Mango Excellent Media Co.Ltd(300413) (300413)
Event: Hunan Radio and television, the major shareholder of the company, launched a new and revised product Hello Saturday Co.Ltd(002291) of happy base camp, which was launched on January 1, 2022, and the virtual host Xiaoyang joined.
Xiaoyang joined Hello Saturday Co.Ltd(002291) , and the main and branch tasks coexist. The virtual host Xiao Yang appears in the program and mainly undertakes two program responsibilities: 1) main task: as a resident host, interact with other hosts and undertake string work; 2) Branch task: Xiaoyang's role positioning internship host needs to learn and grow by completing various tasks and become a qualified host. Hello Saturday Co.Ltd(002291) includes the virtual human Xiaoyang as the resident host. The main task and branch task coexist to increase the interest of the program.
The first show of Hello Saturday Co.Ltd(002291) has a good audience rating, and it is super fast in the later stage of this year. After the launch of Hello Saturday Co.Ltd(002291) , Hunan Satellite TV ranked the top three in terms of attention, accounting for about 6%. According to kuyun data, the average attention of the first program is 1.1%, and the peak attention is 1.54%. In contrast, since 2021, the express has broadcast 39 issues, with an average attention of 0.91%. In terms of playback volume, according to the data of Yien, the cumulative playback volume of Hello Saturday Co.Ltd(002291) has reached 53 million by 20220103; Its first performance also exceeded the average performance of the happy base camp last year. The first day of Hello Saturday Co.Ltd(002291) was 9.48 million, while the average broadcast volume of the 39 Express Edition in 2021 (every Saturday) was 6.6 million.
The transition from kuaben to hello Saturday Co.Ltd(002291) shows the expansion of stars to the public. Kuaben focuses on the role of star work publicity. The frequency of popular stars or traffic stars as guests is relatively high, and the concentration of fans in the audience is high; Hello Saturday Co.Ltd(002291) pays more attention to the inclusion of relevant topics of powerful stars, and also provides a performance stage for roles such as the air force and national artists, which is expected to break the circle among the audience. We believe that the quick edition of Hello Saturday Co.Ltd(002291) is the first performance of Hunan Radio and television system in actively responding to the national control of traffic stars and undertaking the role of state-owned media platform in promoting mainstream values; Secondly, digital hosts, grassroots stars and other richer elements are added, which is expected to attract more viewers and help improve ratings; Finally, Xiaoyang is the first resident virtual host of popular variety show. Mango TV also announced the virtual human "Yaoyao" at the end of September 21, which reflects that Mango Excellent Media Co.Ltd(300413) has a first mover advantage in the process of virtual human marketization and commercialization, which is conducive to opening the imagination space of virtual human and other meta universe related layouts.
Profit forecast and investment suggestions. It is estimated that the company's EPS from 2021 to 2023 will be 1.3 yuan, 1.71 yuan and 1.97 yuan respectively, and the corresponding PE will be 44 times, 33 times and 29 times. Considering that the company's business is on track and the meta universe layout is gradually improved, we maintain the investment rating of Mango Excellent Media Co.Ltd(300413) "buy".
Risk warning: the risk that the product effect is not as expected and the risk of national policy adjustment.
