1) Follow the logic
total market value: 14.1 billion yuan
circulation market value: 11.2 billion
current stock price: 5.05/share
brokerage target price: Northeast Securities (6.00)
recent institutional transaction flow:
follow logic:
(1) company When the management returns, Wang Zhongjun said that he will focus his work on the company's main business construction. Wang Zhongjun's return will greatly improve the company's business capabilities, or it will be an inflection point.
(2) is an old film label and has a certain reputation and influence in the film industry. The well-known director Feng Xiaogang is the company's resident director and the company's senior management. His high IP has certain influence on the company.
(3) From the list of shareholders, it can be seen that Jack Ma and Tencent are among the top ten shareholders of the company, and their positions have not moved all the year round, indicating that they are optimistic about the company's prospects.
2) Company introduction
is the first listed company in China's film and television industry and is known as the "first share of China's film and television entertainment." In recent years, the company's forward-looking thinking has led its business layout, and has continued to innovate, and has been evaluated by the industry as a pioneer and leader in the Chinese entertainment industry. At present, the company invests and operates four major business sectors: the film and television entertainment sector represented by movies, TV dramas, and artist brokerage; brand licensing and live entertainment represented by businesses such as movie city, movie world, movie town, and cultural city Sector; Internet entertainment sector represented by businesses such as games, new media, and fan communities, and the fourth largest business sector industrial investment sector.
Company code
Huayi Brothers (300027.SZ)
3) Brief comment on the third quarter report of the company
During the reporting period, the company achieved total operating income of RMB 1,16,602,300, a decrease of 49.22% from the same period of the previous year; operating profit was RMB -69,998,600. A decrease of 214.63% over the same period last year; total profit was -700,225,000 yuan, a decrease of 215.97% over the same period of the previous year; net profit attributable to shareholders of listed companies was -652.2158 million yuan, a decrease of 298.56% over the same period last year. The net cash flow from operating activities of
was a net outflow of 193,892,600 yuan, a decrease of 155.39% compared to the same period last year, mainly due to the payment of film sub-accounts and film investment funds. As of the end of the reporting period, the company's total assets were 16,623,643,298.83 yuan, a decrease of 9.85% from the end of the previous year.
4) The company's main business report
's main business advantage reconstruction, the content is that Wang Chuxin remains unchanged.
In 2018, the company's film and television entertainment revenue was 3.656 billion yuan, accounting for 94% of revenue, an increase of 8.39% year-on-year. In the second half of 2018, the company carried out its own strategy Phase adjustment, focusing on "movie + real scene", to strengthen its core competitiveness. In terms of movies, the company’s reserves of multiple projects are expected to be released in the summer of 2019. Guan Hu’s war masterpiece "Eight Hundred" has been finalized on July 5, and Tian Hanyu’s new work "Great Wish" has been finalized 8 On 9th; at the same time, director Zhou Xingchi’s new work "Mermaid 2" and the film "Samurai God Order" (formerly known as "Onmyoji") based on the phenomenon-level mobile game have been finalized and entered the post-production stage. Director Lu Chuan’s "Twenty Thousand Miles Project" (" "749 Bureaus") has started shooting; in addition to the reserve of film and television works with its own flow, a number of films that the company cooperates with other directors have also entered the preparatory stage one after another to reserve a talent matrix of directors and screenwriters for subsequent works. The development of
brand licensing and live entertainment sector is based on the development of the main film industry.
