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　　 Changjiang Securities Xiao Lele

The company released the 2012 annual performance forecast and realized the net profit attributable to shareholders of the parent company of 281.28 million yuan - 316.44 million yuan, with a year-on-year growth of 60% - 80%; Including non recurring profit and loss of 15.16 million yuan.

At the same time, the Company released the 2012 profit distribution plan, taking the total share capital of 2411.2 million shares as of December 31, 2012 as the base, and using the capital reserve to increase 11 shares per 10 shares to all shareholders, a total of 265.23.2 million shares were transferred. The total share capital of the Company was changed to 50635.2 million shares after the capital increase. At the same time, taking the total share capital of 2411.2 million shares on December 31, 2012 as the base number, it is proposed to distribute cash dividends of RMB 3000-400 (tax included) per 10 shares, totaling RMB 72336000 - 9644800.

Event comment:

The rapid growth of performance is due to the stability of TV program production and advertising revenue, as well as the box office performance of "Thailand" exceeding expectations. TV program production and advertising business has always been the support of the company. In the first three quarters of 12 years, the revenue of TV program production and advertising business reached 287 million yuan, up 9.79% year on year, and is expected to be about 10% for the whole year, with a relatively stable development. The film and television drama business broke out. After the revenue of 208 million yuan in the first three quarters, a significant increase of 82.33% year on year, the box office performance of "Thailand" released in December exceeded expectations. As of December 23, the box office reached 690 million yuan, and has exceeded 1.2 billion yuan so far. Due to the timing of box office confirmation, it is estimated that the box office confirmed in 12 years will be about 700 million to 800 million. After deducting the share of cinemas, production and distribution costs, and the expenses for awarding the main creators, the profits contributed in 12 years will be about 150 million.

The high delivery plan fulfilled market expectations. The company's high turnover for two consecutive years reflects good business performance and the positive attitude of returning investors. According to the company's performance forecast, earnings per share in 2012 were 1.17 yuan - 1.31 yuan, while dividends per share were 0.3-0.4 yuan, and the dividend distribution ratio was 23% - 34%. At the same time, the amount of the company's capital reserve is relatively abundant, and the report reached 1.267 billion by the end of the third quarter. It is in the interests of the company and shareholders to carry out the transfer.

Investment suggestion: The company's platform advantage of CLP is obvious, the number of channels and advertising revenue are expected to continue to grow, and the program expansion at the satellite TV level is the focus of the future. With the successful experience of "Thailand", the film business is expected to usher in a period of rapid development; By investing in Huanrui Century, the TV drama business may make a breakthrough. It is estimated that the company's EPS in 2012, 2013 and 2014 will be 1.28 yuan, 0.69 yuan (diluted) and 0.82 yuan (diluted) respectively, and the corresponding PE will be 25 times, 22 times and 18 times respectively, maintaining the "recommended" rating.

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