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暴风科技(300431):搭建DT大娱乐平台 形成整体战略优势

太平洋證券 ·  Apr 21, 2016 00:00  · Researches

Incident: In 2015, the company achieved operating income of 652 million yuan, an increase of 68.85% over the previous year, and net profit attributable to shareholders of listed companies of 173 million yuan, an increase of 313.23% over the previous year. Basic earnings per share were $0.7. The profit distribution plan is: no dividends, no share transfers, no increase. On April 19, the company held a financial briefing. Chairman Feng Xin, CFO Bi Shijun, Liu Xiaofeng, general manager of Straw Bear Pictures, and Hou Guangmin, VP of Storm TV, gave detailed explanations on the company's financial reports and future plans. Improve the big entertainment platform strategy, and maintain good growth in the number of users. In 2015, the company relied on existing PC and mobile user video platforms to gradually build and improve the VR platform “Storm Magic Mirror”, the entertainment hardware platform “Storm Super TV”, and the online interactive live streaming platform “Storm Show”. In 2015, the average daily reach of 32 million people on the PC platform and 18 million people on mobile devices per day. Brand advertising revenue was 212 million yuan, up 70% year on year, and VIP users' value-added business revenue was 21.4561 million yuan, up 1371% year on year. In 2016, platform-side multi-business collaboration is expected to bring significant revenue growth to the storm. Focus on content investment and actively acquire high-quality assets. In 2015, the company focused on content investment to lay out high-quality upstream assets. Through copyright procurement, external cooperation, Storm production and self-production, we have achieved comprehensive coverage of popular film and television content. The company launched the “Micro Film Support Program” to produce quality shows such as “The Legend of the Niu Man” and “Storm Star Festival”, which are well received by netizens. In terms of VR, Storm Mirror has launched about 116 games. As the world's first VR social game platform developed independently, Kingdom of Bliss has accumulated 100,000 downloads, and the average online time is about 40.6 minutes. In 2016, the company will open up the film industry and games, and revenue is expected to grow well. Build the DT Entertainment Platform to form an overall strategic advantage. The company launched the “platform+content+data” DT Entertainment strategy. On the basis of various platforms, it extends to the upstream film, television, game and other content industries, and uses big data to open up platforms and content. On the one hand, it provides users with better services, and on the other hand, improves commercial monetization efficiency, and forms an overall strategic advantage. Give an “increase in wealth” investment rating. In 2016, the platform side built by Storm Video, VR, TV, and shows will collaborate with the content end of sports, film, television, and games to create a “4+3” pattern. It is expected that there will be many new profit growth points in 2016. The company was given profit forecasts of 0.51 yuan, 0.79 yuan, and 1.02 yuan for 2016-2018, corresponding to 147x, 94-times, and 73-times PE, giving it an investment rating of “increase in wealth”. Risk warning. The risk of new business falling short of expectations, and industry competition heightens the risk.

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