share_log

同洲电子(002052)公司动态点评:与北方联合的合作方案出台

上海證券 ·  Nov 13, 2013 00:00  · Researches

Dynamic matters Tongzhou Electronics and North China United Radio and Television Network Co., Ltd. plan to sign the “DVB+OTT Project Cooperation and Operation Agreement” and ((“Cable TV Digital Overall Transformation Cooperation Agreement”) to promote and develop the “DVB+OTT” business in Liaoning Province in the near future. We review relevant information. The main idea is tied to cable remote businesses, and the package fee is preferential compared to cable TV. The main package model of cooperation is: users buy a 600 yuan package package (excluding non-OTT services) at one time, watch 2-year OTT basic package programs, and receive terminal hardware such as DVB+OTT set-top boxes for free; users who pay for follow-up fees after expiration buy programs at 20 yuan/month. The main package for two years is 600 yuan (initial installation fee of 200 yuan for digital TV +24 yuan* 24 yuan* 24 monthly rent = 776 yuan), with a later renewal fee of 20 yuan/month. The fee standard is more favorable than digital television. The company accounts for 70% of the initial package share, and the value-added business accounts for 50%-60% of the cooperation model: based on the package package, the Northern Union and the company are divided according to 30%: 70%; after the package expires, the Northern Union and the company are divided according to 50%: 50%. The initial 600 yuan package became 420 yuan. We think it can cover the cost of shipping the box, and the financial pressure on the company will be less than we expected. Profitability also lies in the 50% share of later renewals. The 10 yuan share is basically similar to that of Baishitong and Telecom. In terms of multiplication business: OTT's video and television on-demand business revenue is divided according to 40%: 60%; OTT's advertising business revenue is divided between North China Union and the Company according to 50%: 50%. Cost part: The company is responsible for investment in terminal set-top boxes, cable modems, and terminal EOC. At the same time, the company bears the copyright and production costs of OTT gravebook package business programs, OTT video on-demand content program copyright and production costs, advertising business market development and production costs, etc., and early promotion expenses (pre-promotion expenses are not less than 8 million yuan). We believe that the key cost is the cost of content such as OTT packages and on-demand movies and TV. Considering the cooperation of 11 provinces and cities, we believe that there is a high probability that the company will build a content library under the self-build+external cooperation (traffic import) model, and that the company will turn into a TV Internet platform. Jointly with Zhaochi Co., Ltd. and 11 radio and television operators, the strategy of developing DVB+OTT and box delivery to develop users is quite promising. According to the company's goal of 100 million users in two years, user growth has a great effect on the company's market value. Participate in the two-way transformation of the branch, and participate in the overall digital transformation project of North Union Chaoyang Branch and Fuxin Branch with a monthly subsidy of 8.2 yuan for three years. The company provides “DVB+OTT” set-top boxes, distributes them free of charge to users in accordance with overall digital transformation requirements, and is responsible for the overall set-top box solution. North China is responsible for the network transformation of Chaoyang Branch and Fuxin Branch; it assists the company's no-card CA (DRM of Beijing Digital Taihe Technology Co., Ltd.) is closely related to the Northern United CA system to achieve certification, authentication and management of various businesses. The subsidy standard is 8.2 yuan per terminal (the first terminal distributed free of charge to users by Tongzhou Electronic Investment) for 36 months, and the total subsidy is 295.2 yuan. The investment suggests maintaining a “prudent increase in holdings” rating within the next six months. We adjusted our forecast that in 2013-2015, the company's operating income increased by -5.76%, 25.51%, and 31.47%, respectively. Net profit attributable to the parent company will achieve annual increases of -40.78%, 45.61%, and 40.33%, and corresponding diluted earnings per share of 0.17 yuan, 0.24 yuan, and 0.34 yuan, maintaining the company's “prudent increase in holdings” rating.

The translation is provided by third-party software.


The above content is for informational or educational purposes only and does not constitute any investment advice related to Futu. Although we strive to ensure the truthfulness, accuracy, and originality of all such content, we cannot guarantee it.
    Write a comment