Mobile games 09 Explosive growth webmaster Ready?

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The growth of operating income accelerates and the business structure changes greatly.

09 1-September to achieve operating income of 113 million yuan, an increase of 11.5%, compared to 09 in the first half of 8.71% growth has accelerated.

Comprehensive gross profit margin of 54.56%, affected by the changes in business structure (at present, mobile gaming business gross profit margin level is lower than the overall gross profit level), gross profit margin compared with 58.19% in the first half.

In terms of business, because the company is in a major business transformation period, the business structure has changed greatly, in which mobile gaming business is in a high-speed growth period, while the traditional business growth is more stable.

In many businesses, as we have judged earlier, the mobile gaming business has exploded in 09. According to our understanding, the company September mobile games Average daily income reached 890,000 yuan, is expected to exceed the year-end income of 3.5 million yuan. But the gross margin may be lower than our early 50% expectations (expected in landfilled), the main reason is: 1, the business is in the running-in period, 2, buyout and the way the game revenue accounted for relatively high. We believe that with the end of the running-in period and the rise of the production of the game, mobile game profit margin is expected to rise sharply, reasonable level should be more than 50%. We expect that mobile gaming business revenue will reach 20 million yuan, 84 million yuan, 198 million yuan in 09-11 years.

In terms of investment income, the company's investment in the palm of the hands of enterprises in Hangzhou (35% equity) Development trend is good (last year for loss), is expected to 09 full year net profit will reach 10 million yuan (early forecast is 8 million yuan), investment income will reach 3.5 million yuan, However, as the company will transfer its stake to the company's wholly-owned subsidiary, Yong Pfizer Gold venture capital, to a one-time reduction of the acquisition premium of more than 1 million yuan, it is expected that the 09 Hangzhou Union will bring the company investment income of 2.5 million yuan.

Mobile phone animation channel brings surprises

Company and CCTV joint bid to obtain the mobile phone animation channel has been launched (CCTV as a license, the company as the operating body), and on October 1 began to charge (10 days or so to earn more than 60,000 yuan), charging time than we expected much ahead.

The current tariff standard is: Monthly 6 yuan/month, browse or download 1 yuan/time, the flow fee is free of charge (expected in the future will be charged). Having experienced this business, we found that it played very smoothly on the 2G network. We believe that, in terms of tariff standards and experience, the business already has the conditions for large-scale development of users and is expected to generate substantial revenue in 10.

Period of increase in cost rate is expected to be lower than the first three quarters

The cost of the January-September period was 31.24 million yuan, accounting for 27.7% of the revenue, up 3.5% from 24.2% in the same period last year. Among them, the sales cost of 11.85 million yuan, the proportion of revenue in the 10.5%, compared to the same period last year, 13.14%, fell 2.64%, management costs 20.99 million yuan, the proportion of revenue in the 18.61%, compared with the same period last year 15.01%, Rose 3.6%, The main reason for the big increase: Last year, the company in accordance with the tax, accounting and other laws and regulations, the current profit and loss of a one-time adjustment to reduce the current management costs of 2.53 million yuan, financial costs-1.6 million yuan, compared with the same period last year-4 million yuan, rose 2.4 million yuan. Throughout the year, with the expansion of income and the restructuring of the business structure, the period cost rate is expected to fall further than 1-September.

09 Annual performance growth will accelerate mobile game is still the focus of attention according to the latest information, we adjusted earnings forecasts in 09, a small reduction of 0.03 yuan (mainly mobile game hair rate cut and special reasons caused by the changes in the Non-recurrent profit and loss), 10-11 years to maintain the early forecast, That is 09-11 year corresponding EPS is 0.57 yuan, 0.90 yuan, 1.54 yuan, maintains buys the rating and 32 yuan target price. In addition, it should be noted that, based on the principle of prudence, we did not consider the 09-11-year earnings forecast of the mobile phone animation channel on the thickening of performance (the possibility of a large revenue in 10, but the operating and partitioning model has not been finalized), we will be based on the latest progress of the business, the profit forecast and target prices are adjusted.

Mobile game explosion of growth, the webmaster ready?

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