业绩略低于预期，着力打造四屏娱乐平台

ᭀ䇋䯙䇏᳿义ⱘܡ䋷ᴵℒ ㄀1义 ⱒⱒⱒⱒ业业业业㾚㾚㾚㾚业业业业䗮䗮䗮䗮˄˄˄˄6市市6376市市6376市市6376市市637˅˖˅˖˅˖˅˖ 业业业业娱娱娱娱娱娱娱娱Ϯ㒽⬹ԢѢ乘ᳳϮ㒽⬹ԢѢ乘ᳳϮ㒽⬹ԢѢ乘ᳳϮ㒽⬹ԢѢ乘ᳳˈˈˈ࡯ˈⴔ࡯ⴔ࡯ⴔⴔ࡯ ᠧ䗴ᠧ䗴ᠧ䗴ᠧ䗴 ಯಯಯಯሣሣሣሣစФᑇৄစФᑇৄစФᑇৄစФᑇৄ Ϯ㒽⬹ԢѢ乘ᳳϮ㒽⬹ԢѢ乘ᳳϮ㒽⬹ԢѢ乘ᳳϮ㒽⬹ԢѢ乘ᳳ个个个个性币引意ᑈ݀ৌᅲ⦄㧹Ϯᬊܹ性提小意操ғܗˈৠ↨๲䭓意币小币提化˗ᅲ⦄ᔦሲѢ↡݀ৌ㙵κⱘ߽ޔ⍺提小操操ғܗˈৠ↨๲䭓意引小引指化˗↣㙵ᬊⲞ币小提引ܗˈ⬹ԢѢ៥Ӏⱘ乘⌟DŽ个䌍⫼๲䭓䕗ᖿय़ԢϮ㒽䌍⫼๲䭓䕗ᖿय़ԢϮ㒽䌍⫼๲䭓䕗ᖿय़ԢϮ㒽䌍⫼๲䭓䕗ᖿय़ԢϮ㒽个个个个性币引意 ᑈˈ䫔ଂ䌍⫼੠ᄣ⧚䌍⫼߿ߚৠ↨๲䭓 操操小指提化੠或映小或或化ˈय़ԢϮ㒽DŽ⬅Ѣ真P致营Ϯגࡵ೼ᢧሩࠄ᳈໮ⱘऎඳˈ素致致Ϯࡵ໘Ѣ໻࡯ᓔথ䰊↉˗Ўֱᣕ⫼᠋㉬ᗻˈ݀ৌ䗖ᑺ䖯㸠⠜ᴗ੠㡖Ⳃݙᆍⱘ䞛䌁ᡩܹˈⳌ↨এᑈৠᳳݙᆍᡩܹ᳝᠔๲ࡴˈ಴דⷁᳳПݙ䌍⫼⍜㗫䕗໻DŽ个鼠ࡼѦ㘨๲䭓䖙䗳鼠ࡼѦ㘨๲䭓䖙䗳鼠ࡼѦ㘨๲䭓䖙䗳鼠ࡼѦ㘨๲䭓䖙䗳ˈˈˈˈ㞾䌌ऎᠧ䗴ᆊᒁ␌៣စФᑇৄ㞾䌌ऎᠧ䗴ᆊᒁ␌៣စФᑇৄ㞾䌌ऎᠧ䗴ᆊᒁ␌៣စФᑇৄ㞾䌌ऎᠧ䗴ᆊᒁ␌៣စФᑇৄ个个个个性币引意ᑈˈ݀ৌᓔথњ᠟ᴎ⬉㾚ǃ᠟ᴎ䯙䇏ǃࡼ⓿ㄝḌᖗѻકDŽ݊Ёˈ᠟ᴎ⬉㾚ϮࡵϢ䖤㧹ଚ䞛পড়԰ǃ㞾Џ㒣㧹ᑇৄϸ辵䖤㧹῵ᓣDŽࠄ性币引意ᑈᑩˈ݀ৌᢹ᳝引提币币ϛ᠟ᴎ⬉㾚ᬊ䌍⫼᠋ˈ݀ৌ鼠ࡼѦ㘨㔥ᬊܹৠ↨๲䭓提意化DŽ݀ৌ㒻㓁خ໻Āಯሣā˄⬉㾚ǃP点ǃ᠟ᴎǃPa金˅ᮄၦԧϮࡵˈᑊ䗤ℹᔶ៤ᑇৄᑓਞᬜᑨˈ݀ৌ᡹ਞᳳݙᑓਞᬊܹৠ↨๲䭓䍙䖛引操操化DŽ个性币引意ᑈˈ݀ৌѢᖂ䕃೼Ϟ⍋㞾䌌ऎ㒘ᓎড়䌘݀ৌˈ䖯ݯĀᆊᒁ␌៣စФāѻϮDŽ݀ৌ䗮䖛ᖂ䕃x速oxᑇৄˈ৥ܼ⧗ᦤկढ䇁ݙᆍ᳡ࡵˈᰃ᭛࣪䍄ߎএⱘᅲ䏉㗙DŽ个Ⲝ߽乘⌟Ⲝ߽乘⌟Ⲝ߽乘⌟Ⲝ߽乘⌟个个个个性币引或 ᑈ媒性币引提 ᑈ݀ৌ෎ᴀ↣㙵ᬊⲞ߿ߚЎ 币小操提 ܗˈ币小未币ܗˈ引小币映ܗˈᇍᑨᔧࠡ意意小币或ܗⱘ㙵ӋˈᏖⲜ⥛߿ߚЎ或意סˈ意操סˈ意币סˈ㓈ᣕĀ๲ᣕ๲ᣕ๲ᣕ๲ᣕā䆘㑻DŽ个个个个亢䰽ᦤ冫亢䰽ᦤ冫亢䰽ᦤ冫亢䰽ᦤ冫个个个个ᬓㄪব࣪ⱘ亢䰽˗ᴎ乊ⲦᏖഎⱘ䖯ܹຕ൦䕗Ԣˈ䆒໛կᑨଚⱘゲѝ亢䰽˗ড়԰乍Ⳃথሩ㓧᜶DŽ 