Comments on the Quarterly report of Huawei Culture (002502): movies and TV dramas confirm the improvement of income and expense rate to boost performance.

長城證券 · Oct 30, 2017 00:00 · Researches

核心观点

1）公司发布2017 年三季报，前三季度实现营业收入6.26 亿元，同比增长10.03%；实现利润总额2.44 亿元，同比增长29.32%；归属于母公司股东的净利润2.29 亿元，同比增长45.73%；扣非后净利润2.18 亿元，同比增长47.79%；基本每股收益0.27 元。第三季度单季度实现营业收入2.40亿元，同比增长11.98%；实现利润总额0.79 亿元；归属于母公司股东的净利润0.76 亿元，同比增长11.82%；扣非后净利润0.86 亿元；基本每股收益0.09 元。公司预计2017 年归母净利润3.03 亿元-3.94 亿元，较去年同期增长0%-30%，公司今年影游业务延续向好趋势，净利润增长稳健。

2）在期间费用方面，销售及管理费用变动较大，销售费用下降53.03%至1246.54 万元，主要因为报告期内公司业务推广费用减少以及玩具业务剥离，管理费用下降32.04%至6126.34 万元，主要因为报告期内中介机构和并购重组项目费用减少，此外，销售费用率/管理费用率/财务费用率分别为1.99%/9.78%/-1.17%，较去年同期分别变动-2.67pct/-6.05pct/0.2pct。

3）公司旗下影视公司梦幻星生园2016 年投资、拍摄、制作和发行的电视剧包括《煮妇神探》、《寂寞空庭春欲晚》、《放弃我抓紧我》、《那片星空那片海》第一季等，制作发行的4 部电视剧首播均获得同时段收视冠军，目前《那片星空那片海》第二季正在湖南卫视播出，并同步在互联网视频平台播出，收入确认后有望增厚全年业绩。游戏业务方面，子公司第一波及风云互动研发运营游戏包括《莽荒纪》《雪鹰领主》《斗罗大陆》《圣域战争》《泰坦三国》《校花的贴身高手》等多款游戏，流水状况良好，页游及手游质量均受到市场玩家的认可。

4）公司此前公告，拟以受让股份和现金的方式向天润数娱转让公司持有的拇指游玩30%的股权，交易对价2.27 亿元，交易完成后，公司将不再持有拇指游玩股权，并将持有天润数娱1044.06 万股股份，目前该事宜已获证监会审核通过，若交易顺利完成，拇指游玩的公允价值变动将为公司带来投资收益。

投资建议

公司持续完善IP 产业链布局，集中资源发展泛娱乐文化业务，管理层有明确的产业布局思路，以绑定优质IP 为基础，在影游板块进一步深化对优质IP 的开发运营，预测公司2017-2018 年EPS 分别为0.44 元、0.52 元，对应PE 分别为26X、22X，维持“推荐”的投资评级。

风险提示：多业务发展增加管理难度，影视、游戏业务收入不达预期。

Core viewpoints

1) according to the company's quarterly report for 2017, the operating income in the first three quarters was 626 million yuan, an increase of 10.03% over the same period last year; the total profit realized was 244 million yuan, an increase of 29.32% over the same period last year; the net profit belonging to the shareholders of the parent company was 229 million yuan, an increase of 45.73% over the same period last year. Net profit after deducting 218 million yuan, up 47.79% over the same period last year; basic earnings per share is 0.27 yuan. In the third quarter, the operating income was 240 million yuan, an increase of 11.98 percent over the same period last year; the total profit realized was 79 million yuan; the net profit belonging to the shareholders of the parent company was 76 million yuan, up 11.82 percent from the same period last year; the net profit after deducting 86 million yuan; and basic earnings per share was 0.09 yuan. The company expects a net profit of 303 million yuan to 394 million yuan in 2017, an increase of 30% over the same period last year. The company's film game business continues to show a positive trend this year, with steady net profit growth.

2) in terms of period expenses, the sales and management expenses changed greatly, and the sales expenses decreased by 53.03% to 12.4654 million yuan, mainly due to the reduction of the company's business promotion expenses and the divestiture of the toy business during the reporting period, and the management expenses decreased by 32.04% to 61.2634 million yuan. It is mainly due to the reduction of intermediary agencies and M & A projects during the reporting period. The sales expense rate / management expense rate / financial expense rate is 1.99%, 9.78% and 1.17%, respectively, which is different from that of the same period last year-2.67pct/-6.05pct/0.2pct.

3) the TV series invested, filmed, produced and distributed by the company's film and television company Dream Star Park in 2016 include "the Detective of the Cooking woman", "the empty and lonely Spring scenery in the Courtyard is coming to an end", "give up me and hold on to me", the first season of "the Starry Sky and the Sea", etc., the premiere of the four TV dramas all won the championship in the same period of time, and the second season of "that Starry Sky and that Sea" is currently being broadcast on Hunan Satellite TV. And broadcast synchronously on the Internet video platform, revenue recognition is expected to thicken the annual performance. In terms of game business, the subsidiary first spread to Fengyun interactive R & D and operation games, including "Mangjing", "Snow Eagle Lord", "Battle mainland", "Holy Land War", "Titan three Kingdoms", "close masters of school girls" and other games, which are in good condition, and the quality of page games and mobile games are recognized by market players.

4) the company previously announced that it intends to transfer 30% of the shares held by the company in the form of transferred shares and cash to Tian run several Entertainment, with a transaction consideration of 227 million yuan. after the completion of the transaction, the company will no longer hold the equity of thumb game. and will hold 1044.06 shares of Tian run several entertainment shares, at present, this matter has been examined and approved by the CSRC, if the transaction is successfully completed. The change in the fair value of thumb play will bring investment income for the company.

Investment suggestion

The company continues to improve the layout of IP industrial chain and concentrate resources to develop pan-entertainment and culture business, and the management has a clear industrial layout idea. Based on binding high-quality IP, the company further deepens the development and operation of high-quality IP in the video game section. It is predicted that the company's EPS from 2017 to 2018 will be 0.44 yuan and 0.52 yuan respectively, corresponding to PE 26X and 22x respectively, maintaining the investment rating of "recommended".

Risk tips: multi-business development increases the difficulty of management, film and television, game business revenue is not up to expectations.

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骅威文化(002502)季报点评：影视剧确认收入 费用率改善助推业绩

Comments on the Quarterly report of Huawei Culture (002502): movies and TV dramas confirm the improvement of income and expense rate to boost performance.

Risk Disclaimer

Statement

骅威文化(002502)季报点评：影视剧确认收入费用率改善助推业绩