Comments:
1. Traditional online KTV service: Sky Pigeon Interactive now has more than 29000 chat rooms, each of which supports at least three VJs. The user base of Sky Pigeon mainly comes from domestic three, four, five and six-tier cities. Every month, 630000 people turn on the camera to interact on the platform, of which 40,000 are anchors. Nearly 600000 people are ordinary grass-roots users.
2. As a technical platform, we will push game release and O2O karaoke new business: Sky Pigeon may be made into a game release platform in the future, with a beauty zone, focusing on the concept of companionship. At the same time, the company launched its own O2O karaoke, which currently has three pilot sites in Hangzhou. Sky Pigeon as a technology platform, games, online KTV, O2O karaoke and so on can cooperate.
3. Layout of Internet medical business: invest in Hangzhou Xihe, an Internet medical company. Hangzhou Xihe used to be B2B-based, specifically developing background systems for hospitals and medical examination companies. Sky Pigeon hopes to make B2C through cooperation. Through the mobile phone APP, you can accept the results of personal physical examination, and then develop the market after physical examination.
4. Investment suggestion: the company's current market capitalization is HK $6.861 billion. According to Wande's consensus forecast, the company's fully diluted earnings per share from 2015 to 2017 are 0.20,0.26,0.33 Hong Kong dollars. As one of the three most important companies in the video show industry, Sky Pigeon Interactive will develop new businesses such as O2O and online medical services on the basis of continuing to consolidate its main business. Sustainable attention.
Sky Pigeon earned 692 million yuan in 2014, an increase of 24% over the same period last year. This income is actually affected by the country's "business reform" policy, if it returns to an actual year-on-year increase of 30%. The growth slowed down in the first quarter of 15 years, and increased by 14% compared with the same period last year. The net interest rate has been kept above 30%. Gross margin slowed slightly in 2014, falling slightly from 88% to 84%. Mainly affected by the development of the game business. The gross margin of the core many-to-many business is close to 90%.
Currently, there are more than 16 million monthly active users. Since late last year, the proportion of mobile users has risen from 5% to 15%. Mobile users pay more frequently, but the amount per payment is reduced. Most of these users are transferred from PC, and although their consumption patterns are fragmented, they have no impact on their income. There are also a small number of new users on pure mobile, who have not yet formed the habit of paying.
Generally speaking, all aspects of profitability are very healthy. In terms of assets and liabilities, Sky Pigeon now has more than 1.6 billion cash and basically no liabilities. Office buildings in Shanghai, Beijing and other places are in fixed assets. The cash flow is very abundant.
