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嘏崧笺蓟
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1 Company Research Company update Sinomedia Hldg (623 HK) Enjoy Lotour We met with Derek Chan, CFO of Sinomedia (623.HK) and William Pang, President and Founder of Lotour.com in Beijing. Lotour.com, featured Destination Homepage, is likely to benefit from continuing tourist boom in China. To boost pageview, SinoMedia offers advertisment minutes at privileged price to search engines like Baidu in exchange for directing more vistors to Lotour. Lotour: the most popular travel information-sharing website Lotour currently has the highest daily PV of 53 among travel information sharing websites. In 2013, Lotour is estimated to generate revenue of ~RMB20mn, of which ~90% from advertisement, ~10% from membership fee and transaction agency fee. The Destination homepage is mostly welcomed by 2 nd and 3 rd tier tourist cities. Some of the Destination customers are existing TV advertisements customers. Current annual fee for Destination homepage is ~RMB0.7mn on average. Lotour was still at a loss in 2013 but it is expected to breakeven this year. Well-positioned for individual tourist boom Despite the unfavorable weather during Labor Day Golden Week, passenger flow volume in most of the tourist cities was up by >15% yoy. In 2 nd and 3 rd tier tourist cities like Chongqing, Hubei, growth was even higher at >20%. The growth was mainly driven by individual tourists instead of group tourists. Typically, individual tourists search for information shared by others on the tourist website to plan their trips, and travel information is more useful for the less well-known tourist cities. As Desination homepage is tailor-made for information sharing in 2 nd &3 rd tier tourist cities, Lotour is well-positioned for this trend. Align with leading searching engines. The utilization rate of advertising minutes is ~79% in 2013, and the remaining unsold minutes are allocated to non-commercial advertisements. SinoMedia is now offering the unsold minutes free of charge or at privileged prices for the renowned search engines and portals in exchange for directing their visitors to Lotour. We believe this would increase popularity of Lotour and attract more highquality tourist cities and even overseas tourist sites into Destination service users. Recovering advertisement business Advertisement business was hit by shrinking marketing budget in the liquor industry last year. In 2014, the company manages to attract new customers including BAT and FMCG giants like McDonald s, which are likely to offset the decrease in liquor ads. Cost for core advertising minutes in CCTV 1 & CCTV 4 is up by 4%-20%. Since CCTV 4 rating points has been rising and exceeds 5% in core cities, Sinomedia would be able to pass the cost pressure onto customers. Figure 1: Financial Summary Year to Dec 31 (RMBmn) 2009A 2010A 2011A 2012A 2013A Revenue 767 1,373 1,618 1,642 1,767 Operating Profit Reported Profit Underlying Profit Underlying EPS (RMB) DPS (RMB) BVPS (RMB) P/E (x) Dividend Yield (%) P/B (x) Source: Guosen Securities(HK) China / Media 14 May 2014 Non rated Target price Last price(14 May 14) HK$N/A HK$6.68 Upside/downside(%) HSI Mkt cap(hk$mn/us$mn) 3,755/ week range (HK$mn) Avg trading volume daily (US$mn) 2.13 Free float(%) Source: Bloomberg Performance HK$ May-13 Price(LHS) Performance 1M 3M 12M Absolute (%) Absolute(US$, %) Relative to HSI(%) Source: Bloomberg Company background Sinomedia Holding Limited is a media advertising operator. The Company focuses on providing nationwide TV advertising coverage, including advertisers and advertising agencies. Source: Bloomberg Maggie Zheng SFC CE No.: AYO [email protected] Kevin Wong SFC CE No.: BCB [email protected] Jan-14 Rel. to HSI(RHS) 170% 150% 130% 110% 90% See the last page of this report for important disclosures 1

