Huayi Total net profit fell to nine results

Star Enterprise Huayi Brothers in the office address selected in the Plaza a 9 floor, a bit noisy in take quiet meaning. Reporter 15th in the company doorway to see, H.bros Huayi Brothers and other silver Chinese characters in the background lamp is also very low-key. The company's space is wide but the hue is dim, and two electronic display screens at the entrance of the main gate circulate the posters of Huayi Brothers ' proud films in the 10 years since their founding. Slowly threes many people, mostly with the company has business contacts. The company's front desk told reporters: "Huayi brothers are in the film promotion period, the company's office is now very few people."　　"As a star enterprise, the public is not only concerned about Huayi Brothers in the entertainment market has never cut off the lace news, the first half of this year," ugly "semi-annual report also let it in the capital market name. Total net profit fell to nine August 19, Huayi Brothers officially announced 2010.5 annual report, compared with the same period last year, operating income of 202.6 million yuan, down 22.29%, operating profit of 13.3204 million yuan, down 67.28%, the total profit of 23.1377 million yuan,　　Decreased by 46.46%, while net profit was 28.2767 million yuan, down 14.99%.　　The reporter through Wind Information Inquiry 2009 year IPO restart since the first half of this year's profit status, to the total net profit decline as the statistical standard, Huayi Brothers ranked Nineth in the bottom.　　As China's first share of entertainment, Huayi Brothers in the capital market is very popular, and this year the company's Ugly quarterly and semi-annual reports are more interesting. Huayi Brothers attributed the full negative report card to three main reasons: First, the company's film and television business due to the film schedule, production and distribution plans, market conditions and other factors of the impact of the same period of the year; second, the company's business scale has been expanding, operating costs and management costs corresponding increase;　　The scope of corporate consolidation has changed.　　Reporter September 14 contact Huayi Brother Dong Assistant, for the reasons for the decline in corporate performance and the direction of development, the person said, the reason has been explained, announcements and related reports have, the company has been unwilling to talk more. After the reporter also contacted Huayi brothers Dong Hu Ming, for the performance face, she appears very calm, said the performance of the Half-year report is not good-looking and the film industry itself, "for the film industry, plays are in the second half, the second half of the company's performance will certainly be reversed, the first three quarters of this year's cumulative net profit compared with a year earlier than the %。 "The performance of the East China Sea Securities and communications media industry analyst Kangzhiyi in an interview, said:" In fact, the capital market to Huayi Brothers see very clearly, the industry has seasonal volatility, and volatility, so no one to make short-term performance forecasts, and the two-tier market volatility unpredictable, in the long run, To Huayi Brothers still optimistic. The majority of analysts said it was expected that a half-yearly report of the Huayi Brothers, a data slump. Galaxy Securities Media industry analyst Xu Yaowen said: "The impact of industry characteristics, this face is trueThere is the original, the film industry floating very large, it is obvious this year the company will be in the second half of the treasure. "The first half of the company released films for" The whole city in Love "," Spy Sea "two, to achieve sales revenue of the TV series is mainly" South southward "," remarried "," Spy change 1939 "three, compared with the same period last year, the release of less film and television works, and the lack of the first half of 2009" Non-interference "," My Head of my Regiment "　　Such large production, resulting in a decrease in income year-on-year. In addition, this year, the company's business scale has expanded rapidly, sales management costs have also increased. Huayi Brothers in the first half of the new theater business, the number of people reached 450, an increase of 38%.　　At the same time, the company plans to put into production the number of film and television dramas increased rapidly, promotion and wage costs have also increased, which led to the first half of the company's sales cost rate and management fee rate increased by 13% and 7% respectively, to a certain extent, dragged down the operating profit rate. Shenzhen Dragon Asset Management Co., Ltd. Wu Xianfeng also believes that Huayi Brothers performance was simply defined as a "face" a little injustice, "it is a good enterprise, the short-term risk lies in PE relatively high and immediately to usher in the gem ban." When this wave of adjustment in the past, Huayi Brothers is our company in the gem of one of the key choices.　　"In the view of the Wu Peak, the cultural industry has great potential for development, the emergence of hundreds of billions of market capitalisation is possible, now Huayi Brothers in the market value of tens of billions of dollars, if the national Film and television culture industry can really do the leading, the vision is very predictable, this can not rely solely on　　Q&a q= Huaxia Financial a= Huayi Brothers deputy general manager and Dong Secretary Hu Ming Q: Influenced by the film schedule, the first half of the company's operating profit decline, such performance fluctuations will become the normal future? A: Seasonal fluctuations will still exist in the future. Companies in the diversification of development, such as the acquisition of music in Beijing Huayi Brothers Music Co., Ltd. 100% Equity, the company forecast within one year will contribute 6.6 million yuan profit; the company also shares the game market, acquired the Beijing Palm Fun Technology Co., Ltd. 22% of the equity,　　But it is not yet time to predict when these moves will achieve a smooth performance.　　Q: What are the main points of the company's performance in the second half? A: Huayi Brothers is a transparent company and the relevant development plans are well known.　　The second half of the main point is: First, "Aftershock" of the relevant box office revenue will be reflected in the third quarter of the quarterly bulletin, but the specific data is inconvenient to disclose; second, in the fourth quarter, the company also has a large film "Detective Dee's Empire," will also appear in the annual report results　　Q: What is the company's explanation for the company's reliance on stars and excessive reliance on film and television business? A: Huayi brothers ' reliance on stars is dependent on the entire STAR Group, not on the individual star, someone to go, which is the normal team composition.　　Company to film and television as the main, dependence on the main business is normal. Look at the mistake 60 yuan when the error "buy" and most of the communication lineIndustry analysts, Kangzhiyi, the East China Sea Securities and communications media industry analyst, has always been bullish on the Huayi Brothers, the first to give them a "buy" rating in the March 24 study, and expects the company's share price to 10%~20% for the next 6 months.　　But April 13 this year, the Huayi brothers share price broke through 70 yuan, after the market adjustment and the right to fall into a long-term downturn, September 16, Huayi Brothers closed to 29.58 yuan. Re-diagnostics still maintain the buy rating August 19, after the Huayi Brothers announced its semi-annual report, Kangzhiyi follow-up reports that: "The company artists brokerage business growth is more than expected, film and television drama revenue will be concentrated in the second half." The first half of the company artists brokerage income of 60.55 million yuan, year-on-year growth of 35.8%, the second half of the year is expected to maintain good momentum of growth, film and television drama revenue will be concentrated in the second half of the year, compared to the first half of the 2 film 3 TV series, the second half will have 5-6 films and 9 TV dramas contribute to income, the release of the film is , "Detective Dee's Empire" and "Non-interference 2" three commercial blockbusters, expected results will be significantly increased year-on-year, the recent release of the "Aftershock" as an example, the box office income broken 600 million is a big probability event, plus the advertising and other derivative income, the contribution of the single chip to EPS is about 0.20 yuan-0.25 yuan , which has a strong supporting effect on the whole year's performance. Therefore, 2010-2011 earnings per share is expected to be 0.50 yuan, 0.73 yuan, dynamic P/E ratio 70 times times, 48 times times. The company's "buy" investment rating is still maintained, considering that the company's film and television revenues are likely to exceed expectations.