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中视金桥(00623.HK):走势改善 候低吸纳

Golden Bridge of China Television (00623.HK): trend improvement and low absorption

金利豐證券 ·  May 8, 2013 00:00  · Researches

Last year, the economy of Acer was poor, and enterprises began to spend. In addition, the "restriction order" and the "restriction order" were issued one after another, which further reduced the television revenue. Although CCTV (623) has won the agency right of CCTV for many years, in recent years, it has also actively expanded the upstream services of media production, including advertising and content promotion and new media investment and integration, which is called the "channel + content" platform.

In order to promote the development of "three screens" (TV, mutual communication and mobile phones), we received a collection of the three basic media in Hangzhou last year, together with the self-built "Wonderland", Digital pay TV Channel "Ball Wonder" and mobile phone TV platform 100TV. In addition, the fair also provides voluntary work for enterprises and government agencies, involving announcements, microcomputers, etc., but the revenue of the above-mentioned items accounted for only 4.6% last year, and the profit margin has yet to be demonstrated. However, due to the fact that the industry has a large customer base and rich experience, it is expected to increase its power in the future.

Other consulting agents have high purchasing capacity, which can provide stable income for the distributors. In 2013, financial resources reported an increase of 28% over the same period last year, and the market share increased by 1.6 percentage points to 11.4%. Last year, the income from media resources services fell by 1% to 1.59 billion yuan on an annual basis, but the income showed improvement in the second half of the year, increasing the overall income by 2% to 1.64 billion yuan.

The collection of dividends is attractive, with a total of 27 cents in final interest and special interest, rising by 27% year-on-year, with a net interest rate of 6%. It is believed that it is an unpopular choice for investors. On the stock market, the stock market began to consolidate since the beginning of April. Yesterday, before the breakthrough, the resistance showed a "big rally", with an increase in turnover. STC%K rose and wore on the% D line. MACD bear to bull gap, can test 4.35 yuan level suction, look forward to 4.80 yuan, do not fall below 4.2 yuan can continue to hold.

The translation is provided by third-party software.


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