This report is read as follows:
On the basis of adhering to the core position of mainstream media, the company develops content operation, content risk control, big data public opinion and other business around the field of content technology, and continues to enhance the value of mainstream social media platform.
Main points of investment:
Cover for the first time, the target price is 24.18 yuan, increase the rating. On the basis of adhering to the leading position of mainstream media, the company expands the business territory of content operation, content risk control, big data public opinion and other business around the field of content technology, incubates new businesses such as content aggregation and distribution, and people's Zhiyun, and continues to enhance the value of mainstream media platform. In view of the scarcity and performance flexibility of the company's content risk control and other businesses, it is estimated that EPS0.26/0.34/0.40 in 2019-21 will be higher than the average valuation 96xPE of comparable companies in 2019, corresponding to the target price of 24.18 yuan, and the overweight rating will be given for the first time.
We will continue to make efforts to build a party building platform, a government platform and a people's video core platform, comprehensively implement the development of media integration, and make steady progress in the construction of all-media matrix. The people's Party Building Cloud platform of the company has strengthened the construction of PC and mobile, consolidated its business model, and continuously improved its in-depth service and data capabilities. The media financing strategy is developing smoothly. As of 2019H1, people's Daily online Douyin followers are about 15.66 million, Kuaishou Technology fans are about 5.47 million, Weishi fans are about 1.95 million, Weibo Corp fans are about 65.52 million, the number of Wechat official account subscriptions has exceeded 7.24 million, and the influence of social account media matrix remains in the lead.
Establish the strategic layout of content science and technology around basic research, technical support and scene application. The company steadily promotes the landing and construction of the State key Laboratory of Media Intelligent Cognition, relying on the natural talent and technical advantages of the company's mainstream media platform in the field of content risk control, closely combines the artificial intelligence technology of the Institute of Automation of the Chinese Academy of Sciences with the company's content risk control capability, develops an Internet content risk control brain, and focuses on content originality, operation, risk control, aggregation and distribution, as well as the company's vertical platform business scenarios. To reengineer and upgrade the content business system and the content industry chain, we have cooperated with Toutiao, Quantum Cloud, Pear Video and other platforms at this stage, with the continuous deepening of the company's content technology strategy, the content technology business represented by content risk control is expected to become a new performance growth point of the company.
Catalyst: rapid landing of content technology business such as content risk control
Risk tips: content risk control business development is not as expected, policy risk
