Investment Rating - The report maintains a recommendation rating for the media industry [3][17]. Core Insights - The 2024 mid-year reports have set new expectations, focusing on the recovery of core business performance and external events such as AI, AR, and MR to boost sector sentiment [2][15]. - The success of the AAA game "Black Myth: Wukong" highlights the potential of quality content IP to drive new demand and commercial value, suggesting that IP can leverage new commercial boundaries [2][12]. - The media and internet sectors are expected to recover in the second half of 2024, driven by policy support and companies' proactive measures to address macroeconomic fluctuations [15][16]. Summary by Sections 1. Industry Overview and Dynamics - The media industry has seen a significant decline, with the total profit of the media internet sector dropping by 44% year-on-year, marking a six-year low [15]. - The gaming market in China reached a size of 27.8 billion yuan in July 2024, showing a month-on-month growth of 4.26% [16]. - The card game market in China has grown from 700 million yuan in 2017 to 12.2 billion yuan in 2022, with a projected CAGR of 20.6% from 2022 to 2027 [13][14]. 2. Key Recommended Stocks and Logic - Recommended stocks include: - Yaoji Technology (002605) - benefiting from developments in the card game sector [3]. - CITIC Publishing (300788) - maintaining strong performance in mass reading [3]. - Aofei Entertainment (002292) - showing improvement in operating cash flow [3]. - Mango Super Media (300413) - expected to see a resurgence in content product popularity and advertising revenue [3][15]. 3. Market Performance - The media sector has underperformed, with a 1-month performance of -10.4% and a 12-month performance of -32.8% compared to the Shanghai Composite Index [1][3]. - The report highlights the importance of quality content and IP in driving market recovery and new business opportunities [2][12].
传媒行业周报：中报落地后看修复 以IP为支点 撬动商业化新边界
Huaxin Securities·2024-09-01 01:06