Comments on the annual report of Central South Culture (002445): film and television, artist brokerage, copyright operation, and all-round efforts in games have greatly increased the performance.

招商證券 · Apr 20, 2017 00:00 · Researches

　　事件：公司发布2016年年度报告，2016年实现营业收入13.40亿元，同比增长19.68%；实现归属于上市公司股东的净利润2.29亿元，同比增长64.05%；实现基本每股收益0.30元。公司同时发布2017年一季报，一季度实现营业收入2.41亿元，同比增长72.70%；实现归属于上市公司股东的净利润3256.55万元，同比增长118.84%。

　　评论：

　　1、转型深化，影视、艺人经纪、版权运营、游戏全面发力致业绩大增。

　　2016年公司完成对新华先锋、值尚互动的收购，实现业绩并表，报表上新增版权运营和游戏业务，其中新华先锋和值尚互动分别实现净利润3840万元和9936万元。另外，大唐辉煌实现净利润1.61亿元，千易志诚实现净利润3584万元。

　　分产品看，金融制品业务营业收入同比下降11.94%，毛利率同比上升1.45 个百分点至22.36%；电视剧业务收入同比增长9.08%，毛利率同比上升3.18 个百分点至49.73%；艺人经纪业务收入同比增长23.75%，毛利率同比上升0.92 个百分点至72.36%。影视、艺人经纪业务盈利能力均有所提升，内生加并表致使2016年业绩大增，预计2017年将新增并表极光网络。

　　2、开启制造业务划转，坚定深化“大文化”战略。

　　公司为了理顺业务构架，方便开展资本运作和文化传媒业务的管理，公司于2017年2月启动制造业务相关的全部资产、债权债务及人员划转。我们判断此次划转是开启制造业务剥离的第一步，后续剥离值得期待，也体现公司坚定深化“大文化”战略的决心。另外，公司2016年底聘任曾任江苏广电总台影视频道总监、幸福蓝海总经理的影视行业资深人士洪涛先生担任总经理，2017年大文化产业推进值得期待。

　　3、以艺人教育和艺术职业教育为抓手，打造中南明星梦工厂。

　　公司通过与南京艺术学院、江阴市人民政府合作办学切入艺人本科教育，与一九零五共同设立影视培训国际学院进入艺术职业教育，公司教育方面布局可以与内部的电影、电视剧等IP 资源有机结合，一方面艺人教育和艺术职业教育为公司的电视、电影、经纪文化、内容制作等培养相关专业人才，另一方面公司可以通过手中的资源捧红艺人，打造中南明星梦工厂的品牌。未来公司将以艺人教育为保障，尝试通过内容来变现，成名后的艺人有望给公司带来更多内容合作的资源。

　　4、IP 内容源头为核心，泛娱乐业务协同发展。

　　公司通过投资、并购等系列资本运作，旗下拥有中南影业（电影）、大唐辉煌（电视剧）、千易志诚（艺人经纪）、新华先锋（IP 源头）、中南音乐（音乐）、值尚互动和极光网络（游戏）等泛娱乐产业链实体，内部协同整合初见成效，IP 变现即将进入收获期。下游变现通道打开也将持续推动明星培养、艺术教育等上游空间不断拓展，实现泛娱乐业务加快推进。

　　5、盈利预测及投资建议：

　　我们预计公司2017/18年备考EPS（业绩按照拟收购标的全部并表备考，股本按照本次募集配套资金发行底价测算）分别为0.80/0.94元，看好公司基于明星培养，打通IP、影视、艺人经纪、音乐、互联网的泛娱乐布局前景以及未来后续战略持续布局预期，继续推荐。

　　风险因素：1、并购标的整合效果不达预期；2、收购标的业绩大达预期。

Event: the company released its annual report for 2016, with an operating income of 1.34 billion yuan in 2016, an increase of 19.68 percent over the same period last year, a net profit of 229 million yuan belonging to shareholders of listed companies, an increase of 64.05 percent over the same period last year, and basic earnings per share of 0.30 yuan. The company also released its quarterly report for 2017, with operating income of 241 million yuan in the first quarter, an increase of 72.70% over the same period last year, and a net profit of 32.5655 million yuan belonging to shareholders of listed companies, an increase of 118.84% over the same period last year.

