\u3000\u3000 Mango Excellent Media Co.Ltd(300413) (300413)
Event: Hunan Radio and television, the major shareholder of the company, launched the new and revised product Hello Saturday Co.Ltd(002291) of happy base camp, which was launched on January 1, 2022. At present, it has been broadcast for three periods.
After the first issue, “Hello Saturday Co.Ltd(002291) ” continued to enjoy good ratings. According to the data of Yien, on average, the average number of 39 fast books broadcast in 2021 is 6.59 million, and the average number of three episodes of Hello Saturday Co.Ltd(002291) broadcast is 8.08 million. In terms of single issue, comparing the fast copy of the first three files in January 2021 with the first three files of Hello Saturday Co.Ltd(002291) in January 2022, the broadcast volume of the third issue of Hello Saturday Co.Ltd(002291) has been 9.48 million, 6.45 million and 8.32 million; The broadcast volume of fast books is less than 7 million, and only 6 million in the second phase, with an average of 5.87 million. In terms of ratings, “Hello Saturday Co.Ltd(002291) ” also performed well. According to kuyun data, after the third issue of Hello Saturday Co.Ltd(002291) was launched on January 15, it ranked among the top three variety shows, with a market share of about 3.4%. On January 1, the average attention of the first program was 1.1%, and the subsequent two programs also maintained above 0.65%.
Hello Saturday Co.Ltd(002291) and digital host Xiao Yang frequently searched after the program was broadcast# Hello Sun Yi Saturday Co.Ltd(002291) topics related to the beauty # of national style were listed on the microblog hot search list on January 8, with a retention time of more than 3 hours, reading of more than 150 million and discussion of more than 40000. As of January 17, 2022, topic # Hunan Satellite TV digital host Xiao Yang # has had 27000 discussions and 300 million readings.
Significance of the program revision: we believe that the fast version is revised to hello Saturday Co.Ltd(002291) , and the viewing performance is good after broadcasting, which shows that 1) the program revision is a normal program update, the strong self-made variety ability of Hunan Radio and television still runs through the variety after the revision, and “hello Saturday Co.Ltd(002291) ” adds richer elements, such as digital hosts and grass-roots stars, It is expected to attract more viewers and boost ratings; 2) The program revision is the performance of Hunan Radio and television system in actively responding to the national control of traffic stars and undertaking the role of state-owned media platform in promoting mainstream values; 3) Xiaoyang is the first popular variety show resident virtual host. Mango TV also announced the virtual human “Yaoyao” at the end of September 21, which reflects that Mango Excellent Media Co.Ltd(300413) has a first mover advantage in the process of virtual human marketization and commercialization, which is conducive to opening the imagination space of virtual human and other meta universe related layouts.
Profit forecast and investment suggestions. It is estimated that the company’s EPS from 2021 to 2023 will be 1.3 yuan, 1.71 yuan and 1.97 yuan respectively, and the corresponding PE will be 35 times, 26 times and 23 times. Considering that the company’s business is on track and the meta universe layout is gradually improved, we maintain the investment rating of Mango Excellent Media Co.Ltd(300413) “buy”.
Risk warning: the risk that the product effect is not as expected and the risk of national policy adjustment.
