Market review: this week, the performance of the media sector was weak, down 4.14%, underperforming the gem by about 1.11 percentage points (the gem index fell 3.03%); Outperformed the market by about 0.08 percentage points (CSI 300 fell 4.22%).
Industry segments: (1) the game index outperformed the market: the CITIC game index (ci005577) fell 4.02%, and the CSI 300 index fell 4.22%. The CITIC game index rose 0.2% relative to the CSI 300 index. (2) The advertising index underperformed the market: the CITIC advertising index (ci005847) fell 4.57%, and the CSI 300 index fell 4.22%. The CITIC advertising index fell 0.35% relative to the CSI 300 index. (3) The sports index underperformed the market: the CSI sports index (399804) fell 5.72%, and the CSI sports index fell 1.5% relative to the CSI 300 index. (4) A-share education companies underperformed CSI 300, while Hong Kong stock education companies underperformed Hang Seng Index. The CITIC education index (ci005816) fell 9.56%, the CSI 300 index fell 4.22%, and the CITIC education index underperformed the CSI 300 index by 5.34%.
Film and television: (1) the box office this week was 2013334 million yuan, of which the box office of “shuimen bridge of Changjin Lake” this week was 543035 million yuan, ranking first in the total box office this week. (2) Ten new films will be released next week, including “mysterious sea”, “new Batman” and “cloister Pavilion”.
Games: (1) lightforge games announced the completion of a round of financing of US $15 million. Lightforge’s latest financing was led by bitkraft ventures, and Galaxy interactive, Netease and duneventures co invested (2) yuan, like xverse, completed a financing of US $120 million. This round of financing is led by Sequoia China, followed by Temasek and CPE Yuanfeng, and the old shareholders Gaorong capital, Wuyuan capital and Gaoling venture capital have continued to increase their weight and follow up since the angel round.
Sports: (1) WNBA announced to establish a multi-year cooperative relationship with Bank of America, which will become the official Bank of WNBA. The basis of the cooperation between the two sides will be to create a new alliance wide financial health project in which bank of America will provide benefits and resources. (2) The English Football League (EFL) has established a new partnership with the construction company jewson. As the official supporter of EFL, jewson will have a strong influence in the championship, League one and League two, as well as the Wembley finals of EFL, including the Carling Cup, the John’s cup and the promotion and demotion play offs.
Education: (1) the 2022 government work report was issued. Premier Li Keqiang talked about the focus of work in 2022: promoting education equity and quality improvement, and implementing the fundamental task of Building Morality and cultivating people. (2) Gaotu’s revenue in fiscal year 2021 was 6.562 billion yuan, and its net profit in 21q4 reversed its loss year-on-year. Gaotu’s revenue in 2021q4 was 1.274 billion yuan and its net profit was 286 million yuan. In 2021, gaotu achieved an annual revenue of 6.562 billion yuan, compared with 7.125 billion yuan in 2020, a year-on-year decrease of 7.9%.
Key investment points: it is recommended to pay attention to Mango Excellent Media Co.Ltd(300413) ( Mango Excellent Media Co.Ltd(300413) ).
Risk tip: media policy tightening risk; Risk of business integration or less than expected; New business development is less than expected risk; The content response is less than the expected risk.
