Key investment points
From March 21, 2022 to March 27, 2022, Shenwan media industry fell by 0.66%, stronger than CSI 300 (- 2.14%) and gem (- 2.80%). Among the sub sectors, the digital reading sector, picture sector and e-commerce industry chain sector led the increase, while the advertising and marketing sector, education and publishing sector, cinema sector, radio and television sector and 2b sector led the decrease. Among SW media, Guomai Culture & Media Co.Ltd(301052) , Hubei Radio & Television Information Network Co.Ltd(000665) , Shunya International Martech (Beijing) Co.Ltd(300612) , St Zhongchang and Zhejiang Talent Television & Film Co.Ltd(300426) ; The biggest declines were ST egger, ST Changdong, ST youjiu, ST Chenxin and golden years.
Key data tracking: 1) from March 21, 2022 to March 27, 2022, a total of 0 new game versions were approved. According to our statistics, after the resumption of the edition number in 2018, 56 batches of 3352 Chinese Games were actually approved from the beginning of 2019 to March 27, 2022. Among them, 30 batches have been approved since 2020, with a total of 1987 Chinese games. In 2021, the number of reviewed Tencent, Netease and Perfect World Co.Ltd(002624) Games was 20, 10 and 2 respectively, while G-Bits Network Technology(Xiamen)Co.Ltd(603444) and Wuhu 37 Interactive Entertainment Network Technology Group Co.Ltd(002555) games were 7 and 2 respectively. 2) From the perspective of variety shows, the number of main variety shows broadcast on each platform from March 21, 2022 to March 27, 2022 is small. Mango TV entered the top 50 this week with 3 variety shows, and “we in the workplace · forensic season” ranked No. 6 in the whole network this week Tencent video has two main variety shows this week, and “Shining Days” ranked 25th in the whole network at the weekend Iqiyi has no major variety shows this week. Youku mainly has 3 variety shows, and the variety show “I haven’t been in love” ranks No. 12.3 in the whole network). From March 21, 2022 to March 27, 2022, iqiyi, Tencent video and Youku Video performed well, with 8, 7 and 6 episodes each entering the top 20, and 2 episodes of mango TV entering the top 20.
Investment suggestion: the fund’s attention to media investment continues to rise, and we are optimistic about the overall performance of the media sector in 2022. Investors are advised to grasp the media investment opportunities from three main lines: 1) the market expects that the game version number will resume in April. The short-term game sector is a sector with high winning rate and return, and the game duration increases under the superposition of the epidemic. It is recommended to [ Wuhu 37 Interactive Entertainment Network Technology Group Co.Ltd(002555) ], [ G-Bits Network Technology(Xiamen)Co.Ltd(603444) ], and it is recommended to pay attention to [ Shanghai Yaoji Technology Co.Ltd(002605) ]
Etc; 2) It is suggested to pay attention to the rebound opportunities of institutional heavy warehouse stocks with large decline in the early stage, and recommend [ Mango Excellent Media Co.Ltd(300413) ] and [ Focus Media Information Technology Co.Ltd(002027) ]. Mango is expected to launch heavy variety shows such as sound and sister 3 successively from April Focus Media Information Technology Co.Ltd(002027) in the short term, affected by the epidemic, the performance is sluggish, but there are loose expectations for follow-up policies and money, and focus is expected to rebound; 3) Continue to be optimistic about the implementation and development of projects in the digital economy this year, and enterprises and capital will resonate and accelerate industrial development. Recommend virtual human leader [ Bluefocus Intelligent Communications Group Co.Ltd(300058) ], NFT leader [ Visual China Group Co.Ltd(000681) ] and small and beautiful public publishing company [ Guomai Culture & Media Co.Ltd(301052) ].
Game sector: game going to sea + high-quality R & D + pattern improvement is the long-term main line of industry development: the global mobile game market maintained a growth trend in the first quarter, and the continuous and brilliant achievements in going to sea in February defined the direction for the game industry; The sector has continued to improve since the second half of 2021, with Xinyou online and purchase volume recycling leading the industry to improve. The increasingly clear regulatory system and audit standards are expected to promote the healthy development of the industry. R & D leaders [ Wuhu 37 Interactive Entertainment Network Technology Group Co.Ltd(002555) ], [ G-Bits Network Technology(Xiamen)Co.Ltd(603444) ], it is recommended to pay attention to [ Shanghai Yaoji Technology Co.Ltd(002605) ], [ Zhejiang Century Huatong Group Co.Ltd(002602) ], [ Kingnet Network Co.Ltd(002517) ], [ Hangzhou Electronic Soul Network Technology Co.Ltd(603258) ].
Video sector: in 2021, [ Mango Excellent Media Co.Ltd(300413) ] core main business revenue bucked the trend and achieved a gratifying growth of 24.28%, of which the advertising revenue and the number of effective members increased by more than 30%; The company continues to expand live entertainment, launch digital collections and digital virtual hosts, and actively layout cutting-edge technologies; The company takes the initiative to upgrade the benchmark program, trying to create a high-quality variety show with clear guidance and reflect a strong sense of compliance. Mango Excellent Media Co.Ltd(300413)
It has the potential for sustained growth. Since the broadcast of the annual drama Shangshi on February 22, it has continued to rank the top. On March 19, we in the workplace · forensic season was launched, focusing on real social cases in the forensic industry and landing at the top 1 of the variety influence list; Great works such as “sound generation”, “riding the wind and waves” are ready to go. Q2 performance is expected to grow rapidly. It is recommended to pay attention to the layout.
Life circle media: with the rapid rise of traffic cost and the prominent cost performance of ladder media advertising, [ Focus Media Information Technology Co.Ltd(002027) ] leads the ladder media track, accelerates the transfer to consumer customers, enjoys the dividends of new consumption, new energy, the rise of national tide and price increase, and has excellent long-term value. The strategy of expanding domestic demand is expected to strengthen the consumption and delivery logic of ladder media advertising and bring more than expected performance release. Focus plans to land on the Hong Kong stock exchange, which will help broaden financing channels, explore overseas markets, take the road of internationalization and open the ceiling of growth.
Risk tip: the policy supervision is stricter, the progress of game version number is lower than expected, the broadcasting effect of film and television drama is lower than expected, and the macro-economic fluctuation
