The national policy supports mergers and acquisitions, emphasizing to be a big media enterprise. After the continuous decline in the early stage, the cultural media sector has recently rebounded ahead of the market and outperformed the market in the resonance formed by the valuation advantage and policy support. Among the leading varieties, the culture and media sector has been active repeatedly. Many analysts believe that the further refinement and implementation of national support policies will translate into substantial benefits for the industry and companies, thus becoming an important investment clue this year
less affected by the economic cycle
the cultural media industry is not cyclical and is little affected by the macroeconomic trend. From the perspective of global experience, when the power of economic growth is insufficient, the cultural industry tends to develop rapidly, and the function of countercyclical risk aversion is obvious. The development of this industry does not depend on the development of resources and manufacturing industry, but on creativity, talents and advanced mechanisms. Therefore, when other industries are in recession, the cultural media industry will become an important investment hotspot
at present, the P/E ratio of the cultural media sector is about 30 times, which is a low level in the past five years. As the leading variety of this round of rebound, it has gathered strong market popularity, and the market is expected to develop in depth. Zhangbaoming, an analyst at Minsheng securities, believes that the support policies for the cultural and media industry are expected to be launched one after another. Measures such as increased financial subsidies, interest discounts, tax cuts, and multiple policy dividends such as IPOs will bring substantial benefits to relevant listed companies; On the other hand, after continuous adjustment in the early stage, the valuation of the cultural media sector is at the bottom of history, with high security. The decision of the CPC Central Committee on deepening the reform of the cultural system and promoting the great development and prosperity of socialist culture, adopted at the Sixth Plenary Session of the 17th CPC Central Committee, has injected new vitality into this industry
zhangbaoming believes that from the disclosure of the third quarterly report, new media industries such as film and television dramas, Internet and advertising are still in a period of rapid growth, while the performance growth of traditional media industries, such as large state-owned publishing enterprises and newspaper publishing enterprises, does not have many bright spots, and the hidden worries of continuous performance growth still exist. As the three quarterly reports of the cultural media sector are mixed, and the performance of individual stocks may be differentiated, it is suggested that investors can choose investment targets around the two main lines of industry leaders and key policy support projects
stronger than the big market is the evaluation given by many securities companies to the cultural media sector. In the long run, against the background of favorable national policies, the profitability of cultural and media companies will enter the rising channel, but this still needs time to achieve; In the short term, market sentiment will be stimulated by policies and there will be certain trading opportunities, but we should carefully choose individual stocks. Some analysts believe that high industry prosperity + high company growth + high policy support + leading enterprises are more reasonable criteria for selecting stocks
emerging media has good growth.
from the perspective of development trend, film and television entertainment and emerging media have good growth potential and growth; Traditional cultural enterprises with publishing, distribution and newspaper advertising as their main businesses need to make substantial progress in cross regional mergers and acquisitions and new business development in order to support stable performance growth. Judging from the third quarterly report, film and television entertainment grew strongly. Huayi Brothers' third quarterly report showed that the company achieved a net profit of 102 million yuan in the first three quarters, an increase of 20.3% year-on-year. Guangguang also launched new energy bus business cooperation with Henan Shaolin bus, and media achieved a net profit of 100million yuan in the first three quarters, an increase of 57.64% year-on-year; During the reporting period, the company achieved a film and television drama revenue of 114 million yuan, with a year-on-year increase of 46.15%
in addition, some analysts pointed out that mergers and acquisitions among cultural media enterprises will become the only way for development in the future
traditional media leaders have advantages in integrating resources. Leading companies have capital, brands and talents, which are the key conditions for becoming bigger and stronger. Wei Chanjuan, an analyst at Guolian securities, saidIt means that the new copper alloy functional materials produced by Guoliang copper have been certified by the national authority.
the data shows that Zhongnan media achieved a net profit of 541 million yuan in the first three quarters, an increase of 21.6% year-on-year; Zhejiang news media achieved a net profit of 174 million yuan. Guangdong Media achieved a net profit of 9.587 million yuan in the first three quarters, a year-on-year decrease of 19.6%. In radio and television, radio and television media achieved a net profit of 633 million yuan in the first three quarters, an increase of 16.56 times year-on-year, ranking first in media stocks
the main reason for the differentiation is that companies such as Guangdong media, which are mainly engaged in printing business, have a single industrial chain and are easy to connect with office and other office software in terms of paper and labor costs, resulting in a year-on-year decline in net profits. However, Central South media, for example, has made full efforts in new media, digital content, rural bookstores outside the province, and its performance support has staying power. Wei Chanjuan believes that since the reorganization of Guangdong media has been conditionally approved, Guangzhou is expected to inject business including advertising, distribution and new media, its main business will be effectively expanded, and its growth potential is expected to increase in the future
whether publishing, newspaper industry or radio and television, the main business is concentrated in the province. Cross regional integration requires a breakthrough in the spring force application system and microcomputer automatic loading system of the experimental machine at the lower left of the base. The national policy also emphasizes that there are leading media enterprises to become bigger and stronger, and supports their mergers and acquisitions. Some analysts pointed out that in the future, the administrative barriers of cross regional mergers and acquisitions are expected to be gradually eliminated, and some traditional media are expected to build an all media industrial chain and improve industrial concentration. In addition, through backdoor listing and IPO listing, the pace of listing of media enterprises shows signs of accelerating