\u3000\u30 Beijing Telesound Electronics Co.Ltd(003004) 13 Mango Excellent Media Co.Ltd(300413) )
Event: according to the official platform of mango TV, mango TV launched the script copyright trading platform; Mango TV's self built blockchain has been deployed, and it is planned to launch the digital collection platform.
Mango TV launched a script copyright trading platform to reduce the cost of copyright trading. Mango TV's first script copyright trading platform "drama mang", which provides anti-theft version protection, one-stop version number registration, support for remote Book testing, zero fee, high-quality IP cooperation and other services. First of all, the drama platform has the only certificate for script copyright trading, which can effectively prevent piracy; Drama mang supports remote Book testing, providing online convenient book testing, live broadcast implementation of war watching, DM convenient management and other functions; Drama mang protects the rights and interests of stores and distributors, and provides rights and interests such as limited time, zero cost audit and zero cost settlement; Drama mang cooperates with many high-quality IP, including detective, escape from the chamber of secrets, Yanxi strategy, etc. Mango TV's online script copyright trading platform is conducive to promoting fair and transparent copyright trading, reducing costs in the transaction process, promoting reasonable pricing of script copyright and reasonable distribution of revenue. As a leading copyright content party, the company's high-quality IP is expected to cooperate with the platform to enrich copyright and produce greater efficiency in the future.
Mango TV plans to launch the digital collection platform, which has strong synergy with the existing business. Mango TV blockchain is initially named Guangguang chain and adopts tbft consensus algorithm. The digital collection platform will be based on Guangguang chain. Preparations will begin in July 2021 and will be launched in March 2022. The digital collection platform is not only another layout attempt of the company in the meta universe field, but also can produce good synergy with existing businesses. In terms of mango TV, by the end of 2021, mango TV has more than 50.4 million effective members, and users under the age of 24 account for more than 65%. This part of users will provide a natural flow pool for the digital collection business; At the same time, the digital collection platform can expand the influence of mango TV brand, deeply operate existing users and improve the commercialization ability. In terms of Xiaomang e-commerce, the digital collection platform will be embedded not only in mango TV, but also in Xiaomang e-commerce. Users who buy the first batch of digital collections will receive certain special rights and interests, or will be linked with other functions in the future.
Profit forecast and investment suggestions. It is estimated that the company's EPS from 2021 to 2023 will be 1.13 yuan, 1.25 yuan and 1.43 yuan respectively, and the corresponding PE will be 28 times, 25 times and 22 times. Considering that the company has rich product lines in 2022, the negative impact of stable macroeconomic growth on advertising business gradually subsides, and Xiaomang e-commerce is on the right track, we maintain the investment rating of Mango Excellent Media Co.Ltd(300413) "buy".
Risk tip: the risk that the product effect is less than expected, the risk of national policy adjustment, and the risk that the development of Xiaomang e-commerce is less than expected.
