Organization:Sino-Thai Securities
Rating: increase holdings
Return to the mother of the net profit growth rate became positive, profit margins rebounded.2020H1 media sector revenue year-on-year-10.84%, phaseIt is somewhat warmer than the growth rate of 2020Q1-12.29%. The net profit of 2020H1 is + 21.31% compared with the same period last year, and the year-on-year growth rate has become a regular employee for the first time since 2018Q3. We believe that the media industry has experienced 2018-20The peak of impairment of assets such as goodwill in 19 years and the impact of the epidemic of 2020Q1 COVID-19 have been gradually cleared out.Hope to hit bottom and pick up.
The game industry is the most prosperous, and the film industry is the most affected by the epidemic.Growth rate of 2020H1 operating incomeIn terms of growth, only the game sector is growing year-on-year (+ 7.97%), and the other sectors are ranked by growth rate.Radio and television (- 1.71%), marketing (- 2.14%), Internet (- 3.50%), publishing (- 9.64%), filmTV series (- 43.02%) and movies (- 82.08%). Games, the Internet and other online-related industries are certainTo some extent, it benefits from the change in users' habits brought about by the epidemic of COVID-19, while other industries are affected by the epidemic of COVID-19.Movies with offline stores have been hit even more. As the impact of the epidemic weakens, cinemas in the second half of the yearAnd other places gradually resume work, a number of blockbuster National Day files, the film and television industry recovery is imminent.
Online entertainment consumption: continue to value games, online video, cross-border e-commerce, live delivery and other directions.
(1) Games: due to the lengthening of the R & D cycle, the threshold for entry is raised, and the promotion funds are invested in front.The version number examines the impact of shrinking these three dimensions, and the industry is further focused on the head company, weIt is expected that the life cycle and competitiveness of long-term boutique games will be improved in the future. The core is optimistic about Panax notoginseng.Mutual entertainment, Perfect World, gigabit, heartbeat company.
(2) online video: short videos have an impact on the duration of users of long videos, resulting in longThe dividend of video users is fading rapidly, and the content will be king in the future, so we are optimistic about the high-quality content in theOnline video platform opportunity. The core is optimistic about mango supermedia and new media shares.
(3) Cross-border e-commerce: under the influence of the epidemic, the global consumption habits are shifted from offline to online.China's cross-border e-commerce industry is developing rapidly, and the global online consumption trend is expected to continue in the future. CoreBe optimistic about Jihong shares and Anke Innovation.
(4) Live broadcast with goods: from the point of view of product display and user experience, short video and live broadcast are excellent.In the picture and text, the future live broadcast with goods is expected to become a standard digital marketing, the core is optimistic about the world show, starTerm six.
Offline scene recovery: the core is optimistic about building advertising and cinema line leaders.
Building advertisement: the inflection point of Q2 operation has been confirmed, and the value of elevator screen is expected to recover with the economy.Redevelop it. The core is optimistic about focus Media.
Cinema line: commercial blockbusters are expected to promote the recovery of the industry. "eight hundred" grossed more than 20.Once again, high-quality content will be paid for by the market and moviegoers. The National Day holiday is expected to become a cinema.The first core important time window after returning to work.