2 公司报告更新报告中视金桥国际传媒控股 (623 HK) 乐途 : 乐在途中我们在北京会见了中视金桥 (623.HK)CFO 陈凯年先生以及乐途旅游网创始人兼总裁彭斌先生乐途旅游网通过推出目的地主页, 将受益于中国旅游热潮的持续为了进一步提高浏览量, 中视金桥通过向搜索引擎以及导流网站, 如百度等提供优惠广告价格, 以吸引更多的浏览量乐途旅游网 : 最受欢迎的旅行分享类网站乐途旅游网目前日均浏览量 PV 为 53, 在旅游分享类网站排名第一 2013 年乐途估算收入约为人民币两千万, 其中约 90% 来自广告收入, 约 10% 来自会员服务以及交易代理收入目的地主页受到二三线旅游城市的极大欢迎部分目的地主页的客户是公司现有的电视广告客户目前目的地主页的平均年费约为人民币 70 万乐途 2013 年尚未盈利, 但预计 2014 年将盈亏平衡定位精准, 受益于中国持续旅游热潮五一黄金周期间, 虽然天气不适合出行, 但全国大多数主要旅游城市的客流量同比增长都超过 15%, 尤其是二三线旅游城市如重庆, 湖北等客流量增长更快, 均超过 20% 客流量增长主要来自散客的增长, 而非团队旅游散客倾向于在网上搜索他人分享的旅游经验以安排出行计划, 而对于相对不知名的旅游城市, 旅游分享信息更为实用由于目的地主页定位精准, 主要针对二三线旅游城市的旅游信息分享量身打造, 将进一步受益于中国持续的旅游热潮与搜索引擎及门户网站合作公司 2013 年的广告时段使用率约为 79%, 未能成功售出的广告时段一般用于公益广告等中视金桥现将未使用的广告时间以优惠价或者免费提供给搜索引擎及门户网站, 以交换从搜索引擎及门户网站上引导到乐途的流量我们认为这一合作会提高乐途的知名度, 从而吸引更多的高质量旅游城市甚至海外景点成为目的地主页客户. 广告业务逐渐恢复. 广告业务去年受到了酒类客户缩减营销预算的负面影响 2014 年公司成功吸引到新客户, 包括百度阿里腾讯, 以及快消行业巨头麦当劳 ; 新客户的业务收入将抵消酒类客户业务的减少 CCTV1&4 核心广告时段的成本上升了 4%-20% 不等但 CCTV4 的收视率 2014 年来持续上升, 并在重点城市突破 5%, 高收视率有助于中视金桥将成本转嫁到客户 Figure 2: 盈利预测截至 Dec 31 ( 人民币百万 ) 2009A 2010A 2011A 2012A 2013A 营业额 767 1,373 1,618 1,642 1,767 经营盈利净利润实际盈利每股实际盈利 (RMB) 每股股息 (RMB) 每股账面价值 (RMB) 市盈率 (x) 股息率 (%) 市净率 (x) 资料来源 : 国信证券 ( 香港 ) 中国 / 媒体 2014 年 5 月 14 日未评级目标价 HK$N/A 收盘价 (14 May 14) HK$6.68 Upside/downside(%) 恒生指数总市值 (HK$/US$mn) 3,755/ 周最高 / 最低 (HK$) 日均成交额 (US$mn) 2.13 流通量 (%) 资料来源 : 彭博股价表现 HK$ May-13 股票数据 1M 3M 12M 绝对回报 (%) 绝对回报 (US$, %) 相对 HSI 回报 (%) 资料来源 : 彭博公司簡介 Price(LHS) 中视金桥国际传媒控股是中国传媒广告营运商, 专注于为包括广告主及广告代理商在内的客户提供全国性电视广告服务资料来源 : 彭博郑梦奇证监会中央编号 :AYO399O [email protected] 黄敬樟 SFC CE No.: BCB [email protected] Jan-14 Rel. to HSI(RHS) 170% 150% 130% 110% 90% 研究报告仅代表分析员个人观点, 请务必阅读正文之后的免责声明 2

乐途目的地福州主页 : http://fuzhou.lotour.com/ Destination Homepage for Fuzhou: http://fuzhou.lotour.com/ 资料来源 :www.

