Key investment points:
From January 4 to January 7, the media sector rose 0.84%, outperforming the weekly rise and fall (- 1.65%) of the Shanghai Composite Index by 2.49pct; Outperformed the gem index by 7.64pct in one week (- 6.80%); Outperformed the CSI 300 index by 3.23pct (- 2.39%) in a single week, ranking 12th in the weekly rise and fall of CS class I industry and in the top position in the middle, ranking 8 lower than that in the previous period.
As of January 10, 2022, the valuation of the sector is 24.10 times (TTM, overall method, excluding negative values), 86% of the average p / E ratio of the past five years and 91% of the median, which is close to the Q4 valuation level in 2018 and still at a low level.
Recent recommendations focus on:
1) game section. For the game sector, it is recommended to grasp the main lines such as sea going strategy, cloud games, VR / AR, online cycle and market performance of game products. Game products can be regarded as the primary application form of meta universe, containing more concepts and necessary technologies of meta universe. All technical reserves in the game R & D process can be used for the R & D and construction of meta universe platform in the future. The leading manufacturers have strong competitive advantages in expanding overseas markets, product R & D capabilities, coping with regulatory policies and new technology accumulation. It is mainly recommended to recommend R & D providers with strong R & D capabilities and high-quality game output capabilities.
2) film section. The total box office of the new year's Day program exceeded 1 billion yuan, which fell back to a certain extent compared with the new year's Day program in 2021. In addition to the fluctuation of film content quality, we believe that the repeated epidemic in some areas may also have a negative impact. The Spring Festival is coming soon after January. At present, the films scheduled for the Spring Festival include 12 films such as super family, miracle, four seas, the killer is not calm, bear haunt · return to the earth and sniper. The content is relatively rich, and the themes are mostly comedy themes and family fun types, which is expected to drive the viewing demand during the Spring Festival.
3) virtual human technology. At present, virtual human technology has been applied in large-scale programs on mainstream media platforms, including the new year's Eve Party of major satellite TV and the new variety show of Hunan Satellite TV. As one of the bottom technologies of the meta universe, virtual human technology is expected to enter a rapid development track.
4) intellectual property protection. On December 24, the National Copyright Administration issued the 14th five year plan for copyright work, which puts forward 26 key tasks from six aspects, aiming to comprehensively strengthen copyright protection, accelerate the development of copyright industry, promote high-quality development, and build an innovative country, a cultural power and a strong intellectual property country. It focuses on the development and application of new technologies such as big data, artificial intelligence and blockchain to improve copyright protection.
It is recommended to pay attention to the head companies in the subdivided field of the media sub section: Perfect World Co.Ltd(002624) , Wuhu 37 Interactive Entertainment Network Technology Group Co.Ltd(002555) , G-Bits Network Technology(Xiamen)Co.Ltd(603444) , Wanda Film Holding Co.Ltd(002739) , Beijing Enlight Media Co.Ltd(300251) , Focus Media Information Technology Co.Ltd(002027) , Mango Excellent Media Co.Ltd(300413) , Beijing Zhidemai Technology Co.Ltd(300785) , Citic Press Corporation(300788) , etc.
Risk tips: repeated epidemic situation and virus mutation risk; The tightening of regulatory policies exceeded expectations; Intensified market competition; Goodwill impairment risk; The quality of output content is lower than expected; The characteristics of project system lead to the fluctuation of the company's performance
