongoing Tariff Tensions: 'I've Heard Of Worse Things'

Rosenblatt Securities analyst Steve Frankel <a href="https://www.benzinga.com/quote/IMAX/analyst-ratings" target="_blank" rel="noopener">reiterated a Buy rating</a> on the shares of IMAX Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IMAX#NYSE">IMAX</a>) on Wednesday, with a price forecast of $35.00.
Ahead of IMAX&#8217;s upcoming first-quarter earnings report, the analyst has raised the forecasts to better align with consensus, citing strong box office performance. 
Despite concerns about potential <a href="https://www.benzinga.com/25/04/44708103/why-investors-should-watch-chinas-service-trade-amid-us-tariff-escalation-disney-and-imax-most-impacted" target="_blank" rel="noopener">Chinese restrictions on Hollywood films</a>, IMAX&#8217;s first-quarter global box office hit $280 million, far surpassing previous projections of $230 million. This was thanks to the massive success of Ne Zha 2, which grossed $2.145 billion globally, with $2.09 billion from China alone.
The film generated $162.6 million for IMAX, ranking among the company's top six highest-grossing titles and top three by ticket admissions.
Regionally, first-quarter box office figures showed a mixed picture: North America declined 46% year over year to $51 million, while Greater China surged 135% to $167 million. The rest of the world dropped 35% to $62 million.
Reflecting these results, the first-quarter earnings estimates are revised up to $82.7 million in revenue and $24.3 million in earnings, approaching the consensus of $83.5 million and $28.5 million. The updated full-year estimates of $420.0 million/$164.1 million compare to a consensus of $405.9 million/$156.3 million.
Also Read: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/25/04/44703031/this-beverage-maker-tobacco-company-and-packaged-food-giant-outshine-in-a-recession">This Beverage Maker, Tobacco Company And Packaged Food Giant Outshine In A Recession</a>
IMAX shares declined earlier in the week following reports suggesting China might limit Hollywood film imports amid ongoing trade tensions. However, there has been no official confirmation or coverage from major Chinese media outlets.
Given the importance of moviegoing to China's broader economic sectors, such as retail and real estate, the analyst doubts the government would take actions that could harm the exhibition industry.
If China limits Hollywood film imports, IMAX can pivot by showcasing more domestic films and proven alternatives like Japanese anime, which have performed well in the market. 
The second quarter has started strong, with A Minecraft Movie surpassing expectations globally, noted Frankel.
With six Filmed for IMAX titles scheduled this quarter, including Thunderbolts and Mission Impossible: The Final Reckoning, the company is positioned for potential upside beyond its $265 million global box office estimate.
The shift toward premium movie formats is also boosting IMAX's business. The company revealed key expansion deals, including <a href="https://www.benzinga.com/news/contracts/25/04/44603254/amc-expands-premium-movie-experience-with-imax-laser-upgrades-in-landmark-deal">AMC's plan to install 12 new IMAX with Laser screens</a> and upgrade 68 existing ones.
IMAX recently expanded its partnership with TOHO Cinemas, adding six new IMAX with Laser locations in Japan, one of IMAX's strongest markets by per-screen revenue. This includes the first dual-IMAX complex outside North America, reflecting growing demand for diverse content.
Frankel observed that IMAX is benefiting from a blockbuster-heavy 2025–2026 slate, tighter cost control (especially in China), and stronger partnerships with studios and streamers.
Price Action: IMAX shares traded lower by 4.51% at $22.43 at last check Thursday. 
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Reiteration

Strong Slate, Premium Push Fuel IMAX Forecast Upgrades, Says Analyst

Benchmark analyst Mike Hickey reiterates Imax (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IMAX#NYSE">IMAX</a>) with a Buy and maintains $30 price target.

