Bury the Nuggets in the local market

If the main part of the cable television industry to make a simple distinction, it can be divided into three camps: Friends network, such as "amateurs", Citic National security and other steady-type and in recent years, the listing of the local radio and television operation of the regular army.　　Unlike the first two types of companies, these broadcasters give full play to the advantages of local, take different market strategies, including Beijing, Shanghai and Shenzhen, the three radio and television operators most attention. Song Hua wired to speed up the process of digital transformation as a cable TV network operator in Beijing, China Cable (600037) Current cable TV users are 4.13 million households, with a net increase of 300,000 in 2009, of which digital TV users are 2.4 million households.　　As of the end of 2009, the company's digital ratio is 58%, digital conversion is still the song China cable 2010 years of work focus. Some industry researchers pointed out that the song Hua cable digital user ratio is still low, mainly because the company's digital overall conversion progress slowly.　　According to the SARFT, NDRC and other joint release of "on the promotion of digital television industry development policy" requirements, in the eastern and central regions in the middle of the county level, the western region, most of the county-level urban cable television basic digital, in 2015, the basic Stop broadcast analog signal television program. In the speed of digital transformation at the same time, song Hua Cable is actively expanding value-added services. At the end of 2009, the company increased its investment in North Canton Media Digital television company, the proportion of shares rose to 51%. The North Canton Media Digital television company has the program production qualification, and holds the National Program Integration licence The Tripod sees the digital television media company. At this point, the song Hua Wired built from content production, content integration to the content of the transmission of the entire industry chain.　　At the same time, the company also signed a cooperation agreement with ICBC, the joint development of digital television payment system, the realization of interactive bank account system docking. Liu Yuping, a researcher at the Great Wall Securities, believes that these increases will make a breakthrough in 2010, and the 2010-year impact on the fundamentals of the company is the price of digital TV program fees.　　At present, the song Hua Wired basic TV program fee is 18 yuan, below the national average level of 24 yuan, has a certain price increase space. The Shanghai World Expo will have a positive impact on the performance of the Oriental Pearl (600832) 2010, which is driven by the 6-month-long performance growth of the Oriental Pearl Expo. According to National Securities estimates, Oriental pearl tourism and catering business income during the expo will be increased by more than 30%.　　Other industry researchers predict that during the Expo, the Oriental Pearl 2010-year media advertising revenue will increase 15%, mobile TV advertising will increase 40%, while the newspaper and television advertising is relatively stable.　　However, the securities believe that, in full consideration of the Expo's positive impact on the company's operations, the Oriental Pearl 2010-year income is expected to increase 18% to 2.27 billion yuan, the net profit is expected to increase by 30% to 646 million yuan, corresponding to the earnings per share of 0.19 yuan, the current valuation is not cheap. In addition, the industry's development of mobile phone TV CMMB prospects are not too optimistic. Since March 2009 commercial, OrientalThe Pearl developed only 21,000 users throughout the year, equivalent to only 2,100 new users per month.　　Tianwei Video Provincial network integration is expected to remain Tianwei video (002238) has a good financing platform, the company is expected to become a cable network integration platform in Guangdong province is very likely. Great Wall Securities researcher Liu Yuping predicted that "the first step is to Shenzhen network integration, municipal network integration is the basis for the integration of Provincial network; the second step is that Tianwei video becomes the subsidiary and financing platform of Guangdong province's network company, and the third step is to expand across domains, that is, to expand outside the province. The introduction of the three-net integration policy will lead to accelerated integration process.　　"Tianwei Video Dong Zhong Lin earlier in the Chinese securities newspaper reporter said that the network integration involved a broader, unlisted companies can control, but the company pays close attention to the three-net integration of relevant policies, and actively in the business integration and other aspects of exploration.　　Analysts pointed out that Tianwei video cable user growth slowed, the company is focused on the "high-definition Interactive User" expansion, resulting in value-added business breakthroughs will be the company's future growth. Liu Yuping believes that with the increase in High-definition program sources, high-definition TV coverage and increase in corporate marketing, the company is expected to increase high-definition interactive business in 2010 years will be rapid growth, high-definition value-added services will lead the company's cable TV revenue to maintain a rapid growth of 20%.