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貓眼娛樂( 01896.HK):持續深化數字化賦能產業鏈,智能宣發成為產品平台重大突破,維持“推薦”評級
格隆匯 09-25 16:32

機構:東興證券

評級:推薦

貓爪模型戰略定位清晰,產品平台是戰略落地執行的關鍵。五大平台的戰略地位各司其職,產品平台是數據,流量及業務產生和流轉的基礎,對於貓眼的商業模式是中流砥柱的作用,是戰略落地執行的保證,也是未來業務成長髮展的關鍵所在。

互聯網與電影產業的融合向數字化賦能升級的方向邁進,宣傳發行環節目前應取得實質性變化。對於影片的宣傳環節,互聯網平台通過海量的數據及用户可以實現精準的營銷觸達,選擇合適的檔期。對於發行環節,通過用户規模以及積累的行為偏好數據,結合院線的運營數據實現雙方的高效匹配,實現影片的票房收益最大化。

貓眼專業版孵化的“貓眼通”以及新版智能宣發是數字化賦能的核心產品。貓 眼專業版對於影視宣傳發行兩個環節先後上線了貓眼通和智能宣發產品,功 能已經做到與宣發環節的數字化賦能場景一一對應。對於人羣定位,貓眼通通過“購票指數”與“用户畫像”來實現,對於檔期判斷,通過“想看用户重合度”來實現,對於排片與分發觸達,通過“排片監控”和“排片任務”來實現。

公司盈利預測及投資評級:我們預計公司 2020-2022 年淨利潤分別為-1.09、4.57 和 7.67 億元,對應 EPS 分別為-0.10、0.40 和 0.68 元。當前股價對應2020-2022 年 PE 值分別為-122、29 和 17 倍。我們看好公司在電影行業復甦後的盈利反彈以及貓眼專業版產品對於公司在產業鏈延拓數字化賦能的巨大助力。維持“推薦”評級。

風險提示:秋冬季本土疫情反彈,電影票房總體恢復不及預期,電影出品及宣發合作進度不及預期。

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