investment strategy
The overall performance of the industry is in the bottom recovery stage. From the performance of the cultural media industry in the first three quarters of 21 years, we believe that the overall fundamental performance of the cultural media industry is in the stage of continuous recovery at the bottom, and the performance improvement of each sub industry is obvious, but the range is differentiated. Therefore, it is necessary to clearly define and judge the follow-up operation of sections and individual stocks. Combined with the summary results, we believe that the two sub industries of culture and entertainment and advertising marketing have relatively strong steady growth ability. There is still room for improvement in valuation. It is recommended to pay attention to growth leading companies. By the end of November 2021, excluding the negative value, the TTM of the cultural media industry as a whole was about 20.59 times, and the valuation premium rate compared with CSI 300 was about 168.08%. The absolute valuation and valuation premium rate were at a historically low level. Based on the analysis of industry fundamentals and market sentiment, we believe that the overall demand of the industry has not changed in the long term, the differentiation effect of the epidemic on the internal fundamentals of the industry is obvious, and the relative advantages of leading companies continue to increase. Therefore, we believe that there is still some room for improvement in the relative valuation of leading stocks.
Recommend high-quality leading stocks with strong performance certainty, and pay attention to the theme performance opportunities of meta universe and sports industry. We suggest that we can continue to focus on the game sector leader with certain advantages in valuation and good overall performance in the medium and long term in 22 years; The main line of performance growth can focus on: (1) the marketing industry leader with stable industry prosperity and benefiting from the performance increment contributed by new media marketing is expected to continue to maintain good performance growth in 22 years; (2) in terms of theme, it is suggested to focus on the leading companies in the mobile game industry due to the favorable theme of yuancosmos and the correction of valuation to a relatively low level; (3) It is suggested to pay attention to the relevant leaders in the sports industry that are favorable due to the holding of the 22nd Winter Olympic Games and other competitions. In conclusion, we continue to maintain the “optimistic” investment rating of the media industry.
Risk tip: macroeconomic downturn; Major policy changes in the industry; Industry operation data does not meet expectations; The company’s performance did not meet expectations, and the epidemic control process was lower than expected