In 2018, the company’s brand licensing and live entertainment revenue was 150 million yuan (accounting for 3.84% of revenue), a year-on-year decrease of 42%, mainly due to the impact of the external market environment As well as the time difference in project progress, it is expected that 2-3 projects will be opened in 2019, relying on the gradual restoration of the positive influence of the "Huayi Brothers" brand in 2019, and the positive cycle of film and television works gradually being recognized by the market. Local characteristics of the culture to create a film and television cultural tourism project covering major cities across the country is expected to proceed smoothly.
company reserves film and television resources and the upcoming film and television
has completed the production of the war masterpiece directed by Guan Hu, "Yaibai", and the youth hilarious comedy "Little Wish" directed by Tian Hanyu will be released; at the same time, director Feng Xiaogang's new work "Only Yun Knows", Lu Chuan's new film "Two"The Wanli Project" (formerly known as "749 Bureau"), the film "Shen Shen Ling" (formerly known as "Onmyoji") based on the phenomenon-level mobile game, "Sunshine is not a robber" directed by Li Yu, and "Mermaid 2" by Stephen Chow Has completed and entered the post-production stage; many other films are in preparation; (2) In terms of TV dramas, the company's drama series business is proceeding in an orderly manner. It has prepared and participated in investment in a number of TV dramas and online dramas, mainly including "The Treasure of the Antiquities Bureau. "List", "Sentencing", "Glorious Times", "Mobile Forbidden City", "Heartman Hunter", "Heartbeat on the Tip of the Tongue", "Dad Next Door", "Meow Meow with Monsters", "Smoke in the World" ", "The Drop of God", etc. Among them, Zhejiang Huayi Brothers Film Investment Co., Ltd. participated in the production of "Appreciation of Ink and Porcelain in the Central Bureau of the Antique Bureau" (formerly known as "The Picture of Qingming Shanghe in the Central Bureau of the Antique Bureau") and "Glorious Times" have entered the post-production stage. "Heartbeat on the Tip of the Tongue" produced by Zhejiang Dongyang Haohan Film and Television Entertainment Co., Ltd. has also started to enter the shooting stage. "Glorious Era" and "Sentencing" were jointly selected into the list of 100 key TV dramas selected by the State Administration of Radio and Television in 2018-2022, and "Glorious Era" was selected as the recommended program for the TV series to celebrate the 70th anniversary of the founding of New China.
(Feng Xiaogang’s heartfelt work "Only Yun Knows" will be released in 2 days)
's core competitive advantage
(1) Ecological layout advantage
has accumulated a wealth of industry experience and resources since its establishment 25 years ago. The strategic layout of the entire industry chain covering various sectors such as film and television entertainment, real-life entertainment, Internet entertainment and industrial investment, is one of the companies with the most complete industry chain and the richest entertainment resources in the industry. The company uses its rich production experience and the first-mover advantage of the entire industry chain to feed back the company's main business development and strengthen the company's core competitiveness.
(2) Advantages of the operating system
has combined the mature and advanced management concepts of the foreign media industry with the operating characteristics and status quo of the Chinese media industry through years of rich practice, and reengineered the company’s business links in a modular and standardized manner. It mainly includes the creation and marketing management module that emphasizes "closely integrated marketing and creation", the flexible operation management module of the "business department" that emphasizes professional division of labor, and the comprehensive financial management module that focuses on "income evaluation + budget control + fund return". Wait.
through effective creation management (service management), talent management, marketing management, organization management, financial management and other management measures to ensure that each business module can be standardized operation on the basis of certain management flexibility, thereby ensuring the entire business Standardization and high efficiency of the operating system.
(3) Brand advantage
has produced a large number of excellent film and television works in the 25 years since its establishment, and has cultivated a large number of high-quality artists for the Chinese entertainment industry. In 2009, the company took the lead to land on the Growth Enterprise Market and became the first listed company in China's film and television industry. The company has always led the business layout with forward-looking thinking, and constantly insisted on innovation. The various business models it created have triggered the industry to follow suit. In recent years, the company has accelerated its pace of internationalization and expanded its brand influence overseas. Based on the company's brand advantages,
has steadily advanced its brand licensing business and achieved a certain scale of revenue and profit during the reporting period. This is a positive measure for the company to fully tap its own brand value, enhance its profitability, and further consolidate its dominant brand position.