Benchmark Reiterates Buy on Imax, Maintains $30 Price Target

As Washington doubles down on its trade war with China, and tariffs <a href="https://benzinga.com/markets/equities/25/04/44704005/trumps-104-tariff-on-chinese-imports-sends-stock-futures-plunging-dow-falls-over-500-points">now going as high as 104%</a>, some leading experts believe that the Middle Kingdom might have an ace up its sleeve, that could hit the United States where it hurts most—Services.
A vast majority of U.S. imports from China are tangible goods, whereas its exports to the country largely comprise services, and this includes tech solutions, consulting services, law firms, and even Hollywood movies, among others. China, in fact, runs a $32 billion deficit with the U.S. on services.
What Happened: Two widely followed bloggers in China with connections within the Chinese Communist Party have released a seemingly identical list of measures that the country is planning in retaliation against the tariffs imposed by the Trump Administration, <a href="https://www.bloomberg.com/news/articles/2025-04-08/influential-china-bloggers-post-options-to-hit-back-at-trump">reported</a> Bloomberg.
Among the list of measures shared by Ren Yi, the grandson of a former Guangdong province Communist Party chief, and Liu Hong, a senior journalist at Xinhua, the state-run news agency, includes a plan to &#8220;reduce or ban the import of U.S.-made films.&#8221;
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Besides this, China plans to target the U.S. services sector in several other ways, such as restricting American companies from taking part in Chinese government procurement processes and limiting the cooperation between Chinese companies and U.S. law firms and consultancies.
Why It Matters: In China&#8217;s $17.7 billion box office, Hollywood movies managed to gross a little under $600 million in 2024, while the total U.S. and Canadian box office numbers during the same period stood at $8.6 billion. So, the move is expected to have a sizable impact on the industry.
Stocks like Walt Disney Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIS#NYSE">DIS</a>) will be in focus considering its globalized IP, with <a href="https://www.matthewball.co/all/china-marvel-and-the-uncertain-future-of-the-global-franchise">several multi-million dollar hits</a> over the years. It also has a sizable merchandising and theme park business in China, which will be impacted. Warner Bros Discovery Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WBD#NASDAQ">WBD</a>) is next in line, with several international licensing deals in the country that could be cut short.
However, the hardest hit could be IMAX Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IMAX#NYSE">IMAX</a>), which derives 23% of its revenue from China, where 45% of all <a href="https://thebambooworks.com/imax-china-roars-into-year-of-the-snake-after-weak-performance-in-2024/">IMAX screens</a> are located.
Several other companies provide software, consulting, and related services in the Mainland, such as Salesforce Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRM#NYSE">CRM</a>) partnering with Alibaba Group Holding Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NYSE">BABA</a>) to <a href="https://www.theregister.com/2023/11/06/asia_in_brief/">offer services</a> in the country, however, given the opaqueness of the nation&#8217;s financial markets, and the kind of barriers imposed, there isn&#8217;t a lot of clarity on the kind of impact a tariff on services would have. 
Read More: <a href="https://www.benzinga.com/news/global/25/04/44706519/apple-stock-nosediving-since-liberation-day-tariffs-has-created-panic-says-gene-munster-predicts-tim-cooks-favorable-relationship-with-trump-xi-jinping-will-rescue-iphone-maker">Apple Stock Nosediving Since &#8216;Liberation Day&#8217; Tariffs Created Panic, Says Gene Munster: Predicts Tim Cook&#8217;s &#8216;Favorable&#8217; Relationship With Trump, Xi Jinping Will Rescue iPhone-Maker</a>
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Government

Economics

BABA

China May Hit US Where It Hurts Amid Trump's Tariff War — Services Trade In Crosshairs, With Walt Disney, IMAX And Warner Bros. Discovery In Focus

AMC Entertainment Holdings Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AMC#NYSE">AMC</a>) and IMAX Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IMAX#NYSE">IMAX</a>) have entered into a major agreement that will introduce IMAX with Laser technology to over 180 AMC and IMAX locations across the country.
As part of this deal, AMC will add 12 new IMAX locations and upgrade 68 existing ones to the IMAX with Laser format.
This expansion will create the largest IMAX with Laser circuit in the world.
The agreement marks the largest systems agreement IMAX has signed in the U.S. since 2018.
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IMAX and AMC have been partners since 2007, and AMC operates eight of the ten highest-earning IMAX theaters in the U.S.
&#8220;Throughout the United States and around the world, filmmakers and moviegoers hold the IMAX brand in such high regard as a premium theatrical spectacle, which is reflected both in the success that AMC and IMAX share together, and in IMAX&#8217;s extensive content catalogue,&#8221; said Chairman and CEO, AMC Entertainment, Adam Aron.
Under its AMC Go Plan, the company continues to prioritize premium moviegoing experiences, featuring advanced visuals, immersive sound, and upgraded seating.
Price Action: AMC shares closed lower by 3.14% at $2.78 on Tuesday.
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Photo: Shutterstock.