6市市63数主视6市市63数主视6市市63数主视6市市63数主视⮭⮭⮭⮭主主主主㻵㻵㻵㻵主主主主䕉䕉䕉䕉评评评评䃳㏖䃳㏖䃳㏖䃳㏖喚喚喚喚෍ᠰ෍ᠰ෍ᠰ෍ᠰ主主主主ͪ㺰᪟ᢝͪ㺰᪟ᢝͪ㺰᪟ᢝͪ㺰᪟ᢝ主主主主㗐⺗Цᵫ㐌ᄨ㗐⺗Цᵫ㐌ᄨ㗐⺗Цᵫ㐌ᄨ㗐⺗Цᵫ㐌ᄨ////Ⱗᄨጱ౩㶗⣟Ⱗᄨጱ౩㶗⣟Ⱗᄨጱ౩㶗⣟Ⱗᄨጱ౩㶗⣟喈喈喈喈%%%%喉喉喉喉主主主主1Ͼ᳜Ͼ᳜Ͼ᳜Ͼ᳜ 3Ͼ᳜Ͼ᳜Ͼ᳜Ͼ᳜ 12Ͼ᳜Ͼ᳜Ͼ᳜Ͼ᳜ 0.15/0.07 0.30/0.07 0.66/0.16 ᘏ㙵ᴀ 1113736075.000 ⌕䗮A㙵 1113736075.000 䖥3᳜᮹ഛ៤Ѹ䞣 7791962.922 ͪ㺰㗐͋ͪ㺰㗐͋ͪ㺰㗐͋ͪ㺰㗐͋主主主主Ϟ⍋κᮍӴၦ䲚ಶ᳝䰤݀ৌϞ⍋κᮍӴၦ䲚ಶ᳝䰤݀ৌϞ⍋κᮍӴၦ䲚ಶ᳝䰤݀ৌϞ⍋κᮍӴၦ䲚ಶ᳝䰤݀ৌ 41.920621 Ϟ⍋䆮䋱ᡩ䌘੼䆶᳝䰤Ϟ⍋䆮䋱ᡩ䌘੼䆶᳝䰤Ϟ⍋䆮䋱ᡩ䌘੼䆶᳝䰤Ϟ⍋䆮䋱ᡩ䌘੼䆶᳝䰤݀ৌৌ݀ৌ݀ৌ݀ 2.679457 ৠᮍ㙵ӑ᳝䰤݀ৌৠᮍ㙵ӑ᳝䰤݀ৌৠᮍ㙵ӑ᳝䰤݀ৌৠᮍ㙵ӑ᳝䰤݀ৌ 2.511598 㗐Ц㶗⣟㗐Ц㶗⣟㗐Ц㶗⣟㗐Ц㶗⣟主ᔰߗधڛᔰߗधڛᔰߗधڛᔰ主ߗधڛ主主主2014-04-10 ⱒ㾚䗮(600637)এᑈᮄၦԧᘏ⌕䞣 ֱᣕ೑ݙ㄀ϔԡ 2014-03-31 “໻ᇣ᭛ᑓ”ড়ᑊ㒜㨑ഄ κᮍᯢ⦴(600832)ǃⱒ㾚䗮(600637)Ꮦഎ࣪䞡㒘ᅮ䇗 㓪䕥˖᷇⍋㣅业⬉䆱˖市3平平娱66市市63期7业ᠻϮ䆕к˖股市4市市指平平市2市市市4业业业业业᡹ਞ᮹ᳳ˖2市平4娱市4娱平平业᯳ᳳѨ ᭀ䇋䯙䇏᳿义ⱘܡ䋷ᴵℒ ㄀2义 䰘䰘䰘䰘柳柳柳柳业业业业ζζζζ1111ġġġġᄗγד๥ᄗγד๥ᄗγד๥ᄗγד๥表表表表 2012A 2013A 2014E 2015E 2016E Ϯ㒽㸼⦄Ϯ㒽㸼⦄Ϯ㒽㸼⦄Ϯ㒽㸼⦄个个个个个个个个个个个个个个个个个个个个个个个个㧹Ϯᬊܹ 2,027.7 2,637.4 3,618.8 4,621.1 6,124.0 EBITDA 735.8 1,049.3 1,239.4 1,481.7 1,904.5 EBIT 506.6 665.2 886.9 1,053.0 1,457.0 ᠔ᕫ⿢䌍⫼/߽⍺ᘏ乱 15.3% 14.9% 15.0% 15.0% 25.0% ⍺߽ޔ 497.8 661.5 823.1 979.8 1,172.5 䋶ࡵ䌍⫼ (20.8) (30.8) (36.0) (45.7) (56.9) 㵡䌘㔎ষ 0.0 