\u3000\u30 Beijing Telesound Electronics Co.Ltd(003004) 13 Mango Excellent Media Co.Ltd(300413) )
Mango Excellent Media Co.Ltd(300413) disclosed the performance express for 21 years, which is expected to achieve an operating revenue of 15.35 billion yuan, a year-on-year increase of 9.62%, an estimated net profit attributable to the parent company of 2.114 billion yuan, a year-on-year increase of 6.63%, and a net profit of 2.078 billion yuan after deduction, a year-on-year increase of 12.53%; Split in a single quarter, the expected revenue of 21q4 in a single quarter was 3.72 billion yuan, a year-on-year decrease of 17.9%, and the net profit attributable to the parent was 134 million yuan, a year-on-year decrease of 63.9%. The guidance on net profit attributable to the parent company is located on the upper line of the performance forecast, which is in line with expectations.
The company's core main business mango TV Internet video business (advertising + member + operator business) maintained steady growth, realizing an operating revenue of 11.261 billion yuan, a year-on-year increase of 24.28%.
The company's advertising business revenue in 21 years was 5.453 billion yuan, a year-on-year increase of 31.75%. In the past 21 years, the company has developed 118 new advertisers. The investment amount of "sister 2 riding the wind and waves" has reached the highest in the industry, and the amount of advertising investment of integrated N-generation high-quality IP project has increased steadily.
The company's member income in 21 years was 3.688 billion yuan, a year-on-year increase of 13.3%. Mango TV21 had 50.4 million effective members at the end of the year, up 39.5% year-on-year; Mango TV announced price adjustment from January 2, 2022, which is expected to promote the recovery of ARPU in 22 years and subsequent years.
In the past 21 years, the business income of operators of the company was 2.12 billion yuan, with a year-on-year increase of 27.17%. In terms of national business, carry out in-depth strategic cooperation with China Mobile Migu culture around large screen business and 5g innovation business, strengthen business expansion in all provinces, and achieve in-depth coverage of content basic package and value-added package; In terms of business in the province, business income is increased through "offline promotion + Intelligent Recommendation + business innovation".
In new business areas, the company promoted the development of Xiaomang app, a "e-commerce platform for trendy domestic content", with a peak daily activity of 1.26 million in 21 years. In terms of live entertainment, the company relies on high-quality content such as "detective" and "escape from the chamber of secrets", extends IP from online to offline, and creates a new brand m-city.
2022 will be rich in content reserves, laying the foundation for growth in the new year. Mango TV has 26 variety show production teams and has launched more than 40 homemade variety shows in 21 years. The 22-year "comprehensive n generation" reserves include "sister 3 riding the wind and waves", "brother 2 cutting through thorns", "detective 7", etc. The new variety track includes "endless sound", "delayed departure in spring", etc. In terms of dramas, mango TV has 29 film and television production teams and 34 "new mang plan" strategic studios. In 21 years, mango TV has launched 170 film and television dramas, including 55 key film and television dramas and 84 "big mang plan" mini dramas. The 22-year reserve includes Shangshi (online), juvenile school 2, Zhang Weiguo's summer, wife's choice, etc.
Investment suggestion: mango's competitiveness in the field of long video platform has been continuously improved, and the new format of the drama, e-commerce, offline entertainment and the layout of meta universe have been actively promoted, which will help users break the circle and explore diversified realization modes. The company's short-term performance is under pressure, but we believe that mango's core business is still on the track of healthy development. At the same time, as a media platform with state-owned background, it benefits from the integration of state-owned media and the Internet antitrust policy of private enterprises. Considering the performance express, we fine tuned the company's performance and expected the net profit attributable to the parent company to be RMB 2.11 billion / 2.54 billion / 3.09 billion from 21 to 23, with a year-on-year increase of 6.63% / 20.2% / 21.8%, maintaining the buy rating.
Risk tip: the growth of members and traffic does not meet expectations, the progress of the project does not meet expectations, the willingness of advertisers to launch is uncertain, the supervision of industry and Internet platform is becoming stricter, and the performance express is only the preliminary calculation result. Please refer to the annual performance announcement.