乐途旅游网在艾瑞网旅游分享类网站综合排名第二注 1: 覆盖数 UV= 平均每百万名 Alexa 安装用户中的访问人数 ( 人 / 百万人 ) 注 2: 浏览量 PV=Alexa

3 乐途目的地福州主页 : Destination Homepage for Fuzhou: 资料来源 : 国信证券 ( 香港 ) Lotour.com ranks top 2 among travel information sharing websites. 乐途旅游网在艾瑞网旅游分享类网站综合排名第二注 1: 覆盖数 UV= 平均每百万名 Alexa 安装用户中的访问人数 ( 人 / 百万人 ) 注 2: 浏览量 PV=Alexa 安装用户平均每百万次浏览页面中的访问页面数 ( 页数 / 百万浏览 ) 注 3: 人均 PV= 每百万名 Alexa 安装用户平均每人日均访问页面数 ( 页数 ) 资料来源 :iwebchoice.com, Alexa, 国信证券 ( 香港 ) 14 May

4 乐途网旅游网近一月浏览量 PV 持续提升 Daily PV of Lotour.com has been increasing steady for recent month. 资料来源 :iwebchoice.com, Alexa, 国信证券 ( 香港 ) 乐途旅游网在 4 月份旅行分享类网站日均浏览量排名第一 Lotour.com has the highest daily average PV of among travel information sharing websites. 资料来源 :iwebchoice.com, Alexa 国信证券 ( 香港 ) 14 May

5 五一小长假国内主要省市接待人数同比增长 60.00% Passenger flow volume growth(yoy) in major tourist cities in China during Labor s Day Holiday % 40.00% 30.00% 20.00% 10.00% 0.00%. 资料来源 : 各地旅游局, 国信证券 ( 香港 ) Figure 3 12M forward PE band chart Figure 4 12M forward PB band chart HK$ Jan-09 Sep-09 May-10 Jan-11 Sep-11 max 7.9X +1sd 6.2X avg 5.1X -1sd 4.1X PE(x) 4.3X min 3.2X Jan-09 Sep-09 May-10 Jan-11 Sep-11 max 1.6X PB(x) 1.1X +1sd 1.3X avg 1.1X -1sd 0.9X min 0.6X Source: Bloomberg, Guosen Securities(HK) Research Source: Bloomberg, Guosen Securities(HK) Research 14 May

