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【海通证券】华谊嘉信公司跟踪报告:构建以“大数据+大内容”为核心的“红人红营销”体系

海通證券 ·  Jul 27, 2016 00:00  · Researches

The influencer economy has risen to prominence, and Huayi Jiaxin has built a “celebrity and celebrity marketing” system centered on big content+big data. The influencer economy has begun to rise in recent years. The estimated output value of China's influencer industry has exceeded 58 billion yuan, and there is still plenty of room for the influencer economy to expand. The influencer economy has brought about profound industrial changes in terms of changes in industrial processes and the impact of industry and consumption. In order to conform to the trend of the times, the company actively expands influencer marketing on the strategic layout of “big data+big content”, and has built influencer platforms including Storm, YOKA, SIGNAL, Huayi Xinbang, etc., relying on business segments such as YOKA and SIGNAL to provide continuous content creativity, and continuously optimize and upgrade through diversified monetization channels. Content influencer marketing, teaming up with YOKA and Storm to tap high-quality influencer resources. Huayi Jiaxin has more than 200,000 amateurs as an influencer reserve force, and YOKA will also search for influencers across borders. Furthermore, the company has reached a strategic partnership with Storm to obtain a large number of high-quality influencer resources upstream. Storm has 5 subsidiaries, 5 offline anchor studios, and 6 strategically cooperative offline anchor studios. It has signed up more than 2,000 influencers online, and has sufficient influencer resources. At the same time, the company will draw on SIGNAL's international training system and work with partners to train influencers to ensure an adequate supply of influencer resources from the source. PR and influencer marketing, and the launch of the DIS Influencer Live Streaming 2.0 Program. The company injects influencer elements into marketing and closely integrates influencers with marketing events. Through influencers and live broadcasts, precise planning with stories and close integration with products is carried out to form live marketing events involving influencers. At the same time, the combination mix includes a variety of influencers, such as popular influencers, professional influencers, and beautiful influencers, etc., to closely combine their high interactivity and topicality with product characteristics to provide services for the company's integrated marketing content. Furthermore, live streaming content is combined with major social media and traditional media to expand the communication effect. Digital red marketing, formulating a “global digital entertainment brokerage service+digital IP derivative resource operation” solution. Huayi Jiaxin has launched a global digital brand entertainment marketing solution. On the one hand, it provides entertainment brokerage services by integrating red resources (KOL digital resources), red systems (programmatic social marketing platforms) and red data (big data applications); on the other hand, it relies on popular resource ecosystems such as the “New Song of China” and the “13 Invitations” to conduct digital IP derivative resource operations and build a programmatic social marketing platform and social marketing program trading platform. Profit forecast: We expect the company's EPS for 2016-2018 to be 0.33 yuan, 0.41 yuan, and 0.52 yuan respectively. Considering the blue cursors of companies in the same industry, India and Ji Media unanimously predicted PE of 25 to 61 times in 2016, we gave the company 45 times PE in 2016, corresponding to the target price of 14.85 yuan, maintaining the buying rating. Risk warning: Business integration risks, increased industry competition, and performance promises falling short of expectations.

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