Oriental Pearl (600637): Second quarter results are in line with forecasts, focus on the release of media integration efficiency

中金公司 · Aug 31, 2022 00:00 · Researches

　　业绩回顾

　　2Q22 业绩符合业绩预告

　　公司公布1H22 业绩：收入30.41 亿元，同比下降32.6%，实现公司全年预算目标32.9%；归母净利润2.92 亿元，同比下降65.1%，实现公司全年预算目标17.8%。其中，2Q22 收入13.43 亿元，同比下降46.0%；归母净利润1.13 亿元，同比下降79.7%，落入业绩预告区间。我们认为，二季度业绩承压主要受到疫情反复影响，线下文旅业务开展面临一定阻力，同时线上视频购物业务因物流限制，经营亦受到影响。

　　发展趋势

　　流媒体战略稳步推进，线下业务因疫情影响承压。1）线上业务：截至2022年6 月，公司BesTV+流媒体视频平台服务697 万百视TV 月活用户、6,015万IPTV 业务用户，8,650 万OTT 业务用户，付费电视有效用户达5,600 万，互动点播用户达1,900 万，具备全渠道积累用户优势。其中，流媒体业务方面，我们认为行业竞争仍相对激烈，1H22 公司流媒体业务收入11.75 亿元，同比下降27.7%；广电业务方面，公司把握广电5G 放号商用契机，已完成上海广电5G 网络互联互通工作，并于6 月底实现广电5G 服务试商用，成为首批放号的20 家省网之一。1H22 广电网络业务收入12.7 亿元，同比下降10.3%，降幅小于总收入降幅。2）线下业务：受到疫情反复影响，公司1H22 线下业务收入同比大幅下滑58.8%至5.92 亿元。其中，文旅业务收入同比下降65.4%至4.43 亿元，2Q22 期间东方明珠广播电视塔、上海国际会议中心、梅赛德斯奔驰文化中心等场馆出现停业，收入贡献有限。

　　部分成本刚性致毛利率下降，费用管控较有效。毛利率方面，2Q22 毛利率26.6%，同比下降6.1ppt，环比下降1.4ppt，主要由于收入端承压，而部分营业成本投入相对刚性。费用方面，2Q22 销售费用同比下降31.0%至1.37亿元，管理费用同比下降25.4%至1.89 亿元，显示出公司在当前业务压力背景下，加强成本费用管控，降本增效。展望下半年，公司表示，目前公司各项经营业务处于有序恢复进程中，但潜在的疫情反复影响仍对公司业务，尤其是线下文旅业务带来较强的不确定性。

　　盈利预测与估值

　　考虑到公司更严格的费用控制，我们上调2022 年归母净利润4.3%至16.45亿元，维持2023 年盈利预测。现价对应13.7/13.8 倍2022/2023 年P/E。维持中性评级，由于线下文旅业务因疫情影响仍具不确定性，维持目标价7.51元，对应15.3/15.5 倍2022/2023 年市盈率，较当前股价有11.9%上行空间。

　　风险

　　疫情影响超出预期，竞争加剧，新业务推进不及预期。

　　Performance review

The 2Q22 results are in line with the performance forecast

The company announced 1H22 results: revenue of 3,041 million yuan, a year-on-year decrease of 32.6%, achieving the company's annual budget target of 32.9%; net profit of 292 million yuan, a year-on-year decrease of 65.1%, and achieving the company's annual budget target of 17.8%. Among them, 2Q22 revenue was 1,343 million yuan, a year-on-year decrease of 46.0%; net profit of GuiMu was 113 million yuan, a year-on-year decrease of 79.7%, falling within the performance forecast range. We believe that the pressure on performance in the second quarter was mainly affected by the repeated impact of the epidemic. The development of offline travel business faced some resistance. At the same time, the online video shopping business was also affected by logistics restrictions, and operations were also affected.

Development trends

The streaming media strategy is progressing steadily, and the offline business is under pressure due to the impact of the pandemic. 1) Online business: As of June 2022, the company's BestV+ streaming video platform serves 6.97 million monthly BaishTV users, 60.15 million IPTV business users, 86.5 million OTT business users, 56 million active pay-TV users, 19 million interactive on-demand users, and 19 million interactive on-demand users. It has the advantage of accumulating users through all channels. Among them, in the streaming media business, we believe that competition in the industry is still relatively intense. 1H22's streaming media business revenue was 1,175 million yuan, down 27.7% from the previous year; in the radio and television business, the company seized the commercial opportunity of radio and television 5G, completed the 5G network interconnection work for radio and television in Shanghai, and achieved trial commercial use of 5G radio and television services at the end of June, becoming one of the first 20 provincial networks to be registered. 1H22 radio and television network business revenue was 1.27 billion yuan, down 10.3% year on year. The decline was less than the decline in total revenue. 2) Offline business: Affected repeatedly by the epidemic, the company's 1H22 offline business revenue fell sharply by 58.8% year-on-year to 592 million yuan. Among them, revenue from the cultural tourism business fell 65.4% year on year to 443 million yuan. Venues such as the Oriental Pearl Radio and Television Tower, Shanghai International Convention Center, and Mercedes-Benz Cultural Center were closed during the 2Q22 period, and revenue contributions were limited.

Gross margin declined due to some cost rigidity, and cost control was more effective. In terms of gross margin, 2Q22 gross profit margin was 26.6%, down 6.1 ppt year on year and 1.4 ppt month on month, mainly due to pressure on the revenue side, while some operating cost investments were relatively rigid. In terms of expenses, 2Q22, sales expenses fell 31.0% year on year to 137 million yuan, and management expenses fell 25.4% year on year to 188 million yuan, indicating that in the context of current business pressure, the company has strengthened cost and expense control, reduced costs and increased efficiency. Looking ahead to the second half of the year, the company said that the company's various business operations are currently in the process of recovering in an orderly manner, but the potential repeated impact of the epidemic still brings strong uncertainty to the company's business, especially the offline travel business.

Profit forecasting and valuation

Considering the company's stricter cost control, we raised our net profit to parent by 4.3% in 2022 to 1,645 million yuan to maintain our profit forecast for 2023. The current price corresponds to 13.7/13.8 times P/E 2022/2023. Maintaining a neutral rating, since the offline travel business is still uncertain due to the impact of the pandemic, the target price was maintained at 7.51 yuan, corresponding to 15.3/15.5 times the 2022/2023 price-earnings ratio, which is 11.9% upward from the current stock price.

risks

The impact of the epidemic has exceeded expectations, competition has intensified, and new business progress has fallen short of expectations.

The translation is provided by third-party software.

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东方明珠(600637)：二季度业绩符合预告 关注媒体融合效能释放

Oriental Pearl (600637): Second quarter results are in line with forecasts, focus on the release of media integration efficiency

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Statement

东方明珠(600637)：二季度业绩符合预告关注媒体融合效能释放