Contracts

AMC Expands Premium Movie Experience With IMAX Laser Upgrades In Landmark Deal

JP Morgan analyst David Karnovsky maintains Imax (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IMAX#NYSE">IMAX</a>) with a Neutral and raises the price target from $25 to $27.

JP Morgan Maintains Neutral on Imax, Raises Price Target to $27

<figure class="wp-block-image size-full is-resized"><img loading="lazy" decoding="async" width="855" height="572" src="https://contributor-assets.benzinga.com/wp-content/uploads/2025/02/21061321/Imax-China-0221-01.jpeg" alt="" class="wp-image-6177" style="width:920px;height:auto" srcset="https://contributor-assets.benzinga.com/wp-content/uploads/2025/02/21061321/Imax-China-0221-01.jpeg 855w,https://contributor-assets.benzinga.com/wp-content/uploads/2025/02/21061321/Imax-China-0221-01-300x201.jpeg 300w,https://contributor-assets.benzinga.com/wp-content/uploads/2025/02/21061321/Imax-China-0221-01-768x514.jpeg 768w" sizes="(max-width: 855px) 100vw, 855px" /></figure>
The operator of large-screen theaters said it posted a strong start to 2025 on the success of the blockbuster animated film ‘Ne Zha 2'
<h4 class="wp-block-heading">Key Takeaways:</h4>
<ul>
<li>Imax China's revenue slumped 11% in the second half of last year, accelerating from a 3.1% decline in the first half, as China's box office fell 23% during the year</li>
<li>The large-screen cinema operator said it recorded strong business during this year's Chinese New Year holiday on the success of animated film "Ne Zha 2"</li>
</ul>
The past year has been anything but glamourous for China's film industry, which is reflected throughout the latest&nbsp;<a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0220/2025022000031.pdf">annual earnings announcement</a>&nbsp;from&nbsp;Imax China Holding Inc.&nbsp;(1970.HK), a provider of large screen-technology to Chinese cinemas. But a devil child named Ne Zha, the star of animated blockbuster "Ne Zha 2," has brought a glimmer of hope to both the industry and Imax China, getting the company off to a roaring start in 2025.
Whether the strong start will continue for the rest of the year remains an open question, especially since "Ne Zha" is responsible for more than half of the China box office's record start to 2025. Once that film peters out, it's quite likely the box office will return to its anemic performance that saw ticket sales tumble 23% last year to 42.5 billion yuan ($3.37 billion) as increasingly cautious consumers reined in their spending on non-essentials.
Since we're still in the holiday mood with the Chinese New Year less than a month in the past, we'll begin with the more upbeat part of Imax China's latest annual report that discusses the strong start to 2025 thanks to Ne Zha.
One of the company's two main revenue sources is helping filmmakers produce versions of their films that can be shown on Imax's signature big screens for enhanced viewing. The other comes from fees for providing and maintaining its specialized equipment to theaters.
The company installed its first screens in regular Chinese cinemas in 2011, and initially focused mostly on Hollywood blockbusters that were more suitable for such viewing. But it has gradually increased the share of local Chinese films in its mix, with that total rising from 31.4% in 2019 to 61.5% in 2023. The proportion actually fell back to 44.7% last year as China allowed 39 Hollywood films into the country, after only allowing 22 in 2023.
Luckily for Imax China, "Ne Zha 2" was one of the Chinese films it converted to the Imax format this year, not a surprising choice since the animated film is packed with special effects that lend themselves to big-screen viewing. Among other things, the film has raked in about 60% of the China box office's 20 billion yuan in ticket sales as of Feb. 16, the fastest it has ever reached that milestone.
"Led by the Mandarin-language blockbuster ‘Ne Zha 2,' Imax screens in China have broken all previous box office records for the Chinese New Year period, and have already surpassed the company's best-ever first quarter box office in China (from 2019)," Imax China said in its report. "In fact, in less than three weeks in February 2025, Imax screens in China generated more local language box office than Imax China did in the entire year of 2024."
