Chinese Media (600373) 2019 Third Quarterly Report Review: Steady Operating Activities in the Main Business of Publishing and Distribution

Chinese Media (600373) 2019 Third Quarterly Report Review: Steady Operating Activities in the Main Business of Publishing and Distribution

Event: Chinese media released the third quarter of 2019 report, and the company achieved revenue of 86 in the first three quarters.

6.6 billion, a decrease of 3 per year.

59%; realized net profit attributable to mother 12.

73 ppm, a five-year increase of 5.

52%; realized non-net profit attributable to mother 11.

570,000 yuan, an increase of 0 in ten years.

39%.

Q3 single quarter revenue decreased by 8 every year.

65%, net profit attributable to mothers increased by 6 in ten years.

52%.

Net revenue maintained steady growth. Profit growth was mainly driven by investment income and gains from changes in fair value.

  The company’s overall revenue has remained stable, and the net profit of mothers and mothers has increased, and Q3 has increased by 6 in a single quarter.

52%.

  In the first three quarters, net profit attributable to mothers increased by 66.67 million over the same period last year, while investment income and gains from changes in fair value increased by 43.68 million and 58.04 million, respectively.

The net interest rate increased and the R & D expense ratio decreased.

The company’s gross profit margin for the first three quarters was 33.

01%, an estimated decrease of 3 in the same period last year.

29 points, net profit attributable to mother 14.
.

69% year-on-year growth of 1.

27 points.

Selling expense ratio 5.

17%, a year-on-year decrease of 0.

73pct, the overall performance is stable.

Management expense ratio 9.

33%, basically the same as last year.

R & D costs have fallen by 42 per year.

52%, R & D expenses4.

49%, a year-on-year decrease of 3.
.

04 points.

Bright cash flow from operating activities.

The company’s net cash flow from operating activities in the first three quarters was two.

60,000 yuan, an increase of 364 in ten years.

47%, mainly due to the company’s enhanced cash and expense management.

The main business of publishing and distribution remained stable.

The publishing business of the company’s traditional core business achieved operating income.

97 ppm, a ten-year increase4.
3%; operating income from the issuance segment was 26.

93 ppm, a five-year increase of 5.
98%.

  Publishing business gross margin 20.

48, a year-on-year decrease of 0 each year.

17 points; gross profit margin of the issuing business 38.

82, an increase of 1.

87 points.

The monthly average COK water flow is slowly decreasing, and we are looking forward to the new game.

In the first three quarters of the first three quarters of Zhixingtong’s main game COK, the average monthly turnover was 1.

19 trillion, of which Q3 is 1 in a single season.

12 trillion, Q2 inserted 8.

91%.

In the first half of this year, the company released the two-dimensional game “Love and the Producer” as well as the self-developed game “Emperor 2: Rise of the Dragon” (COK2), which is expected to bring incremental increase to the company’s flow.

  The company’s continued repurchase demonstrates its confidence in the future.

The company changed the repurchase program 杭州桑拿网 adopted on November 12, 2018, and revised it in March 2019. The repurchase amount is not less than 3 trillion, not more than 6 trillion, and the price does not exceed 15 yuan. At the same time, it is clear that the repurchase of shares willImplementation of bankruptcy.

The company continued to push forward until 1807 on September 30, 2019.

550,000 shares, the amount exceeds 2.

390,000 yuan, the transaction price is 12.

59 yuan?
13.

79 yuan, showing that leaders and major shareholders are full of confidence in the company’s future development.

Earnings forecast and investment advice: We predict that Chinese Media will achieve revenues of 116 and 2021 in 2019-2021.

3.1 billion, 137.

7.9 billion, 148.

68 ppm, an increase of ten years.

03%, 18.

46%, 7.

90%; net profit attributable to mothers is 17, respectively.

9.9 billion, 19.

92 ppm, 21.

74 ppm, a 10-year increase of 11.

13%, 10.

69%, 9.

16%; corresponding EPS is 1.

31 yuan, 1.

45 yuan, 1.

58 yuan.

Maintain BUY rating.

Risk reminders: 1) The game flow is not up to expectations; 2) The development progress of new games is not up to expectations; 3) Exchange loss and profit risks; 4) Systemic risks;