Huayi Brothers: gloomy in the third quarter, looking forward to the concentrated outbreak in the fourth quarter

In the first three quarters of 2011, the period cost was 149million yuan, accounting for 31.0% of the revenue, a slight decrease of 0.4 percentage points compared with 31.4% in the same period last year. The investment income was 8.048 million yuan, a substantial increase, mainly due to the profits of the participating companies. Non operating income was 23.54 million yuan, an increase of 48.7% over the same period last year, mainly due to the increase in government incentives

In the fourth quarter of 2011, the company plans to release films including starry sky in November and happy magic in December; In terms of TV series, the TV series that plan to generate revenue include: Holy gate of heaven, southwest kill, butterfly action, legend of the rose, pursuit, big time, bandit suppression in Western Sichuan, the last shot, and steel soul, a total of 9. The concentrated outbreak of TV series sales will be the main focus of the fourth quarter

 & nbsp;& nbsp;& nbsp;& nbsp;& nbsp; From 2011 to 2013, the earnings per share were 0.35 yuan, 0.60 yuan and 1.00 yuan respectively. From the perspective of relative valuation, the valuation in 2011 is not cheap. Since 2012 is the year of the company's film, the performance is expected to reach 0.60 yuan, the valuation has fallen sharply, and the valuation is very attractive. The target price is 21.0 yuan, which is an increase in holdings rating