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Zhongnan Media (601098) 2018 Annual Report Comments: Dividend Rate Hits New High, 2019 is expected to increase steadily

Zhongnan Media (601098) 2018 Annual Report Comments: Dividend Rate Hits New High, 2019 is expected to increase steadily

The company’s publishing and distribution business has developed steadily, and has actively deployed a number of circuits such as digital education, pan-entertainment and media integration.

In the fall of 2018, the market education aids have rebounded. We judge that the company’s core main business will return to the performance growth channel in 2019.

Taking into account the company’s textbook teaching and auxiliary business with high certainty, underestimated high dividends, strong balance sheet and other advantages, maintain “Buy” rating, target price of 16.

00 yuan.

Affected by market education aids in 2018, the performance bottomed out, and it is expected to increase steadily in 2019.

The company achieved revenue of 95 in 2018.

7 ‰, a ten-year average of 7.

60%; net profit attributable to mothers12.

4 ‰, the ten-year average of 18.

2%; net profit after deducting non-attribution to mother 11.

0 million yuan, an average of 21 in ten years.

9%.

Since the second half of 2017, the Hunan Province’s market-oriented education and rectification has gradually started the company’s 2018 performance.

In the autumn of 2018, the sales of teaching aids in the market rebounded several times. We judge that the company’s core main business will maintain a steady and increasing trend in 2019.

The core business developed steadily, and media integration continued to advance.

At the core of the report, the company’s general book publishing revenue5.

10,000 yuan (+16 compared with the same period last year).

1%), the yardage market share reached 3.
.

1%, ranking second in the country; in terms of distribution business, the company’s campus bookstores reached 1062, the annual revenue growth of 106%, through channel sinks, regional responsibility system and other development of the auxiliary education market.

At the same time, the company’s affiliate Rednet and more than 70 counties and cities in the province reached a cooperation agreement on the construction of a county-level financial media center. Under the background of the national financial media strategic promotion, the company is expected to become an important participant.

Maintaining a high percentage of dividends, the financial company’s profits hit a record high.

Dividends will be paid for every 10 shares in 20186.

1 yuan, the dividend rate hit a record high of 88.

5%, the dividend yield is close to 5%, maintaining the trend of increasing dividends, highlighting the company’s investment value.

For the financial company, it achieved revenue in 20184.

180,000 yuan (+22.

4%), net profit 3.

1.4 billion (+51 y / y.

5%), both hit a record high.

In addition, the company’s subsidiary Bofu Fund has completed 7 projects1.

700 million, investment projects involving early education platforms, foreign teachers spoken and other fields, the layout of the cultural education field has been further deepened.

Risk factors: Textbooks teach the risk of business growth uncertainty; the risk of reduced traditional business performance.

Investment advice: We maintain the company’s EPS0 for 2019-20.

72/0.

75 yuan forecast, 2021EPS forecast added 0.

78 yuan.

The current price is 12.
71 yuan, corresponding to 18/17/16 times PE in 2019-21.
Comprehensive consideration of DCF and comparable companies estimates that the company will be given a target price of 16 yuan, corresponding to 南京夜网 22 times the PE in 2019. The company has the advantage of undervaluation, high dividends, and sustainable business models, and maintains a “buy” rating.