\u3000\u30 Beijing Telesound Electronics Co.Ltd(003004) 13 Mango Excellent Media Co.Ltd(300413) )
Mango Excellent Media Co.Ltd(300413) 2021 achieved a revenue of 15.356 billion yuan, a year-on-year increase of 9.64%; The net profit attributable to the parent company was 2.114 billion yuan, a year-on-year increase of 6.65%; The net profit attributable to the parent company after deducting non profits was 2.06 billion yuan, with a year-on-year increase of 11.57%. In 2022q1, the company achieved a revenue of 3.124 billion yuan, a year-on-year decrease of 22.08%, a net profit attributable to the parent of 507 million yuan, a year-on-year decrease of 34.39%, and a net profit attributable to the parent after deducting non-profit of 474 million yuan, a year-on-year decrease of 38.49%. In 22q1, due to the repeated epidemic and the impact on the content production progress, the scheduling of mango key variety shows was delayed. At the same time, the base number in the same period last year was high, and the year-on-year decline of 22q1 performance was in line with expectations.
Operation of new media platform: Mango TV has maintained good growth for 21 years, with paid members exceeding 50 million. In the past 21 years, happy sunshine, the main operator of mango TV, had a revenue of 12.95 billion yuan, a year-on-year increase of 29.5%, and a net profit of 2.082 billion yuan, a year-on-year increase of 17.3%. Among them, the advertising revenue was 5.453 billion yuan, a year-on-year increase of 31.75%; Member income was 3.688 billion yuan, a year-on-year increase of 13.3%; The revenue of operators was 2.12 billion yuan, a year-on-year increase of 27.17%. By the end of the 21st century, the number of paid members of mango TV had reached 50.4 million, a year-on-year increase of 39.5%. Content production and reserve: the advantages of variety show are consolidated, the drama continues to develop, and the reserve is rich in 22 years. Mango TV has 26 variety production teams, 29 film and television production teams and 34 "Xinmang plan" strategic studios. 22 years of rich reserves, including "Zong n generation", such as "sister 3 riding the wind and waves", "brother 2 cutting through thorns", and the new variety "sound never stops", etc. The series includes "long river in the world", "youth school 2", "Zhang Weiguo's summer", "wife's choice" and so on. Among them, "sound never stops" has been officially launched on April 24, and "ride the wind and waves 3" and dramas are also expected to be launched in 22q2.
Interactive entertainment and new track: the organizational structure is optimized and new business continues to be promoted. In the past 21 years, the company's new media interactive entertainment content production achieved a revenue of 1.877 billion yuan, a year-on-year decrease of 32.10%; The revenue of content e-commerce business was 2.157 billion yuan, a year-on-year increase of 2.50%. In the 21st year, the three subsidiaries of mango film and television, mango entertainment and mango mutual entertainment were adjusted to the subsidiaries of mango TV, focusing on the self-made monsoon theater, the innovation of variety content and the operation of live entertainment respectively, which helps to promote internal business coordination and enhance the core competitiveness of mango TV, the main platform. Xiaomang app accelerated its development, with a peak daily activity of 1.26 million in 21 years. In terms of offline live entertainment, the company relies on high-quality content to create a new brand m-city.
Investment suggestion: mango's competitiveness in the field of long video platform has been continuously improved, and the new format of the series, e-commerce, offline entertainment and the layout of meta universe have been actively promoted, which will help users break the circle and explore diversified cash realization modes. The epidemic has an impact on the company's short-term performance, but we believe that mango's core business is still on the track of healthy development. At the same time, mango is a media platform with state-owned background, and benefits from the trend of state-owned media integration and industry norms. Considering the epidemic situation and the rhythm of the project, we fine tuned the net profit attributable to the parent company from 22 to 23 years. It is estimated that the net profit attributable to the parent company from 2022 to 2024 will be 2.47 billion / 2.95 billion / 3.32 billion yuan, with a year-on-year growth rate of 17.0% / 19.3% / 12.4% respectively, maintaining the "buy" rating.
Risk tip: the growth of members and traffic does not meet expectations, the progress of the project does not meet expectations, the willingness of advertisers to launch is uncertain, the supervision of industry and Internet platform is becoming stricter, and the impact of the epidemic situation.
