GTJA Research 国泰君安研究 Phoenix New Media 凤凰新媒体（FENG US） Company Report See the last page for disclaimer Page 1 of 39 Company Report: Phoenix New Media (FENG US) 中文版 Ray Zhao 赵 睿公司报告：凤凰新媒体 (FENG US) Chinese version +86 755 23976755zhaorui@gtjas.com 20 June 2014 China Leading News Video Portal, ‘Accumulate’ 中国领先的新闻视频门户，“收集” z Phoenix New Media (PNM) is one of leading news new media portals in China. PNM has www.ifeng.com, ifeng mobile app, and ifeng video portal. PNM’s content primarily comes from Phoenix TV Station. PNM’s FY13 revenue reached RMB1,424.5mn, up 28.2% yoy, mainly due to its video development, mobile development and vertical development. Net profit reached RMB280mn, up 160.4% yoy. z Key points: 1) Video development. PNM is providing 24-hour short news video with high quality and credibility in both PC and mobile devices and most of the contents come from Phoenix TV and in-house contents. 2) Mobile & Social Strategy. PNM’s mobile news app ranks top 5 in the same category and its mobile video app primarily provides short form news video, a niche market leader in China. 3) Vertical development. Currently, PNM has established an online web game center, shifting from web game traffic provider to web game developer. Besides web game center, PNM has successfully established an automobile data base and developed its auto mobile apps-Phoenix Auto. z Target Price is USD14.00 and investment rating is ‘Accumulate’. PNM’s mobile monetization speed and potential determines its valuation. Our FY14-16 earnings per ADR estimates are RMB4.607, RMB6.198 and RMB8.153, respectively. Our TP is at USD14.00, representing 18.7x 2014 PE and 3.6x 2014 PS. z 凤凰新媒体是中国领先的新闻新媒体。凤凰新媒体拥有凤凰网，移动凤凰新闻门户，和凤凰视频。公司的视频内容主要来自于凤凰卫视，成本很低。公司FY13年的收入达到RMB1,424.5百万，同比上升28.2%，主要是由于公司视频化发展，移动化发展和垂直化发展。净利润达到RMB280百万，同比增长160.4%。 z 要点：1）视频化发展。公司在PC端和移动端提供高质量和可信度24小时新闻短视频，内容主要来自于凤凰卫视和自制节目。2）移动化和社交战略。公司的移动端的凤凰新闻在动端同类app中排名前5，而其移动视频门户以提供新闻短视频为主，在同业处于最领先地位。3）垂直发展。公司目前已经建立了在线页游中心，完成了从页游流量提供者到游戏开发者的转型。除了页游，公司最成功的垂直化发展领域是汽车，在PC端完成了汽车数据库的建立，已经推出了移动App-凤凰汽车。 z 目标价为USD14.00, 投资评级为“收集”。公司移动端的货币化速度和潜力决定了估值。我们FY14-16年的每股ADR预测是RMB4.607、RMB6.198和RMB8.153。目标价14.00美元，相当于18.7倍的2014年预测市盈率和3.6倍2014预测市销率。 Rating: Accumulate Initial 评级： 收集 (首次覆盖)6-18m TP 目标价: US$14.00: Share price 股价： US$11.050 Stock performance 股价表现 (20)0 20 40 60 80 100 120 140 160 Jun- 13Aug -13Oct- 13D ec- 13Feb-14Apr - 14Jun-14% chang e NASDAQ COMP IndexPhoenix New Media Change in ADR Price ADR变动 1 M 1个月 3 M 3个月 1 Y 1年 Abs. % 绝对变动 % 15.6 (3.0) 102.0 Rel. % to NASDAQ index 相对纳指变动 % 11.8 (8.2) 81.9 Avg. ADR price(US$) 平均ADR价（美元） 10.2 10.1 9.6 Source: Bloomberg, Guotai Junan International. Year End 年结 Turnover 收入 Net Profit 股东净利 Earnings /ADR 每ADS净利 Earnings /ADR每ADS净利变动PER市盈率BV/ADR每ADS净资产PBR市净率DP/ADR 每股股息 Yield 股息率 ROE净资产收益率12/31 (RMB m) (RMB m) (RMB) (△%) (x) (RMB) (x) (RMB) (%) (%)2012A 1,111 107 1.376 n.a.8.0 2.190 5.0 0.000 0.0 8.0 2013A 1,424 280 3.691 168.1 18.4 2.599 4.2 0.000 0.0 19.0 2014F 1,802 349 4.607 24.8 14.7 3.164 3.5 0.000 0.0 19.9 2015F 2,212 469 6.198 34.5 10.9 3.936 2.8 0.000 0.0 21.7 2016F 2,722 617 8.153 31.5 8.3 4.951 2.2 0.000 0.0 22.8 ADR in issue (m) 总股数 (m) 75.7 Major shareholder 大股东 Phoenix TV 53.0%Market cap. (US$ m) 市值 (US$ m) 835.5 Free float (%) 自由流通比率 (%) 17.53 month average vol. 3个月平均成交股数 (‘000) 629.5 FY14 Net gearing FY14净负债/股东资金 (%) Net cash52 Weeks high/low (US$) 52周高/低 13.580 / 5.000 FY14-16 PEG FY14-16 市盈率相对盈利增长比率 0.5 Source: the Company, Guotai Junan International. 20 June 2014 Phoenix New Media 凤凰新媒体（FENG US） Company Report 请见尾页免责声明 Page 2 of 39 目 录 概要 ................................................................................................................................................................ 2 公司简介 ..................................................................................................