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【中信建投证券】金亚科技:盈利同比大增近三倍,电视游戏第一股后续增长可期

中信建投證券 ·  Oct 13, 2014 00:00  · Researches

Incidents The company released its three-quarter report. In the first three quarters of 2014, the company achieved cumulative operating income of 395 million yuan, a year-on-year decrease of 12.8%; net profit of 21.417 million yuan, a sharp increase of 297.2%; net assets of 633 million yuan, a year-on-year increase of 4.19%; ROE 3.43%; and EPS of 0.08 yuan/share. Briefly, profit increased sharply year on year, and cost management results were remarkable. In the first three quarters of 2014, the company achieved net profit of 21.417 million yuan, a sharp increase of nearly three times over the previous year, and the profit growth rate was impressive. The sharp increase in the company's net profit was mainly due to a decrease in operating costs and expenses. The company's operating cost was 302 million yuan, down 10.3% year on year, down 34.77 million yuan year on year; the company's sales, management, and financial expenses fell 25.4% year on year to 26.7 million yuan year on year. The company has strengthened internal control, and cost management has achieved remarkable results. The video game ban is liberalized, and the company's subsequent market space is huge. With the lifting of the ban on console games, the Chinese video game market will experience explosive growth. As the “first stock of video games,” the company will seize current development opportunities, integrate high-quality market resources, improve the layout of the video game industry chain, and build a “platform+content+terminal” ecosystem. There is huge room for subsequent development. The company has carried out a series of layouts in the field of video games: Chengdu ZhijiaTV Tour focuses on video game customization, distribution, and promotion, and launched the video game platform “Home Rubik's Cube”; increased capital of Chengdu Xuehu Technology to create 3D games for mobile and television; Ming He and Tenjin interacted with Tenjin to sign an exclusive distribution and operation agreement for Celestial Mobile Games; and the GTV Game Channel successfully held the “WCA World Video Game Competition”. Accelerate the new media layout of radio and television to build a leading digital television value-added business company while also continuously accelerating the layout of the radio and television new media industry, and is committed to building a leading domestic digital television value-added business supplier and virtual operator. The WiFiTV hotspot in the cooperative city of Chengdu Jinya Cloud Media and the operator and network company of the network company, to which the company belongs, achieved full signal coverage; increased capital; continued innovation in radio and television grid technology; and achieved integration with the development of the Internet, etc., to continuously improve the company's radio and television business. The implementation of the employee incentive plan The increase in the holding of the controlling shareholder shows confidence in the company The company's implementation of the employee incentive plan is beneficial to the stability of the core employees. At the same time, the increase in the holding of the controlling shareholder also shows strong confidence in the future development of the company. The equity incentive plan to be implemented by the company in 2014 has incentives for a total of 70 people, including 66 stock option incentives, 1.64 million stock options; 52 restricted stock incentive targets, with 1.71 million restricted shares; and Mr. Zhou Xuhui, the company's controlling shareholder and actual controller, increased his holdings of the company's shares by 2,046,600 shares, accounting for 0.77% of the total share capital. The future development of the company can be expected and recommended for attention. The company actively lays out the video game industry and the radio and television new media industry, seizes development opportunities, and has huge potential for future development; management efficiency continues to improve, operating costs and expenses are significantly reduced, and profitability is constantly increasing; controlling shareholders' confidence in the company and incentives for core personnel will make the company team more stable and continue to develop healthily. The company's 2014/2015/2016 EPS is expected to be 0.11/0.21/0.36 yuan, respectively. I am optimistic about the company's potential for continued growth. Due to the current high valuation of the company, there are no ratings yet, so I recommend paying attention.

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