\u3000\u3000 Beijing Enlight Media Co.Ltd(300251) (300251)
Beijing Enlight Media Co.Ltd(300251) disclosed the performance forecast for 21 years, and it is expected to realize the net profit attributable to the parent company of 170-220 million yuan, a year-on-year decrease of 24.4% - 41.6%; The net profit after deducting non-profit was 40 million-90 million yuan, a year-on-year decrease of 61.7% - 83.0%. Split in a single quarter, 21q4 expects a net loss of 330-380 million yuan in a single quarter. The company's 21q4 performance is negative, mainly because the epidemic has had a certain adverse impact on the operation and development of some joint-stock companies. The company has conducted impairment tests on various assets and accrued impairment reserves for a total of 460-490 million yuan. If the impairment reserves are not considered, the company's 21-year net profit attributable to the parent company is 630-710 million yuan, and the main business performance before impairment is in line with expectations.
In terms of film business, the film industry was greatly affected by the epidemic and other factors, some projects were delayed, and the profit of film business decreased year-on-year. The total box office of the films invested, distributed and included in the box office of the company in the past 21 years is about 2.815 billion yuan, of which the films released include "surging crowds", "tomorrow will be fine", "your wedding", "sunshine sisters Amoy", "revolutionaries", "five water throwing teenagers", "manslaughter 2" and "love in years", with a total box office of about 2.793 billion yuan; The films that the company participated in the investment, distribution or promotion, which were released in 2020 and some of which have been included in the box office for 21 years include "King Kong Chuan", "if the voice doesn't remember" and "boniu on the cliff", with a total box office of about 22 million yuan.
The online drama business has developed rapidly, substantial progress has been made in many projects, and the profit of TV drama / online drama business has increased year-on-year. Among them, "mountain and river pillow", "spring feast", "Fuyu saddle" and "Dali Temple log" and other dramas have reached cooperation with relevant video platforms. The shooting of "Fuyu saddle" has been completed and is to be broadcast. The above dramas have not yet reached the revenue confirmation period. The projects confirmed in the 21st year are "mountain and river Moonlight", "Yunding heavenly palace", "unable to look directly", etc. The company's artist brokerage business continued to maintain a good momentum of development, and the profits of related businesses increased by more than 150% year-on-year. The popularity and commercial value of many potential artists of the company continue to improve, and the synergy between film, TV series / online dramas and artist brokerage business is increasing.
Investment companies also achieved good results, with increased investment income and cash reserves. The investment income of participating companies recognized by the company according to the investment proportion and calculated according to the equity method increased significantly year-on-year. The cash dividends received by the company from participating companies increased significantly year-on-year, effectively increasing the cash reserves.
The company continues to promote live action films and animated films, with rich and diversified 22-year reserve projects. The company has made films including "sniper" (22 Spring Festival); "One product in ten years is as warm as words" (February 14, 22); "I really hate long distance love" (May 20, 22), and several films have been produced. The key animated film project "deep sea" is under production. The film production is excellent and worth looking forward to. Investment suggestion: Beijing Enlight Media Co.Ltd(300251) as the leader of film content, we have worked hard for many years to consolidate our advantages and firmly grasp the high-quality track of animation film. We continue to be optimistic about the leading value of the company. In the case that the film market has not fully recovered, the profit performance of the company's main business in 21 years also reflects the high anti risk ability, excellent toughness and profitability of ray as a leading company. Considering the performance forecast, we lowered the company's net profit attributable to the parent company in 21 years to 192 million (the previous value was 696 million), and it is expected that the net profit attributable to the parent company in 22-23 years will be 1.024 billion / 1.201 billion yuan, corresponding to PE of 30.2x/25.7x respectively, maintaining the "buy" rating.
Risk tip: the epidemic situation changes, the film market fluctuates, the launch of film and television projects is delayed, the film box office does not meet expectations, the industry supervision is strict, and the performance forecast is only the preliminary calculation results. Please refer to the official financial report.
