\u3000\u30 Beijing Telesound Electronics Co.Ltd(003004) 13 Mango Excellent Media Co.Ltd(300413) )
Event:
The company issued the 2021 annual report and the first quarterly report of 2022.
Comments:
In the first quarter, affected by the epidemic and the high base of last year, the performance declined
In 2021, the company achieved an operating revenue of 15.356 billion yuan, a year-on-year increase of 9.64%; The gross profit margin was 35.49%, an increase of 1.4 percentage points; The ratio of sales expenses / administrative expenses / R & D expenses / financial expenses is 16.08% / 4.53% / 1.77% / - 0.66% respectively; The net profit attributable to the parent company was 2.115 billion yuan, a year-on-year increase of 6.66%. In the first quarter of 2022, the company realized an operating revenue of 3.124 billion yuan, a year-on-year decrease of 22.08%; The net profit attributable to the parent company was 507 million yuan, a year-on-year decrease of 34.39%. The decline in performance was mainly due to the impact of covid-19 epidemic on the progress of content production and the high base in the first quarter of last year. Key projects, including "sound generation" and "riding the wind and waves 3", will be launched in the second quarter.
In the past 21 years, the popular variety shows have driven the good growth of advertising revenue, and the member business is guided by the growth of members
In terms of business, the company's mango TV Internet video business achieved a revenue of 11.261 billion yuan in 2021, with a year-on-year increase of 24.29%, of which the advertising business revenue was 5.453 billion yuan, with a year-on-year increase of 31.75%, and sister 2 was the most attractive in the industry. The revenue of member business was 3.688 billion yuan, a year-on-year increase of 13.3%, and the number of members was 50.4 million, an increase of 39.5%. The business income of operators was 2.12 billion yuan, a year-on-year increase of 27.17%. In 2021, the new media interactive entertainment content production and operation sector achieved a revenue of 1.877 billion yuan, down 32.10%. The content production subsidiary continued to adjust and optimize the organizational structure. Content e-commerce realized an operating revenue of 2.157 billion yuan, a year-on-year increase of 2.50%. In the new business direction, the company made every effort to promote the accelerated development of Xiaomang app, a "new domestic content e-commerce platform", and realized the linkage of users from programs to apps by creating heavy parties such as "Xiaomang seed flower night" and "Xiaomang new year goods Festival". The daily peak of Xiaomang app reached 1.26 million. At the same time, the layout of offline live entertainment track, relying on high-quality contents such as big detective and secret room escape, extends IP from online to offline, creates a new brand m-city, is committed to building an offline live entertainment complex, establishes industry benchmarks and outputs industry standards in terms of script creation and copyright protection, DM training, offline entity operation and so on.
Investment advice and profit forecast
It is estimated that the company's revenue from 2022 to 2024 will be 175.48/199.54/22.075 billion yuan, and the net profit attributable to the parent company will be 24.77/29.60/3.406 billion yuan, eps1.5% 32 / 1.58/1.82 yuan, corresponding to pe22 / 18 / 16x, maintaining the "buy" rating.
Risk tips
The content performance is less than expected, and the development of new business is less than expected