(4) Talent advantage
has established a group of outstanding film and television industry management and creative talents including Wang Zhongjun, Wang Zhonglei, Feng Xiaogang, Zhang Guoli, Guan Hu, Cheng Er, Tian Yusheng, etc., and Chen Guofu, Tsui Hark and others cooperate closely and support young directors through various forms to reserve a new generation of talents for the film and television entertainment industry. At the same time, we will continue to improve the training mechanism for young artists, and use the resource integration capabilities of the entire industry chain to incubate young artists in an all-round way. For other management talents and professionals in the entertainment industry, the company continuously innovates incentive mechanisms and cooperation models, formulates vocational training and development plans, and expands and optimizes the talent pool.
(5) Advantages of partners
In 2014, Alibaba, Tencent and Ping An announced their shareholding in the company, which became a strong backing for the company to break through industry boundaries. In addition, the company uses innovative incentives and benefit-sharing models to establish partnerships with new-generation film and television production companies, directors, screenwriting studios, theater companies, live broadcast platforms and other upstream and downstream companies in the industry chain through various methods.Relations, consolidate content productivity, improve ecosystem construction, and achieve a win-win dividend, and also expand more possibilities for the circulation and derivation of high-quality entertainment content.
In recent years, the company has continuously expanded its partner advantages to overseas with its international strategic layout. On the one hand, the company and STX in the United States have cooperated to produce a number of film works, which verified Huayi Brothers’ forward-looking approach to content cooperation as an international strategy; on the other hand, the company also established a joint venture with the top Hollywood director Russell Brothers. Jointly build a global super content engine, dedicated to the investment and production of global super series IP, this move will have a positive and far-reaching strategic impact.
Jianye Huayi Brothers Film Town has been in trial operation on September 22.
Jianye Huayi Brothers Film Town is the first project after the cooperation between Jianye Group and Huayi Brothers. The project is located in Zhengzhou International Cultural and Creative Industrial Park. . The town is in the shape of movie scenes, with historical culture and city memory as its soul. It integrates movie scene tours, movie cultural displays, movie interactive entertainment, folklore and intangible cultural heritage experiences, large-scale series of performances, special catering, and theme inns.
On September 21, the premiere of Jianye Huayi Brothers Film Town was held in Zhengzhou, and the trial operation began on September 22. Mr. Jiang Jiding, director of Henan Provincial Department of Culture and Tourism, attended the premiere and delivered a speech. Chairman of Huayi Brothers, Mr. Wang Zhongjun, spoke on behalf of the partners, and Mr. Hu Baosen, Chairman of Jianye Group, gave a keynote speech. More than 100 entrepreneurs including China Enterprise Club, Yabuli Forum, Songshan Club, Foreign Business Association, Youth Henan Merchants, and representatives of the national partners of Jianye Group, etc., nearly 40 local cultural celebrities, more than 400 media reporters, etc. attended the conference. Events.
On September 22, the first day of the trial operation of the Jianye Huayi Brothers Film Town, the film town held a drama passing conference. Private car wearing dragon robe and imperial concubine uniform, 999 radio station Murphy and wheat, incarnation of emperor and concubine as the red carpet host, movie town mascot Fang Dazui, major tourism platform IP dolls, Jianye Little Harvard Bilingual School The parent-child group, Dianping Bawang Meal-fan group, Maoyan Movie-fan group, international friends delegation, and FM999 fan group came to help out in fancy costumes.
company financial data chart
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The information in this article comes from published materials, and the company does not guarantee the accuracy, completeness or reliability of such information. In any case, the information or opinions expressed in this article do not constitute investment advice to anyone. Under any circumstance, the company, employees of the company or affiliates do not promise that investors will gain profits, do not share investment income with investors, and are not responsible for any loss caused by anyone using any content in this report. . Investors must note that any investment decisions they make accordingly have nothing to do with the company, its employees or affiliates. Users must rely on their own investment knowledge and experience to make their own investment judgments.