Investors seemed to focus on this positive part of Imax China's story the day after the report, sending its shares up 2.3% on Thursday, with the shares continuing to rise in early Friday trading. The stock is up 25% over the last 52 weeks, benefitting from a broader rally for China stocks in Hong Kong dating back to last fall.
<h4 class="wp-block-heading">Sagging revenue, profits</h4>
Having covered the Cinderella comeback story for China's box office in early 2025, we'll turn next to the gloomier story of 2024 that takes up the bulk of Imax China's latest report. Making matters worse, the company's situation deteriorated markedly from the first to the second half of the year.
On its top line, the company's revenue in the second half of the year fell 11% year-on-year to $37 million, based on calculations using full-year data and the company's mid-year report. That marked an acceleration from the 3.1% revenue decline in the first half of the year.
Within the total revenue pie, the contribution from the company's content solutions business of converting films into the Imax format dropped nearly 40% year-on-year to $15.5 million for all 2024, making up about 20% of the total. Its technology products and services business did far better, rising 6% for the year to $64.5 million, accounting for the other 80% of the total.
The company had 809 screens in China using its Imax format at the end of last year, roughly the same as the 807 it had a year earlier. But it pointed out it was still aiming to boost that count, with its backlog of planned new screens rising to 237 by the end of last year from 206 a year earlier.
Despite the recent bump from "Ne Zha," the company acknowledged it is facing a difficult market. "The market's slow recovery from the pandemic has caused some exhibitors in Mainland China, including several of the group's exhibitor partners, to experience financial difficulties which, in certain cases, has resulted in delays in meeting payment and Imax system installation obligations to the group," it said. Still, the company appears to be managing that issue well, with its unpaid bills under control on its balance sheet.
Despite a 6.7% revenue contraction for the full year, Imax China's cost of sales actually rose about 14% in 2024, though the company didn't comment on the reasons. But the result was that its gross margin eroded to 54.3% in 2024 from 62.7% the previous year. The margin erosion accelerated in the second half of the year, causing the company's profit to fall 30% year-on-year in the second half of 2024 to $9.6 million. That marked a sharp acceleration from the 9.4% profit decline in the first half of 2024.
Despite its rally over the last year, Imax China trades at a relatively weak price-to-earnings (P/E) ratio of 15, well below the forward P/E of 23 for its Canadian parent&nbsp;Imax Corp.&nbsp;(IMAX.US), and also below the current P/E of 26 for&nbsp;Wanda Film&nbsp;(002739.SZ) and 30 for&nbsp;Bona Film&nbsp;(001330.SZ). Imax Corp. previously tried to privatize Imax China in 2023, but the effort ultimately failed to get the required 75% approval from independent shareholders.
Given Imax China's relatively low valuation and weak prospects, despite the strong start to 2025, we wouldn't be surprised if Imax makes another privatization bid for the company this year or next. If it does, it may offer a bigger premium than it did the first time to win over more investors.

Imax China Roars Into Year Of The Snake After Weak Performance In 2024

Press Releases

IMAX Enhanced Program Expanding to Elevate Live Programming

TOHO Cinemas And IMAX® Expand Partnership With Six New IMAX With Laser Locations Across Japan

IMAX Corporation to Announce First-Quarter 2025 Financial Results and Host Conference Call

IMAX Corporation Reports First Quarter 2025 Results

Management

Calian Announces Appointment to Board of Directors

IMAX To Present at the J.P. Morgan Global Technology, Media, and Communications Conference

Regal Cinemas and IMAX Expand Partnership With Four New Marquee Locations Across Los Angeles, Houston, and Washington, DC Areas

EVT and IMAX Expand Fast-Growing Partnership with Four New IMAX With Laser Locations In Australia

IMAX Delivers Biggest Global Opening of "Mission: Impossible" Franchise with $31 Million Debut of "Mission: Impossible – The Final Reckoning"

IMAX Announces $100 Million Increase to Current Share-Repurchase Program

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