H1 deducts the non-return net profit by 22.1%, and the performance is under pressure.
The company's 21H1 revenue / return net profit / deduction non-return net profit is 45.11 million yuan, which is-13.2%, 16.4%, 22.1%, respectively, compared with the same period last year. The decline in net income is mainly affected by the fluctuation of real estate project sales; 21Q2 revenue / return net profit / deduction of non-return net profit is 24.8955401 million yuan, which is-10.4%, 22.6% and 24.7%, respectively, compared with the same period last year. We maintain the profit forecast and expect the company's 21-23 net profit to be 1.674 billion yuan (1.749 billion yuan) for the company, corresponding to 0.51 yuan (0.51 yuan) for EPS. The average Wind of the comparable company in 21 years is 20X PE. Considering that the growth rate of the company's performance is not as fast as that of the comparable company, we give the company a 21-year PE 18X, corresponding to the target price of 8.82 yuan, and maintain the "overweight" rating.
Promote the "BesTV+ media network" strategy, continuously expand user coverage the company takes the "BesTV+ media network" strategy as the core, and jointly build a "B+ member" service system with SMG to achieve the exchange of rights and interests in multiple categories of services, and continue to expand user coverage. As of 21H1BesTV, there were 74.09 million OTT users, an increase of 27.2% and 60.1 million, or 31.6%. In terms of cable TV channels, the number of pay-TV effective users reached 56 million, which was basically the same as the same period last year. The number of interactive on-demand users was 18.5 million, an increase of 2.8%. The total number of Oriental Shopping members was 11.36 million, down 14.3%.
Online business is basically stable, culture and tourism are under pressure.
The company's streaming media business aggregates online core resources such as OTT, IPTV, TV shopping and games. 21H1 revenue is 1.624 billion yuan, down 0.75%. The company continues to promote radio and television media integration, national network integration, radio and television 5G project and other core tasks. Radio and television network revenue is 1.412 billion yuan, down 2.65%. Revenue from culture and tourism business is 1.281 billion yuan, down 31.56%, mainly due to fluctuations in real estate projects.
The gross profit margin has declined, and the expense rate has increased slightly during the period.
The gross profit margin of 21H1 streaming media / radio and television network / culture and tourism is 61.2%, 15.2% and 9.2%, respectively, compared with the same period last year + 18.3/+7.7/-46.6pct. The increase in gross profit margin of streaming media is mainly due to the lower cost of copyright procurement. Affected by the culture and tourism business, 21H1's gross profit margin is 30.8%, year-on-year-6.0pctpt21Q2 gross profit 32.7%, year-on-year-3.7pct. The sales / management / R & D / financial expense rate of 21H1 company is 8.1% 21Q2 10.7% Universe 2.5% Universe 2.1%, respectively + 1.0/+1.6/+0.3/-0.9pct, of which the 21Q2 sales / management / R & D / financial expense rate is 7.9% Universe 10.2% Universe 2.6% Acme 2.6%, respectively year-on-year + 0.9/+1.3/+0.2/-1.4pct.
The streaming media strategy continues to advance, maintaining the "overweight" rating.
The company's "BestTV+ Media Network Strategy" continues to move forward, and we maintain our profit forecast. We expect the company's 21-23 net profit to return to the mother of 16.74 billion yuan and 1.845 billion yuan, corresponding to 0.51 pounds of EPS 0.49 pounds.
The average expected average of the 21-year comparable company's Wind is 20X PE, and we give the company a 21-year PE 18X, corresponding to the target price of 8.82yuan, maintaining the "overweight" rating.
Risk hint: the number of pay-TV users has declined, and revenue from video shopping has declined.
