Key investment points:
Film market
In March 2022, the monthly ticket room was about 912 million yuan, with a significant decline, mainly due to the repeated impact of the epidemic in some parts of the country. The top three films in box office revenue were 182 million for “shuimen bridge of Changjin Lake”, “131 million for this killer not too calm” and 120 million for “new Batman”. The overall competitiveness of the films that have been scheduled in April is acceptable. The imported films “magical animals: the mystery of Dumbledore” and domestic films “marginal Walker”, “I really hate long-distance love” and “Hello, brother” are expected to have a certain box office influence and are expected to support the box office revenue in April.
Mobile Internet
By the end of December 2021, the number of mobile Internet users in China reached a record high of 1.174 billion, and the growth rate of users continued to decline, indicating that the number of mobile Internet users in China has tended to be stable; In December, most of China’s mobile Internet industry maintained a growth trend, among which the growth rate of life service, automobile service and intelligent equipment industry was the most prominent, with five industries with a scale of more than one billion; In December, among the segments of China’s mobile Internet industry, the monthly active net increase in shopping consumption and living services led the growth of users, and the development of Chinese residents’ digital life has entered an era of comprehensiveness; In December, the overall use time of short videos by Chinese mobile Internet users has exceeded that of instant messaging, becoming the industry with the longest use time of users, with a rapid growth momentum.
Investment advice
In March 2022, the cultural media industry was relatively neutral under the influence of the market downturn, and some of the oversold meta universe concept stocks in the industry were active, mainly due to the continuous emergence of favorable policies and themes in meta universe. Strategically, this month we continue to suggest that the central line pay attention to the driving role of the theme of metauniverse in the industry. The 2022 global metauniverse conference hosted by China Mobile Communications Federation will be held on April 20, which will also be good for metauniverse. Second, the current performance intensive disclosure period has entered. We suggest paying attention to the relevant undervalued leading companies with excellent performance in the annual report of 21 years and the first quarter report of 22 years. The short-term operation of some companies fluctuated slightly due to the epidemic, the current valuation is at a historically low position, and the investment value from the long-term perspective has not changed; Third, we suggest paying attention to the radio and television sector. The industry valuation is relatively low. The continuous integration of the national one network will form a strong support for the overall competitiveness of the industry in the future. To sum up, we continue to maintain the “optimistic” investment rating of the media industry and recommend Focus Media Information Technology Co.Ltd(002027) ( Focus Media Information Technology Co.Ltd(002027) ), Guangzhou Jinyi Media Corporation(002905) ( Guangzhou Jinyi Media Corporation(002905) ), G-Bits Network Technology(Xiamen)Co.Ltd(603444) ( G-Bits Network Technology(Xiamen)Co.Ltd(603444) ), Wasu Media Holding Co.Ltd(000156) ( Wasu Media Holding Co.Ltd(000156) ), China Film Co.Ltd(600977) ( China Film Co.Ltd(600977) ).
Risk tips
Industry policies continue to be tightened, industry development fails to meet expectations, industry competition continues to intensify, and the black swan incident continues to have an impact
