貓眼娛樂(01896.HK)2019全年業績公告點評:收入結構明顯改善,維持“增持”評級
機構:光大證券
評級:增持
◆事件:公司發佈2019年全年業績。2019年公司實現收入42.7億元,同比增長13.6%;實現歸母淨利潤4.63億元,轉虧為盈;實現經調整利潤總額7.03億元,同比增長142.4%。
◆點評:
收入結構進一步優化,在線票務業務收入佔比下降。2019年在線娛樂票務收入同比增長1%,在整體收入中佔比下降至54%(18年61%)。其中:1)電影票務交易額同比上升6.7%,出票量同比上升0.9%,均超國內電影行業增幅(票房大盤增長5.7%;出票量增長0.6%);2)現場娛樂票務GMV同比增長15.1%,執行了林俊杰、周杰倫等頭部項目的總代服務;公司先後幫助全國數十家大型體育場館和劇院實現了智能化升級,建立了穩固的合作關係;大型場館活動有望成為未來現場娛樂項目的重要來源。
娛樂內容服務能力持續提升,深度參與頭部國產電影項目,收入佔比提升至33%。公司全年共主控發行電影14部,票房達74億元,佔國產電影總票房的18%同比持平;2)全年票房Top30的電影中共有18部國產片,公司參與其中的12部,產業影響力持續提升;其中《來電狂響》、《反貪風暴4》、《最好的我們》、《我和我的祖國》均是各重要檔期的票房冠軍。
建設營銷及資金平台,廣告及資金服務能力提升驅動收入增長。19年公司廣告服務及其他業務收入達5.7億,同比增長39.7%。1)公司構建了擁有3億以上粉絲量的自媒體矩陣,成為中國最頭部的文娛媒體之一;此為多家知名品牌客户產出近百個定製化營銷方案;2)推出資金服務平台,依託票務業務良好的現金流,為全文娛產業提供資金支持。
◆盈利預測、投資評級和估值:公司19年業績符合預期,票務業務市場份額穩中有升,在文娛全產業鏈的內容服務、娛樂營銷、資金支持等環節話語權增強。疫情預計將對公司各項業務產生較大的一次性衝擊,但並不影響公司核心業務能力,疫情結束後公司業績有望迎來反彈。我們測算20年營收或下滑39%,毛利率或下滑至55%;但若疫情在年內基本結束,21年業績將大幅恢復並超過19年水平。本次分別下調/上調/新增公司20-22年Non-GAAP淨利潤至0.35/10.0/11.6億,現價對應-/10.1/8.8xPE,維持“增持”評級。
◆風險提示:疫情持續時間未定、觀影需求復甦不達預期、應收賬款減值
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.