Event: on January 14, 2020, the launching ceremony of the 5G+8K/4K/VR innovation and application of the 2020 Spring Festival Gala of the Central Radio and Television General Station was held at the Beijing Media Center. Representatives of the propaganda Department of the CPC Central Committee, the Central Radio and Television General Station, the Ministry of Science and Technology, the Ministry of Industry and Information Technology, the State Administration of Radio, Film and Television, the three major operators and representatives of various media units attended. It is pointed out that relying on the 2020 Spring Festival Gala, actively carrying out innovative applications of 5G, 4K/8K, VR and AI, strengthening all-media communication and innovating all-media audio-visual effects are expected to bring a new viewing experience.
Comments:
The state-owned comprehensive audio-visual travel service company, which relies on CCTV, has obvious first-mover and technological advantages in the field of ultra-high-definition video. The company relies on CCTV, mainly engaged in film and television shooting, television program production and sales, film and television shooting base development and operation, film and television equipment rental and technical services, media advertising agency and other business. According to the data of the three quarterly reports in 2019, the company achieved revenue of 532 million yuan, an increase of 8.52% over the same period last year, and a net profit of 76 million yuan, down 2.12% from the same period last year. The advanced 4K technology equipment and super-large storage system of the subsidiary CTV North 4K production Base, as well as senior and professional production teams, can create high-quality programs with high quality, sound quality and artistic color. fully meet the full business needs of high-end 4K programs from pre-shooting to post-editing, color correction, transcoding, backup and output.
The party focuses on new technologies such as 5G, 4K/8K and VR, and the company is expected to lead the development of 5G media applications and ultra-high definition video, bringing a new viewing experience to users.
The 5G network has fully covered the main venue and sub-venue of the 2020 Spring Festival Gala of the Central Radio and Television Station. At that time, the front desk will use 5G+8K technology to achieve multi-position shooting, and produce the 8K version of the Spring Festival Gala. The 4K signals of mobile shooting and landscape based on 5G network are connected to the production system of the Spring Festival Gala, providing strong support for the all-4K intelligent live broadcast of the Spring Festival Gala; the pioneering virtual network interactive production mode (VNIS) will also be applied for the first time in the Spring Festival Gala, users can watch the 2020 Spring Festival Gala VR live broadcast and multi-view panoramic live broadcast through the CCTV frequency client. As an important producer of TV programs and an important base for film and television shooting, the company may be able to seize the opportunity to further explore ultra-high and fresh technology and usher in further leading development.
There is a wide space for ultra-high-definition video. We are optimistic that the company will seize the development opportunity of ultra-high definition and maintain the "recommended" rating. We maintain the forecast that revenue from 2019 to 2021 will be 938 million yuan, 1.108 billion yuan and 1.263 billion yuan, respectively, an increase of 15.7%, 18.1% and 14.0% over the same period last year. The net profit of returning to the mother was 154 million yuan, 188 million yuan and 220 million yuan respectively, up 34.8%, 21.9% and 16.8% respectively. Relying on CCTV and front desk resources, the company is expected to achieve great-leap-forward development in the field of ultra-high definition video. Maintain the recommended rating.
Risk tips: ultra-high-definition video promotion is not up to expectations, business progress is slow, performance is not as expected, and so on.