Comments:

1. With the deepening of the transformation, the overall performance of film and television, artist brokerage, copyright operation and games has greatly increased.

In 2016, the company completed the acquisition of Xinhua Pioneer and Vanguard Interactive, achieving a consolidated performance statement, with new copyright operation and game business added to the statement, of which Xinhua Pioneer and Vanguard Interactive made a net profit of 38.4 million yuan and 99.36 million yuan, respectively. In addition, Datang brilliant realized a net profit of 161 million yuan, while Qianyi Zhicheng realized a net profit of 35.84 million yuan.

In terms of products, the operating income of the financial products business decreased by 11.94% compared with the same period last year, and the gross profit margin increased by 1.45% to 22.36%; the revenue of TV series business increased by 9.08%, and the gross profit margin increased by 3.18% to 49.73%; the income of artist brokerage business increased by 23.75%, and the gross profit margin increased by 0.92% to 72.36%. The profitability of film, television and artist brokerage business has improved, and the endogenous merger table has led to a big increase in performance in 2016, and it is expected that a new Aurora Mobile Limited network will be added in 2017.

2. Start the transfer of manufacturing business and firmly deepen the strategy of "big culture".

In order to straighten out the business structure and facilitate the management of capital operation and cultural media business, the company launched all assets, creditor's rights and liabilities and personnel transfer related to the manufacturing business in February 2017. We judge that this transfer is the first step to start the divestiture of the manufacturing business, and the subsequent divestiture is worth looking forward to, which also reflects the company's firm determination to deepen the "big culture" strategy. In addition, at the end of 2016, the company appointed Mr. Hong Tao, a senior figure in the film and television industry who was once director of the film and television channel of Jiangsu Radio and Television Station and general manager of Happy Blue Ocean, as general manager, and the promotion of the grand cultural industry in 2017 is worth looking forward to.

3. Take artist education and art vocational education as the starting point to build the Central South Star Dream Factory.

The company cut into the undergraduate education of artists through cooperation with Nanjing Institute of Arts and the people's Government of Jiangyin City, and jointly set up an international college of film and television training in 1905 to enter art vocational education. The layout of the company's education can be organically combined with internal IP resources such as films and TV dramas. On the one hand, artist education and art vocational education train relevant professionals for the company's television, film, brokerage culture, content production, etc. On the other hand, the company can win the popularity of artists through the resources in hand, and build the brand of Zhongnan Star DreamWorks. In the future, the company will take artist education as the guarantee and try to realize through content. After becoming famous, artists are expected to bring more resources for content cooperation to the company.

4. The source of IP content is the core, and the pan-entertainment business develops in coordination.

Through investment, mergers and acquisitions and other capital operations, the company owns pan-entertainment industry chain entities such as Central South Film (film), Datang brilliant (TV series), Qian Yi Zhicheng (artist brokerage), Xinhua Vanguard (source of IP), Central South Music (music), value still Interactive and Aurora Mobile Limited network (games). Internal synergy integration is beginning to bear fruit, and IP realization is about to enter the harvest period. The opening of downstream cash channels will also continue to promote the continuous expansion of upstream space such as star training and art education, and accelerate the promotion of pan-entertainment business.

5. Profit forecasts and investment suggestions:

We expect the company to prepare for EPS in 2017 / 18 (the performance is prepared in accordance with all the targets to be acquired, and the equity is calculated according to the reserve price of the funds raised), respectively. 0.94 yuan, we are optimistic that the company will be based on star training, and continue to recommend it to open up the prospect of pan-entertainment layout of IP, film and television, artist brokerage, music and Internet, as well as the continuous layout expectation of future follow-up strategy.

Risk factors: 1, the integration effect of M & A target is not as expected; 2, the performance of M & A target is much higher than expected.

The translation is provided by third-party software.

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中南文化(002445)年报点评：影视、艺人经纪、版权运营、游戏全面发力致业绩大增

Comments on the annual report of Central South Culture (002445): film and television, artist brokerage, copyright operation, and all-round efforts in games have greatly increased the performance.

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