6 Summary financial statements Profit & Loss (RMBmn) 2009A 2010A 2011A 2012A 2013A Financial Ratios 2009A 2010A 2011A 2012A 2013A Revenue 767 1,373 1,618 1,642 1,767 Revenue growth (%) Cost of sales (543) (1,034) (1,117) (1,071) (1,122) Operating profit growth (%) (24.3) Gross profit Reported profit growth (%) (19.5) Other income/(expense) Underlying profit growth (%) (15.9) Operating expenses (108) (136) (156) (177) (185) Underlying EPS growth (%) (53.0) Operating profit Dividend growth (%) (20.2) Other non operating inc/(exp) 0 (1) (7) 0 0 Gross profit margin (%) Finance income Operating profit margin (%) Finance expenses 0 (7) (1) (7) (1) Underlying profit margin (%) Associates & JCE (1) 3 Net debt/equity (%) (43.9) (93.7) (89.6) (118) (72.1) Profit before taxation Net debt/total assets (%) (35.2) (62.0) (49.3) (50.8) (42.3) Taxation (37) (56) (119) (131) (159) Current ratio (%) Non-controlling interests 8 (8) (3) (3) (3) Dividend payout (%) Net profit Interest cover (x) Other Adjustments on UP (1) (1) (6) 1 (1) Dividend cover (x) Underlying Profit Dupont Analysis 2009A 2010A 2011A 2012A 2013A Source: Guosen Research estimates Tax burden (%) Interest burden (%) Operating profit margin (%) Asset turnover (x) Leverage ratio (x) ROA (%) ROE (%) Source: Guosen Research estimates Balance Sheet (RMBmn) 2009A 2010A 2011A 2012A 2013A Cashflow (RMBmn) 2009A 2010A 2011A 2012A 2013A Fixed assets Operating profit Associates & JCE Depreciation & amortization Others Interest income (6) (21) (17) (25) (22) Non-current assets ,067 Change in working capital (321) (629) Inventories Tax paid (36) (43) (79) (110) (167) Debtors & prepayments Other operating cashflow Bank deposits & cash ,443 1,070 Operating activities (227) ,198 (262) Others Purchase of non-current assets (Capex) (7) (4) (239) (559) (8) Current assets 839 1,215 1,479 1,912 1,449 Free cash flow (234) (270) Bank & other borrowings Disposal of non-current assets Trade & payables , Associates & JCE (net) Taxation Interest received Others Dividends received Current liabilities ,593 1,010 Other investing cashflow 0 (6) (91) (33) (4) Bank & other borrowings Investing activities (3) (5) (319) (568) 11 Others New loans raised Non-current liabilities Repayment of loans (3) Net assets ,025 1,234 1,505 Dividends paid (22) (18) (62) (97) (120) Share capital Other financing cashflow 2 (8) (23) (5) 2 Premium & reserves ,019 1,225 1,478 Financing activities (20) (25) (85) (101) (121) Shareholders' funds ,019 1,225 1,478 Inc/(dec) in cash (251) (373) Non-controlling interests Cash at beginning of year ,443 Total equity ,025 1,234 1,505 Foreign exchange effect (1) (1) (6) 1 0 Source: Guosen Research estimates Cash at end of year ,443 1,070 Source: Guosen Research estimates 14 May

7 Information Disclosures Stock ratings, sector ratings and related definitions Stock Ratings: Buy: A return potential of 10 % or more relative to overall market within 6 12 months. Neutral: A return potential ranging from -10% to 10% relative to overall market within 6 12 months. Sell: A negative return of 10% or more relative to overall market within 6 12 months. Sector Ratings: Overweight: The sector will outperform the overall market by 10% or higher within 6 12 months. Neutral: The sector performance will range from -10% to 10% relative to overall market within 6 12 months. Underweight: The sector will underperform the overall market by 10% or lower within 6 12 months. Interest disclosure statement The analyst is licensed by the Hong Kong Securities and Futures Commission. Neither the analyst nor his/her associates serves as an officer of the listed companies covered in this report and has no financial interests in the companies. Guosen Securities (HK) Brokerage Co., Ltd. and its associated companies (collectively Guosen Securities (HK) ) has no disclosable financial interests (including securities holding) or make a market in the securities in respect of the listed companies. Guosen Securities (HK) has no investment banking relationship within the past 12 months, to the listed companies. Guosen Securities (HK) has no individual employed by the listed companies. Disclaimers The prices of securities may fluctuate up or down. It may become valueless. It is as likely that losses will be incurred rather than profit made as a result of buying and selling securities. The content of this report does not represent a recommendation of Guosen Securities (HK) and does not constitute any buying/selling or dealing agreement in relation to the securities mentioned. Guosen Securities (HK) may be seeking or will seek investment banking or other business (such as placing agent, lead manager, sponsor, underwriter or proprietary trading in such securities) with the listed companies. Individuals of Guosen Securities (HK) may have personal investment interests in the listed companies. This report is based on information available to the public that we consider reliable, however, the authenticity, accuracy or completeness of such information is not guaranteed by Guosen Securities (HK). This report does not take into account the particular investment objectives, financial situation or needs of individual clients and does not constitute a personal investment recommendation to anyone. Clients are wholly responsible for any investment decision based on this report. Clients are advised to consider whether any advice or recommendation contained in this report is suitable for their particular circumstances. This report is not intended to be an offer to buy or sell or a solicitation of an offer to buy or sell the securities mentioned. This report is for distribution only to clients of Guosen Securities (HK). Without Guosen Securities (HK) s written authorization, any form of quotation, reproduction or transmission to third parties is prohibited, or may be subject to legal action. Such information and opinions contained therein are subject to change and may be amended without any notification. This report is not directed at, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in any jurisdiction where such distribution, publication, availability or use would be contrary to applicable law or regulation or which would subject Guosen Securities (HK) and its group companies to any registration or licensing requirement within such jurisdiction. 14 May

