奥飞娱乐(002292.CN)

Alpha Group:3Q earnings in line with expectations

时间:16-10-28 00:00    来源:瑞银证券

Q: How did the results compare vs. expectations?

A: 3Q revenue/profit was up 61%/16% YoY to Rmb984/145m. 9M revenue/profit wasup 34%/15% YoY to Rmb2.5bn/438mn. That was in line with pre-guided 9M bottomlinegrowth of 0-30%.

Q: What were the most noteworthy areas in the results?

A: Key points: 1) revenue growth accelerated notably from 6%/34% in 1Q/2Q, drivenby new launches of toy products; 2) gross margin contracted 5ppt YoY to 52% due toproduct mix changes; and 3) operating profit growth reached 34%. Net profit growthwas far lower than the top line, as the tax rate was 17% vs. 2.7% in 3Q15 due to alower tax refund.

Q: Has the company's outlook/guidance changed?

A: We remain optimistic about Alpha Group, especially its earnings outlook in moviemonetization.

Q: How would we expect investors to react?

A: We expect the market to react neutrally to 3Q earnings.