The company has a leading position in the content market of Chinese boutique dramas.
The company has a leading position in China's boutique drama content market: the company takes the lead in the field of boutique TV drama production, has the production capacity of large-scale films and TV dramas with an annual production capacity of more than ten dramas, and has a word-of-mouth effect in the market. it has formed a certain cohesion to the resources of the industrial chain, such as "the Legend of Wu Mei Niang" and "the full moon of Huakai that year" and so on. The company's high-quality and high-quality content will continue to be released in 2018, such as "East Palace", "vine green apple" and "full moon 2 that year" to guarantee the performance in 2018.
The chairman recently increased his holdings in the secondary market, with an average price of 20.04 yuan per share.
The chairman recently increased his holdings in the secondary market, with an average price of 20.04yuan per share: Mr. Wu Hongliang, chairman of the board, increased his holdings through the secondary market three times on November 29th, November 30th and December 4th respectively, with a total increase of 1 million shares (accounting for 25 per cent of the total share capital). The average price is 20.04 yuan per share. And undertake not to transfer the shares of the company during the period of this increase and within six months after the completion of the increase.
Profit forecast and rating
Benefiting from the scarcity of high-quality drama resources in the TV industry, the explosive growth of online video and the increasing ability of the online platform to attract money, the company adheres to the "boutique drama" strategy to adapt to the market, and the multi-wheel drive of "content + marketing + channel". The leading position of the industry continues to be stable. 3. We estimate that the company's net return profit in 2017, 2018 and 2019 is 226 million, 503 million and 665 million respectively, corresponding to 0.57 yuan, 1.26 yuan and 1.66 yuan per share, respectively. The investment rating given to "buy" is covered for the first time, based on a price-to-earnings ratio of 25 times 2018, with a target price of 31.50 yuan.
Risk hint
The TV drama project is lower than expected and the policy risk.
