中信证券-传媒文化行业周报：平和向前推进-120213

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1、2012ᒪ2ᴾ13ᰛ䇷࡮⹊ガᣛ઀Ö㺂ѐ⹊ガÖՖ჈ᮽौ㺂ѐՖ჈ᮽौ㺂ѐઞᣛδ2012ᒪ02ᴾ06ᰛĂ2012ᒪ02ᴾ12ᰛεᒩૂੇࢃ᧞䘑ᕰӄཝᐸδ㔪ᤷεᣋ䍺㾷⛯ѣؗ䇷࡮⹊ガ䜞ޣ㚄䟽⛩кᐲޜਨࣘᘱ˖Ҁ㿶㖁㚄ါ㖁᱃ޡᔪ㿶仁㖁ㄉ˗㚄ᜣሶоⲮ㿶䙊ⳤ㡒ਸ֌ഋᴸ᧘俆њᲪ㜭⭥㿶˗ljབྷ䰩ཙᇛ3DNJⲫ䱶Ⲯ㿶䙊IPTV˗ߟሿࡊᗞঊ⭥䈍˖010-60838017എᓄ䳀䘰Ր䰫˗ॾᖅⲮ㓣ࡋъᶯᤲ⡼кᐲ俆ᰕ⏘23.24%˗⎧⏖ᖡ㿶ᤏлઘ䛞Ԧ˖ps@citics.com俉⑟кᐲDŽDŽᢝѐ䇷Ҝ㕌ਭφS1010510120022Ր㔏Ⴢփࣘᘱ˖ѝഭѝཞ⭥㿶ਠे㖾࠶ਠ↓

2、ᔿᔰ᫝˗CNCӊཚُ༣кᐲ˗2011ᒤ⋣ेᒯ⭥㖁㔌䳶ഒ᭦ޕ਼∄໎䮯27.7%˗ेӜCMMB᡻ᤱ⭥㿶ᔰ䙊7仁䚃˗䠁ӊ、ᢰ俆㧧ⴱ㖁ᮤਸ୶˗˗SMGᖡ㿶䇪උк⎧Ѯ㹼˗⊏㣿˖ѝ㹼㚊㌱Ӱφᮽ⎟᧘ࠪࣘ⭫᫝᱐ᵳ䍘ᣬ㶽䍴˗␈㊣৏ࡋࣘ⭫⡷俆ࡋ¯ਠ㖁㚄᫝ā˗ࠪ』䖖ӂ⭥䈍˖010-60836709ࣘჂփ䀖ࣘՐჂᆼᡀC䖞1ӯ㶽䍴˗¯䎵㓗⻇ā୶ъՠ٬4.2ӯ㖾˗⎙䛞Ԧ˖wenhao@citics.com㞮Ⴢփᩪ᡻㖁䗸ᒯ੺㧧ᆹ࡙䳵ုჂӻъ࣑DŽᯠჂփࣘᘱ˖ᩌ⤀㿶仁㠚ࡦ⍫ࣘ¯੨䠁ā˗⡡ཷ㢪ᩪ᡻⒆ইছ㿶ᔰኅ㚄ࣘ⴮ሯ᤽ᮦ㺞⧦㩕䬰˗Ӝь俆᭩⡸˖㿴⁑Ѫ⦻˗Ӝь᧘ࠪ䞂ᓇ亴

3、䇒ъ࣑˗ᖃᖃ㖁㚄᡻㚄ᜣ䘋ߋᲪ㜭⭥㿶亶ฏ˗㖾Ც㜭⭥㿶ᒣਠFlingo㶽700з㖾˗ཙ⥛¯䟽੟ā५㦟侶˗᝔ᙂⲴሿ呏ⲫ䱶ཙ⥛˗ेӜ㿴ᇊᗞঊ㖁ㄉ3ᴸ16ᰕ䎧ᯭ㹼ᇎ਽ࡦ˗㖾ഭਨ⌅䜘ሶᢩ߶Google᭦䍝᪙ᢈ㖇᣹˗Google᧘ࠪAndroid⡸Chrome〫ࣘ⍿㿸ಘ˗AmazonоჂփᐘཤ䗮ᡀ㿶仁ᴽ࣑Ӕ᱃˗BBCǃCNNཊᇦჂփࠪਠᯠ᭯䲀ࡦTwitter⭘DŽᐲ൪എ亮˖аઘՐჂᤷᮠк⏘2.05%ˈѝḷ300к⏘1.11%DŽ40ᇦՐჂкᐲޜਨᒣ൷⏘ᑵ2.71%˄нਜ਼ॾᖅⲮ㓣˅DŽ⏘ᑵࡽйᱟѝ䶂ᇍǃབྷൠՐჂ઼Ⲯ㿶䙊ˈ⏘ᑵਾйⲴᱟॾㆆᖡ㿶ǃ㬍㢢ḷ઼ॾ

