Focus Media (002027) report for the third quarter of 2019: Q3 single-quarter revenue 31.

8.9 billion expected customer structure continues to improve, expected to enhance future performance

Focus Media (002027) report for the third quarter of 2019: Q3 single-quarter revenue 31.

8.9 billion expected customer structure continues to improve, expected to enhance future performance

Matters: The company achieved revenue 89 in the third quarter of 19 years ago.

0.6 billion (-18.

12% YoY), operating profit is 17.

31 ‰ (-70.

21% YoY), of which the government subsidy is 5.

6.8 billion (-5.

96% YoY); net profit attributable to mother is 13.

6 billion (-71.

72% YoY), which is the median of previous guidance (11.

48?
14.

4.8 billion (-76.

13%?
-69.

90% YoY)), net profit after deduction is 8.

7.9 billion (-79.

06% YoY), net profit attributable to mother increased by 15.
.

27% (44 in the same period last year.

22%, ten years ago 28.

95pct).

Comment: Q3 single-quarter revenue growth is in line with market expectations, theater advertising has dragged down significantly, and building advertising margins have improved.

The company achieved 31 revenue in 3Q19.

89 trillion, the democratic market is expected to be 31-32 trillion (ie 31 with 2Q19 revenue.

06%, flat and slightly increased).

Spin-off of the main business, according to grassroots research caliber feedback, the theater advertising revenue is expected to account for 14% -15% (1H19 accounted for 17).

18%, refractive index 2?
3pct), corresponding to the proportion of building advertising revenue contribution is about 85% (1H19 accounted for 82.

18%).

As the movie market’s 2019 summer season, only “Nazi’s Witch Child” has performed better than expected (total box office 49.

7.2 billion US dollars). In addition, the overall performance was flat, which caused the company ‘s theater advertising revenue to exceed expectations. (We estimate that 3Q19 revenue can replace about 30%, net profit can be replaced for a single month in a row), but the three main themes of National DayThe release of the movie is expected to have a positive increase in theater advertising revenue in October.

The size of the advertising space of the building, although it is still a 10% + decrease in monthly income from July to August, but since September, the monthly interval has been flat. Frame posters, smart vertical screens have a relatively high boom, and elevator TV performance is average butNot expected to be sufficient.

The efficiency of reminder receivables has been improved in stages, and the optimization of stock positions has continued to advance.

Since 3Q19, the company has 杭州桑拿网 strengthened the tracking and consolidation of repayment progress, and conducted a more prudent evaluation based on the customer’s qualifications. According to the customer’s qualifications, different proportions of advertising advance payments are required.The source controls and prevents the generation of new bad debts.

The company suffered credit impairment losses in the third quarter of 19 years ago5.

5.1 billion (+357.
51% YoY), but 3Q19 single season value 1.

RMB 720,000, which is 2 more than 2Q19.

95 ppm is currently significantly improved; and 3Q19 net operating cash flow was 10.

0.6 billion (+220.
72% YoY), in addition to tax payments exceeding the decline, it also has an effective role in controlling the age of invoices receivable.

Earnings forecasts, estimates and investment ratings.

Affected by the 苏州夜网论坛 continued downturn in the industry’s economic climate, we prefer to expect the company to achieve net profit attributable to mother