New Guomai Digital Culture Co.Ltd(600640) (600640)
Event: Recently, China's first national industrial investment fund with media integration as the theme] - China Central Television media industry investment fund was officially established in Shanghai. The China Telecom Corporation Limited(601728) group, together with its New Guomai Digital Culture Co.Ltd(600640) as the cornerstone investor of CCTV's financial media industry investment fund, participated in the establishment and establishment of the fund.
comment:
1. The national media convergence fund shows the importance of high-definition, high-speed and full truth media.
Li Qiang, member of the Political Bureau of the CPC Central Committee and Secretary of the Shanghai municipal Party committee, Vice Minister of the Propaganda Department of the CPC Central Committee and director of the Central Radio and television station, unveiled the fund, demonstrating the state's attitude towards the importance and utilization of the trend of media integration. China Central Television media industry investment fund is jointly initiated and established by China International Television Corporation affiliated to China Central Radio and television, as well as 26 enterprises such as China Telecom Corporation Limited(601728) and China cultural industry investment master fund, with a total scale of 10 billion yuan and an initial scale of 3.7 billion yuan. The fund mainly invests in 5g, ultra-high definition, artificial intelligence, cloud computing, blockchain and other cutting-edge technology applications, supports new media and new formats, and comprehensively promotes benefit improvement. China Telecom Corporation Limited(601728) the group said it would accelerate scientific and technological innovation and industrial integration, and strengthen the development of scientific and technological innovation and media integration. New Guomai Digital Culture Co.Ltd(600640) will seize the wave of digital revolution, give play to the advantages of cloud network integration of China Telecom Corporation Limited(601728) , and unswervingly and solidly build a new digital culture infrastructure of "5g + media cloud + AI computing network".
2. Financial media fund converges with New Guomai Digital Culture Co.Ltd(600640) gene to enhance the value of the company's new media platform.
After the strategic adjustment of New Guomai Digital Culture Co.Ltd(600640) , it is committed to becoming the strategic positioning of "leading digital culture technology company and CICT (content culture integration service) Company of China Telecom Corporation Limited(601728) group". The investment direction of financial media fund is culture and Internet economy, including but not limited to 5g + 4K / 8K (Ultra HD field) + AI, sports industry, entertainment industry, education industry, digital technology, enterprise services, content payment, etc. Most of the investment directions are similar to New Guomai Digital Culture Co.Ltd(600640) three main business lines: digital content, digital cultural tourism and digital marketing.
5g core applications are metacosmic applications at the C-end, and most scenes are new media forms such as arvr HD video. New Guomai Digital Culture Co.Ltd(600640) strategically, the company has actively implemented the requirements of "cloud to digital transformation" of Telecom Group. The company has been adjusted to a digital culture company, focusing on three digital business segments: digital content, digital marketing and digital cultural tourism. As + culture focus can better reflect 5g's core and company gene, these three 5g application sectors will help the company further expand market scale, continuously improve product capacity, and cooperate with all parties in the industrial chain to expand the financial media industry.
3. It is conducive to the flexible promotion of the company's mixed reform and enhance the value of the company's capital platform.
New Guomai Digital Culture Co.Ltd(600640) as a limited partner, it plans to subscribe 200 million yuan; The company's actual controller China Telecom Corporation Limited(601728) Group Investment Co., Ltd., a wholly-owned subsidiary of China Telecom Corporation Limited(601728) Group Co., Ltd., as a limited partner, plans to subscribe RMB 400 million. It can give full play to the advantages of all parties, improve New Guomai Digital Culture Co.Ltd(600640) 's foreign investment capacity, and further implement the company's strategic layout.
In recent years, the company has steadily promoted the mixed reform. With the help of the national platform, it will have more interaction and cooperation with more cornerstone investment institutions, expand the industrial influence and business boundary of New Guomai Digital Culture Co.Ltd(600640) , and play a good role in capitalizing the operation of new business and optimizing the company's business development gene.
4. The expansion of digital culture and technology will consolidate the company's media image.
The company's three core business capabilities of cloud VR, Ultra HD and cloud games are expected to become scarce content assets in 5gembb scenarios.
The company's digital content sector creates a unified platform and unified entrance for the digital content center, and speeds up the upgrading of the ability of "platform + terminal + application + content + ecology". Dig deep into vertical innovation fields and derivative business markets to expand revenue scale. As of June 2021, the number of registered users of Tianyi Ultra HD, Tianyi cloud VR and Tianyi cloud game has exceeded 60 million, 20 million and 20 million respectively
The cultural tourism sector of the company will continue to integrate 5g + AI, XR digital twin, AR, VR, live broadcasting and other core capabilities, and give full play to the differentiated advantages of one-stop marketing communication. With the recovery of the epidemic, the income increased year-on-year. The cooperative customers of digital exhibition cover multiple vertical industries, serving 10 million customers and 50 million customers; In the first half of the year, digital commerce has landed more than 300 commercial complexes across the country and carried out more than 600 activities; In the first half of the year, the digital cultural museum reached a strategic cooperation with China Heritage daily to jointly promote the mass communication of cultural heritage.
The digital marketing sector will give full play to the advantages of operating resources, integrate the capabilities of points, rights and interests, big data and integration, and form diversified digital marketing products and capability output.
5. Investment advice
In 2022, China's 5g network will achieve national coverage, the parent company's revenue and profit will enter the stage of rapid growth, 5g applications will enter the outbreak period, the company's special card position and China Telecom Corporation Limited(601728) have strong synergy advantages, and the operation of digital platform has scarcity and scale effect. It is estimated that from 2021 to 2023, the company's operating revenue will be 4.821 billion, 5.708 billion and 6.552 billion, and the net profit attributable to the parent company will be 96 million, 198 million and 272 million. The corresponding PE is 126 / 61 / 45. Continue to recommend and give a "buy" rating.
Risk warning: the platform construction is not as expected; The development of 5g digital users is less than expected; The promotion of mixed reform was less than expected.