4、䈺ᕏDŽຳཆᯟࠟ㖁㔌ǃオ䍴ᯉᶕⓀ˖Windѝ㖁ǃ䱯䟼ᐤᐤ⏘ᑵࡽйDŽ仾䲙ᨀ⽪˖᭯ㆆ㓶ࡉࠪਠᰦ䰤઼᭟ᤱ࣋ᓖн⺞ᇊˈᆿ㿲㓿⍾ሩ㹼ъᖡ૽DŽѣؗՖ჈ṭᵢ㛗жઞ⏞䐂ࢃп㹼ъ䇴㓗৺᧘㦀њ㛑˖᱕㢲ਾՐჂᶯඇᤱ㔝䐁䎒བྷⴈˈ䶒ੁ2012ᒤᡁԜᔪѝ䶂ᇍ.......................................˄18.47%˅䇞ޣ⌘ъ㔙໎䮯⺞ᇊᙗ䖳ྭǃՠ٬䈳ᮤਾਸ⨶Ⲵ嗉ཤԱъˈԕ৺ਇ⳺᭯ㆆⲴѫփᣅ䍴ᵪՊDŽᡁԜѝ㓯ՈॆṨᗳ10㓴ਸ˖ॾॾ䈺ᕏǃ㬍㢢ḷǃҀ㿶བྷൠՐჂ.....................................˄

5、7.98%˅㖁ǃⲮ㿶䙊ǃ↖≹ກᯉǃⴱᒯ㛑ԭǃ㓯ՐჂǃѝ㿶ՐჂǃ⭥ᒯՐჂǃѝⲮ㿶䙊.........................................˄7.92%˅᮷ՐჂˈ਼ᰦޣ⌘й㖁㶽ਸ᧘䘋DŽѣؗՖ჈ṭᵢ㛗жઞ⏞䐂੄п䠃⛯ޢਮ⳾࡟人⎁Ƚզٲ਀ᣋ䍺䇺㓝ॾㆆᖡ㿶....................................˄-1.69%˅㛗ԭEPSδεࣞᘷPEδكε䇺㓝ⴤḽԭδεㆶ〦㬍㢢ḷ....................................˄-1.01%˅δε11E12E13E11E12E13

6、E11E12Eॾ䈺ᕏ14.10.350.530.71402720Ҡޕ21.2ॾ䈺ᕏ....................................˄-0.63%˅㬍㢢ḷ25.530.651.181.56402216Ҡޕ35.4Ⲯ㿶䙊14.310.350.50.75412919Ҡޕ20↖≹ກᯉ12.180.150.50.6812420Ҡޕ20Ҁ㿶㖁27.60.591.101.57472518Ҡޕ35⭥ᒯՐჂ27.031.491.521.56181817Ҡޕ37.3ⴱᒯ㛑ԭ21.30.70.981.31302216Ҡޕ29.4㓯

7、ՐჂ52.631.602.153.02332417໎ᤱ72ѝ㿶ՐჂ13.80.310.40.49453528໎ᤱ16ѝ᮷ՐჂ17.430.7711.23231714Ҡޕ25⎉ᣕՐჂ14.920.520.60.66292523໎ᤱཙေ㿶䇟14.860.370.50.6413025Ҡޕ20ॾㆆᖡ㿶28.440.771.021.37372821໎ᤱ35.7ྕ伎ࣘ╛25.20.350.460.56725545໎ᤱьᯩ䍒ᇼ19.150.500.741.09382618໎ᤱ25ঊ⪎Ր᫝11.420.650.780.94181512Ҡޕ15.6䍴

8、ᯉᶕⓀ˖ѝؑᮠ䟿ॆᣅ䍴࠶᷀㌫㔏⌘˖㛑ԧѪ2012ᒤ02ᴸ10ᰕ᭦ⴈԧ䈧࣑ᗵ䰵䈫↓᮷ѻਾⲴ䍓ᶑⅮ䜘࠶ՐჂ᮷ॆ㹼ъઘᣕ˄2012ᒤ02ᴸ06ᰕü2012ᒤ02ᴸ12ᰕ˅ⴞᖅо䟽⛩ޜਨޣ㚄㹼ъࣘᘱ......................