8 信息披露公司评级行业评级及相关定义公司评级买入 : 我们预计未来 6-12 个月内, 个股相对大盘涨幅在 10% 以上 ; 中性 : 我们预计未来 6-12 个月内, 个股相对大盘涨幅介于 -10% 与 10% 之间 ; 减持 : 我们预计未来 6-12 个月内, 个股相对大盘跌幅大于 10% 行业评级超配 : 我们预计未来 6-12 个月内, 行业整体回报高于市场整体水平 10% 以上 ; 中性 : 我们预计未来 6-12 个月内, 行业整体回报介于市场整体水平 -10% 与 10% 之间 ; 低配 : 我们预计未来 6-12 个月内, 行业整体回报低于市场整体水平 10% 以上利益披露声明报告作者为香港证监会持牌人士, 分析员本人或其有联系者并未担任本研究报告所评论的上市法团高级管理人员, 也未持有其任何财务权益本报告中, 国信证券 ( 香港 ) 经纪有限公司及其所属关联机构 ( 合称国信证券 ( 香港 )) 并无持有该公司须作出披露的财务权益 ( 包括持股 ), 在过去 12 个月内与该公司并无投资银行关系, 亦无进行该公司有关股份的庄家活动本公司员工均非该上市公司的雇员免责条款证券价格有时可能非常波动证券价格可升可跌, 甚至变成毫无价值买卖证券未必一定能够赚取利润, 反而可能会招致损失本研究报告内容既不代表国信证券 ( 香港 ) 的推荐意见, 也并不构成所涉及的个别股票的买卖或交易要约国信证券 ( 香港 ) 或其集团公司有可能会与本报告涉及的公司洽谈投资银行业务或其它业务 ( 例如配售代理牵头经办人保荐人包销商或从事自营投资于该股票 ) 国信证券 ( 香港 ) 不排除其员工有个人投资于本报告内所提及的上市法团报告中的资料均来自公开信息, 我们力求准确可靠, 但对这些信息的正确性公正性及完整性不做任何保证本报告没有考虑到个别客户特殊的投资目标财务状况或需要, 并不构成个人投资建议, 客户据此投资, 责任自负客户在阅读本研究报告时应考虑报告中的任何意见或建议是否符合其个人特定状况本报告并不存在招揽或邀约购买或出售任何证券的企图本报告仅向特定客户传送, 未经国信证券香港书面授权许可, 任何人不得引用转载以及向第三方传播, 否则可能将承担法律责任研究报告所载的资料及意见, 如有任何更改, 本司将不作另行通知在一些管辖区域内, 针对或意图向该等区域内的市民居民个人或实体发布公布供其使用或提供获取渠道的行为会违反该区域内所适用的法律或规例或令国信证券 ( 香港 ) 受制于任何注册或领牌规定, 则本研究报告不适用于该等管辖区域内的市民居民或身处该范围内的任何人或实体 14 May

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February 21, 2012 Company Report Haier Electronics(1169.HK) 3 rd /4 th -tier channels the key BUY Price Target:HK$ 11.2 Upside:+13% Key Data Price(HK$) 9.89 Shares Outstanding 2,351 Market Cap. (HK$ m)