Event: on August 25, 2020, the company disclosed that in mid-2020, the company reported that its revenue in the first half of 2020 was 5.9 billion yuan, an increase of 3.41% over the same period last year, with a net profit of 1.003 billion yuan, deducting a net profit of 750 million yuan, an increase of 5.02% over the same period last year. Affected by COVID-19 's epidemic situation in the first quarter, Oriental Pearl seized the development opportunities such as media convergence, national network integration and 5G national strategy of radio and television in the second quarter to promote the landing of BesTV+ streaming media strategy. At the same time, it takes OPG cloud as the technical support, entertainment content, vertical industrial application services as the product form, cable network, telecommunications network, (mobile) Internet and Internet of things as the channel carrier. Carry out intelligent operation of all-channel, all-terminal and all-industry chain to restore growth, of which the media network business sector increased by 73.64% over the same period last year, and the culture and travel consumer business sector increased by 105.25% year-on-year.
The company carries out the layout of emerging business in an orderly manner, and strives to promote the strategic landing of BesTV+ streaming media platform to comply with the development trend of media convergence, seize the national strategic opportunity of radio and television 5G, and focus on promoting the landing of BesTV+ streaming media strategy. The company takes advantage of rich content, services, channels and other resources and capabilities to locate national radio and television 5G platform operators and content service providers. The company has stored more than 3000 hours of 4K content and initially established an ultra-high definition content production and broadcasting system; the company aims to build a BesTV+ streaming media platform, create new support, new momentum, new scenes, and provide "the last kilometer" solution. At the same time, the construction of intelligent communities, urban brains and other projects start to subvert the original single business model, and build an omni-directional, all-field emerging business layout in an orderly manner.
The company's four major industrial sectors coordinated development, adhere to the international strategy, promote omni-channel development the company continues to pay attention to the promotion of the four major industrial plates, clear industry positioning, focus on the long-term growth of the main business.
The company promotes the building of converged media platform, continuously strengthens the distribution of converged media products in cable TV, IPTV and BesTV mobile clients, strengthens channel expansion and content product operation advantages, and expands product coverage and user scale. The number of BesTV and IPTV users is 58.23 million, the national resident scale is 29, the scale of Internet TV and pay-TV users is 45.66 million and 56 million respectively, and the number of interactive VOD stations is 40, with 18 million users.
The film and television mutual entertainment business adheres to the line of quality, focusing on the output of high-quality content, covering a number of key hot topics in the production and distribution of films and television works in the first half of the year, and adhering to the strategy of internationalization. to promote quality programs, films and games overseas while introducing high-quality projects at the same time
Centering on the policy of "stabilizing the big screen and giving priority to mobility", the video shopping business promotes the construction of an all-media three-dimensional sales platform based on the "Giant Project" and other seven key projects, and explores a new model of both innovation and income.
The literature and tourism consumer business promotes the integration and innovation of online and offline channels, promotes the "Oriental Intelligence Media City" project, creates a media integration platform, and realizes the strategic layout of the national literature and tourism project.
Optimistic about the development of BesTV+ streaming platform, the company's strategic layout will help to seize the media convergence, radio and television 5G strategic opportunities, and maintain the "recommended" rating.
The company's current strategic layout helps to seize the media convergence, radio and television 5G strategic opportunities, optimistic about the development of BesTV+ streaming media platform. Under the background of media convergence and radio and television 5G strategy, based on the existing resources and capabilities of the company, BesTV+ streaming media platform is expected to become a new business growth point. OPG hybrid cloud platform promotes the realization of technology enabling business, expanding product coverage and user scale. The company's total revenue from 2020 to 2022 is expected to be 13.218 billion yuan, 14.447 billion yuan and 15.072 billion yuan, respectively. The net profit was 2.236 billion yuan, 2.491 billion yuan and 2.758 billion yuan respectively, up 9.4%, 11.4% and 10.7% over the same period last year, and the corresponding PE was 16 times, 14 times and 13 times respectively. Maintain the recommended rating.
Risk tips: content compliance risk, streaming + BesTV platform construction is not as expected.
