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东方明珠2019年半年报点评:上半年营收略有下滑,影视互娱与...

研究员 : 孔蓉   日期: 2019-09-02   机构: 光大证券股份有限公司   阅读数: 0 收藏数:
事件:    公司发布2019年半年度报告。2019年上半年,公司实现营业收入57.06亿元,同比下降5.34%;扣非归母净...

事件:
   
公司发布2019年半年度报告。2019年上半年,公司实现营业收入57.06亿元,同比下降5.34%;扣非归母净利润7.24亿元,同比增长6.18%。
   
点评:
   
19H1影视互娱业务收入3.76亿元,同比下滑19.88%,影视与游戏销售情况不佳。1)影视收入2.13亿元,同比下滑25.60%,面临较大行业性压力:新媒体主流视频网站曾是重要的版权采购方,目前逐步加大自制内容投入并缩减外部内容的采购规模;各地面频道由于用户持续流失,广告招商收入锐减导致地方台节目购买预算大幅减少;2)游戏业务收入7994万元,同比下滑32.77%;游戏版号18年末恢复审批后,新游戏的发行对公司存量游戏的收入产生冲击;公司下半年预计将有《最终幻想15》《凹凸世界》《一念永恒》等一批手游上线,期待收入回暖。
   
媒体网络业务收入14.31亿元,同比下滑7.68%;IPTV与OTT均有所下滑,有线数字付费企稳。1)IPTV收入9.78亿元,同比下滑9.44%;OTT收入1.19亿元,同比下滑14.69%;随着主流视频网站的OTT产品愈发成熟,公司的大屏业务受到一定冲击;2)有线数字付费电视收入1.49亿元,同比增长2.46%,呈现出企稳迹象,主要得益于公司的频道建设和全国推广。截至19年6月底,公司拥有自有及继承的高清付费频道共18套,成为全国最大的有线数字电视高清付费频道集成运营平台。
   
视频购物业务基本稳定,文旅消费略有下滑。1)视频购物收入29.11亿元,同比增长0.20%;通过与天猫、京东、小米等异业巨头成功合作,维持了业务稳定;2)文旅消费收入9.12亿元,同比下滑8.56%,主要系上半年房产销售同比减少所致。
   
盈利预测、投资评级和估值公司影视版权业务面临行业性的需求变化压力,游戏业务竞争加剧,大屏媒体受到来自互联网视频的冲击,导致上半年营收略微下滑,但扣非归母净利润企稳。下调公司19-21EPS预测至0.60/0.62/0.64亿元,现价对应PE为16/15/15X,估值仍然处于低位,维持“买入”评级。
   
风险提示:大屏用户流失、影视游戏业务竞争加剧、电视购物下滑。

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