芒果超媒(300413):定增預案獲批 內容建設再啟航
芒果超媒定增申請於2021 年6 月24 日獲證監會同意:此次定增有利於公司進一步加強內容板塊建設。公司本次發行預計募資不超過45 億元,擬用於:1)內容資源庫擴建項目(項目總投資40.10 億元,擬使用募集資金40.0 億元),旨在豐富版權庫內容資源,鞏固公司在內容領域優勢地位。項目建設期兩年,預計在兩年內完成6 部S 級影視劇採購、11 部A 級影視劇自制或定製、18 部S 級綜藝製作。項目收益期4 年,預計將實現營收51.46 億元,淨利潤2.86 億元。2)芒果TV 智慧視聽媒體服務平台項目(項目總投資5.81 億元,擬使用募集資金5.00 億元),旨在利用自有技術研發搭建芒果TV 智慧視聽媒體服務平台。項目建設期兩年,將對芒果現有的TV 平台實施技術升級改造,加速芒果TV 在資源、技術、服務等方面的融合,為實現芒果TV 融合戰略提供堅實的平台基礎。內容創新鞏固平台護城河,題材延展助力用户破圈。根據藝恩數據,2021 年5 月全網前50 大熱播作品中,芒果TV 綜藝、劇集播放量分別達55、39 萬次,分別同增13.8%、5.6%,在頭部視頻平台中滲透率預計分別達66%、28%。2021 年5 月24 日芒果季風開播,在綜藝和長劇集之外,公司開啟對短劇集內容的積極探索。另一方面,公司依託都市情感懸疑劇《陽光之下》、反盜獵題材電視劇《狂獵》、懸疑劇《禮物》等內容題材向男性、高年齡層持續破圈,推動平台內容延展。發揮產業鏈協同優勢,探索增長新路徑。小芒電商2021 年1 月1 日至今,已從芒果系藝人、主持人入駐引流向KOL 種草演變,社區氛圍初步形成。5 月劇本殺上線後,在發展線下劇本殺業務同時,也與小芒通過線上密室預約、銷售衍生產品、鼓勵二創等方式持續為電商業務引流,截至2021 年6 月23日,小芒累計下載量接近80 萬次。小芒電商及劇本殺業務的探索有望延伸公司長視頻平台變現模式,進一步豐富芒果產業鏈盈利預測與投資建議:芒果超媒作為國內一線流媒體平台,依賴精品內容持續破圈,會員+廣吿+電商+運營商業務多方位變現,內容護城河優勢盡顯。我們預計公司2021-2022 年分別實現歸母淨利潤26.05、30.69 億元,分別對應45.2 倍、38.4 倍PE,維持強烈推薦-A 評級。風險提示:會員增長不及預期,行業競爭加劇,電商等項目發展不及預期等。
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