Core view
In February, it lost the market performance, and the concepts of counting from the east to the West and Winter Olympics performed well. In February, the media sector (CITIC media index) fell by 1.37, losing the CSI 300 index by 1.76 percentage points. Among the 30 industries at CITIC level, the media sector ranked 27th. The performance of individual stocks was significantly differentiated, and the concepts of counting East and West and Winter Olympics performed well.
In terms of performance of individual stocks, St Zhongying, St bus, Lecron Industrial Development Group Co.Ltd(300343) , Guizhou Bc&Tv Information Network Co.Ltd(600996) , Beijing Yuanlong Yato Culture Dissemination Co.Ltd(002878) etc. performed well. In terms of theme, the concept of counting from the east to the West and Winter Olympics ranked first; St youjiu, H&R Century Union Corporation(000892) , Wuhu 37 Interactive Entertainment Network Technology Group Co.Ltd(002555) , Wuhan Ddmc Culture & Sports Co.Ltd(600136) and others led the decline.
Prospect of annual report performance: build the bottom and repair, and grasp the layout opportunity after correction. Continuous bottom building and repair of performance: 1) a total of 97 listed companies in the A-share media sector have published 21 year performance forecasts / express reports. In terms of sub sectors, among the listed companies that have disclosed performance forecasts, the print media, film, television and animation sectors have improved significantly, and the internal performance growth rate of the game sector has been significantly divided; In terms of the overall trend of repairing the bottom in the past 20 years, the performance of the sector has gradually continued. The valuation is at the bottom and grasp the adjusted layout opportunity. 1) Since the beginning of the year, affected by factors such as the ebb tide of the theme speculation of the meta universe, the A-share media sector fell 15.1% from January to February, ranking the last in all industries; 2) In terms of valuation, the current valuation of the media sector is also at the bottom of history; 3) Driven by the theme of metauniverse and the expected stability of regulatory policies, the sector has the possibility of improving its performance and valuation. At the current time point, it is suggested to grasp the adjusted medium and long-term layout opportunities.
Industry dynamics: keep submitted the prospectus, the trend of metauniverse industry was upward, and mobile games increased month on month in January. 1) Keep submits a prospectus to list Hong Kong stocks; 2) The trend of the production period of yuancosmos is upward. South Korea has increased the investment of yuancosmos, Tencent has taken the lead in establishing the international standard of the first blockchain digital collection, and MIHA tour has released the brand of yuancosmos; 3) In January, the game data warmed up and continued to pay attention to the opportunities at the bottom of the game sector.
Investment view: grasp the adjusted layout opportunity and continue to be optimistic about the direction of the meta universe. 1) continue to look for Kwai break industry leading repair possible, recommend subdivision sector leader Wuhu 37 Interactive Entertainment Network Technology Group Co.Ltd(002555) , Mango Excellent Media Co.Ltd(300413) , Focus Media Information Technology Co.Ltd(002027) , etc., Hong Kong stock concern fast, beep, and bubble Matt and so on. 2) The theme of yuancosmos has been fully adjusted, and it is expected to run through the whole year in the medium and long term. The segmentation continues to be optimistic: a) the game valuation and performance continue to improve, recommend Wuhu 37 Interactive Entertainment Network Technology Group Co.Ltd(002555) , G-Bits Network Technology(Xiamen)Co.Ltd(603444) , and pay attention to Zhejiang Century Huatong Group Co.Ltd(002602) , Shanghai Yaoji Technology Co.Ltd(002605) and other targets; b) As an important carrier of the meta universe, VR is expected to accelerate its application, focusing on Shanghai Fengyuzhu Culture Technology Co.Ltd(603466) , Hangzhou Shunwang Technology Co.Ltd(300113) , etc; c) NFT of digital assets is expected to generate more application fields, focusing on Visual China Group Co.Ltd(000681) , Zhejiang Huace Film And Tv Co.Ltd(300133) , Fubo group, etc; d) Virtual digital people usher in the application outlet, bottom marketing companies and film and television content companies usher in the possibility of upward valuation, and pay attention to Bluefocus Intelligent Communications Group Co.Ltd(300058) , Three’S Company Media Group Co.Ltd(605168) and other marketing industry chain targets.
Key recommended portfolio: the portfolio in February was Wuhu 37 Interactive Entertainment Network Technology Group Co.Ltd(002555) , Mango Excellent Media Co.Ltd(300413) , which was significantly adjusted in Wuhu 37 Interactive Entertainment Network Technology Group Co.Ltd(002555) February due to the rumor of version number policy; In March, the investment portfolio was Wuhu 37 Interactive Entertainment Network Technology Group Co.Ltd(002555) , Focus Media Information Technology Co.Ltd(002027) , Mango Excellent Media Co.Ltd(300413) , Visual China Group Co.Ltd(000681) and Kwai.
Risk tips: performance is lower than expected, technological progress is lower than expected, regulatory policy risk, etc
