State-owned integrated audiovisual cultural tourism service company that relies on CCTV, and its performance continues to improve
Backed by CCTV, the company specializes in film and television filming, television program production and sales, film and television filming base development and operation, film and television equipment leasing and technical services, and media advertising agencies. The company has strong technical strength, a full set of advanced film and television production equipment and a professional production team. It was the first enterprise to enter the field of high-definition television production in China, and successfully cooperated with CCTV to complete channel revision and production tasks, and provided equipment support and technical services for CCTV's major topics and reporting tasks.
The subsidiary, CITIC North, has strong technical strength, and the company's first advantage in the field of UHD video is obvious
The subsidiary China Television North 4K Production Base currently has the most advanced 4K technology equipment and oversized storage system, as well as a senior and professional production team, which can create high-quality picture quality, sound quality, and artistic color of the program, fully meeting the full business needs of high-end 4K programs, from early filming to post-editing, color correction, transcoding, backup and output. Based on the advantages of post-production, the company is striving to improve the comprehensive capabilities of 4K programs from planning, shooting to packaging and production, and to create a comprehensive service for shooting and production of 4K programs.
The target of the UHD video action plan directly benefits from China Central Radio and Television's integrated media exploration platform
One of the key tasks of the plan is to enrich the supply of UHD TV programs. China Central Radio and Television is an important supporting unit for the development of the UHD industry. It is in a leading position in the UHD video industry. The company, as an important undertaker of TV programs and an important base for film and television filming, will directly benefit from the plan and rely on the station's resources to achieve leapfrog development. The company is positioned to take responsibility for the overall development of the headquarters as an investment and financing platform, a pilot pilot platform, and a media-integrated capital platform
The pure standard for ultra-high-definition video is expected to usher in leaps and bounds, covering “recommended” ratings for the first time
We believe that the company is a genuine A-share UHD video target. The company has a clear leading edge in the UHD video field, and is expected to achieve leaps and bounds with the help of the National UHD Video Program Company. Preliminary estimates suggest that the company's net profit from 2018 to 2020 is 1.04/175/304 million yuan respectively, and the corresponding EPS is 0.26/0.44/0.76 yuan respectively. The current stock price corresponding to 2018 to 2020 PE is 47, 28 and 16 times, respectively. First coverage, giving a “recommended” rating.
Risk warning: The promotion of the UHD video plan did not meet expectations, the company's strategic position in the headquarters was adjusted, the company's performance fell short of expectations, etc.