\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 037 Beijing Gehua Catv Network Co.Ltd(600037) )
Event overview
On the evening of April 15, 2022, Beijing Gehua Catv Network Co.Ltd(600037) released its annual report. In 2021, the company achieved an operating revenue of 2.552 billion yuan, a year-on-year decrease of 0.93%, and a net profit attributable to the parent company of 209 million yuan, a year-on-year increase of 27.42%; It is proposed to distribute a cash dividend of 0.46 yuan (including tax) to all shareholders for every 10 shares.
The gross profit margin is low, and the R & D products are implemented
According to the 2021 annual report, the company's overall gross profit margin was 12.39%, a year-on-year decrease of 1.99pct; In terms of expense ratio, the sales expense ratio is 5.10%, with a year-on-year increase of 0.21pct, the management expense ratio is 4.04%, with a year-on-year decrease of 0.47pct, the financial expense ratio is - 4.92%, compared with - 5.74% in the same period last year, and the R & D expense ratio is 2.32%, with a year-on-year increase of 0.13pct. In 2021, the company's main operating revenue still depends on the cable TV industry. During the reporting period, the main development expenditure is focused on the research and development of cloud products, of which three products have been developed.
Service guarantee Party building and Winter Olympics, and complete the construction of private network
In 2021, the company closely followed the main line of safe broadcasting to celebrate the 100th anniversary of the founding of the Communist Party of China, further strengthened the awareness of "lifeline" of safe transmission, and successfully completed the safe transmission and guarantee tasks in important guarantee periods such as new year's day, Spring Festival, the two sessions, the 100th anniversary of the founding of the party, national day and the Sixth Plenary Session of the 19th CPC Central Committee. The company has set a precedent for the world's first cable TV operator to serve the summer and Winter Olympic Games, created a new highlight of cable TV technology to serve the Olympic Games, cooperated with China Radio and television Hebei Company to complete the construction of trunk ring network of cable TV special network for the Winter Olympic Games, completed the construction of general front-end, sub front-end and regional front-end, completed the construction and installation of Winter Olympic venue network and terminal, and realized the network interconnection of three competition areas in the two places. During the Winter Olympics, the company created two scientific and technological highlights of "wireless CATV transmission" and "digital low delay live broadcast" to complete the operation and maintenance guarantee task of cable TV network with high quality.
Open the call data service and integrate the station radio and television network
In 2021, the integration process of radio and television one network will continue to advance. As the main body of one network integration - a listed company controlled by China Radio and television, the company has a long way to go. According to the information on the official website of China Radio and television, Beijing Gehua Catv Network Co.Ltd(600037) completed the construction and commissioning of the control surface of the northern region of the radio and television 5g core network and the user surface of the Beijing node on April 8, and opened the voice call and data service in the "192" number segment. Promote the overall development of China Radio and television in accordance with the overall deployment of 5g radio and television company. The company actively promoted the interconnection with other operators in Beijing, timely followed up the construction progress of Beijing Mobile 700m network, and fully cooperated with China Radio and television Beijing frequency clearing and other work. In 2022, the radio and television industry will continue to focus on the main line of national cable television network integration and integrated development of radio and television 5g construction, highlight the two themes of "integrated development and deepening reform", fully implement the formal commercial use of radio and television 5g, and accelerate the transformation and development of the whole industry. The integrated development of national cable TV network integration and radio and television 5g construction will promote the comprehensive integrated development of cable TV business, broadband business, 5g business, media content and innovation business.
Investment suggestion: maintain the "overweight" rating
Combined with the annual report of the company, we adjusted the forecast of the company's revenue of 3.534 / (unpredicted) / (unpredicted) billion yuan in 20222024 to 2.776/32.97/3.734 billion yuan, adjusted the forecast of net profit attributable to the parent company of 7.39 / (unpredicted) / (unpredicted) million yuan in 20222024 to 322/4.38/562 million yuan, and adjusted eps0.05 billion yuan 53 / (unpredicted) / (unpredicted) yuan is predicted to be 0.23/0.31/0.40 yuan, corresponding to the closing price of 9.22 yuan / share on April 18, 2022. PE is 36, 26 and 20 times respectively, maintaining the "overweight" rating.
Risk tips
The development of 5g industry is less than expected; The integration progress of "national one network" is less than expected; Radio and television users are less willing to pay than expected.
