\u3000\u30 Beijing Telesound Electronics Co.Ltd(003004) 13 Mango Excellent Media Co.Ltd(300413) )
The performance of 21q4 and 22q1 declined due to the influence of program scheduling and epidemic situation. In 2021, the company achieved a revenue of 15.356 billion, an increase of 9.64% and a net profit attributable to the parent company of 2.114 billion, an increase of 6.66%, of which 21q4 achieved a revenue of 3.725 billion, a decrease of 17.87% and a net profit attributable to the parent company of 134 million, a decrease of 64%. In the 21st year, the company plans to distribute cash dividends of 1.3 yuan (including tax) to all shareholders for every 10 shares, and the expected dividend distribution ratio is 11%. 22q1 company achieved a revenue of 3.124 billion, a decrease of 22.08%, and a net profit attributable to the parent company of 507 million, a year-on-year decrease of 34.39%. The company's core business Internet video business still maintained a 24% growth and maintained the core advantage of content brand strength. The advertising business far exceeded its peers. The company's core logic remained unchanged and adhered to long-term ism, content independence, integrity and innovation.
Internet video maintained steady growth and paid attention to the progress of member price increase and advertising investment. 1) The membership business increased by 13.3% year-on-year to 3.688 billion. At the end of the year, the number of members of the company was 50.4 million, an increase of 39.5% at the same time. The average revenue of single pay users was 73.17 yuan, a decrease of 18.78% at the same time. The long video industry has entered a generation of stock competition. With the price increase trend of the whole industry, the company has adjusted the membership price since January 2, 2022; 2) The advertising business increased by 31.75% year-on-year to 5.45 billion. The total number of mango TV soft advertising, hard advertising, programmed advertising and other advertising brands exceeded 1000. The investment amount of "sister 2 riding the wind and waves" reached the highest in the industry. 3) The operator's business increased by 27.17% year-on-year to 2.12 billion. The company carried out in-depth strategic cooperation with China Mobile Migu, such as large screen and 5g innovation business, and increased revenue in and out of the province.
Continue to cultivate high-quality content. Xiaomang plans to attract strategic shareholders and focus on new business innovation. The top variety shows in 21 years include "detective Season 7", "our hot life" and "friends, please listen to season 2". In terms of drama series, "Shangshi", "sleeping garden" and "have a good meal with you" performed well. In 2022, the company's film and television drama will focus on the "Mango monsoon" theater, and the variety show will strive to launch more than 40% of the innovative programs. The sound will never stop and "ride the wind and waves 3" will be launched successively in 22q2; In 21 years, Xiaomang e-commerce dau will reach 1.26 million, and strategic shareholders will be introduced in 22 years; "Script killing" will further promote the transformation from benchmarking to expanding new stores; In terms of new technologies, we will continue to explore new ecosystems of the meta universe, such as digital collections and virtual humans.
Risk warning: the epidemic situation affects the comprehensive shooting of dramas; Membership growth is less than expected; The new track has yet to deliver.
Investment suggestion: in the short term, the decline of the company's performance in 21q4 and 22q1 is within expectations. Affected by the project scheduling, in the medium term, members still have the expectation of raising prices, advertising remains higher than that of peers, and content e-commerce still has the growth expectation. In the long term, the core logic of mango TV media platform remains unchanged, and the main business maintains efficient growth. The company grasps the new trend of the industry and continues to layout new tracks and new formats, Considering that the 22q1 epidemic has repeatedly affected the recording and shooting of relevant programs and dramas of the company, and the impact of the actual statements is lagging, we maintain the 22-year profit forecast, reduce the 23-year net profit by 5.36% to 2.898 billion, increase the 24-year profit forecast by 3.222 billion, and estimate the company's EPS for 22-24 years to be 1.38/1.55/1.72 yuan, corresponding to PE 21 / 19 / 17x, and maintain the "buy" rating.