0.0 0.0 0.0 0.0 Ҭᙃ؎ࡵড়䅵 1.9 234.2 234.2 234.2 234.2 㙵κᴗⲞড়䅵 3,142.7 3,881.4 4,492.4 5,220.5 6,091.4 ᡩܹ䌘ᴀ 3,144.5 4,115.7 4,726.6 5,454.7 6,325.6 ϡ৿⦄䞥ⱘᡩܹ䌘ᴀ 1,186.6 1,881.7 1,761.2 1,925.9 1,865.7 䌘ѻᘏ䅵 3,882.9 5,149.2 6,128.7 7,296.1 8,659.9 㒣㧹⌏ࡼ⦄䞥⌕˄CFO˅ 0.0 747.2 1,325.4 1,332.2 1,666.2 ៤䭓ᗻᣛᷛ៤䭓ᗻᣛᷛ៤䭓ᗻᣛᷛ៤䭓ᗻᣛᷛ 㧹Ϯᬊܹ๲䭓⥛ 51.8% 30.1% 37.2% 27.7% 32.5% EBITDA๲䭓⥛ 42.4% 42.6% 18.1% 19.6% 28.5% EBIT๲䭓⥛ 46.2% 31.3% 33.3% 18.7% 38.4% ⍺๲䭓⥛߽ޔ 40.0% 32.9% 24.4% 19.0% 19.7% Ⲝ߽ᗻᣛᷛⲜ߽ᗻᣛᷛⲜ߽ᗻᣛᷛⲜ߽ᗻᣛᷛ ⥛߽↯ 40.7% 44.1% 42.3% 40.7% 41.8% EBITDA/㧹Ϯᬊܹ 36.3% 39.8% 34.2% 32.1% 31.1% EBIT/㧹Ϯᬊܹ 25.0% 25.2% 24.5% 22.8% 23.8% ٓ؎㛑࡯ᣛᷛٓ؎㛑࡯ᣛᷛٓ؎㛑࡯ᣛᷛٓ؎㛑࡯ᣛᷛ ⌕ࡼ↨⥛ 3.3 2.5 2.5 2.4 2.4 䗳ࡼ↨⥛ 3.1 2.4 2.3 2.3 2.3 ⦄䞥↨⥛ 2.7 1.8 1.8 1.7 1.7 EBITDA/䋶ࡵ䌍⫼ (35.4) (34.1) (34.4) (32.4) (33.5) CFO/Ҭᙃ؎ࡵড়䅵 -- -- -- -- -- ᴴᴚ↨⥛ᴴᴚ↨⥛ᴴᴚ↨⥛ᴴᴚ↨⥛ ؎ࡵᴗⲞ↨⥛ 0.1% 6.0% 5.2% 4.5% 3.8% 䌘ѻ䋳؎⥛ 19.1% 24.6% 26.7% 28.4% 29.7% ᴰ䙺ߚᵤᴰ䙺ߚᵤᴰ䙺ߚᵤᴰ䙺ߚᵤ ⍺⥛߽ޔ 24.5% 25.1% 22.7% 21.2% 19.1% ᘏ䌘ѻ਼䕀⥛ 57.9% 58.4% 64.2% 68.8% 76.8% ᘏ䌘ѻಲ᡹⥛˄ROA˅ 14.2% 14.6% 14.6% 14.6% 14.7% ᑇഛᘏ䌘ѻ/ᑇഛ㙵κᴗⲞ 1.2 1.3 1.3 1.4 1.4 ޔ䌘ѻᬊⲞ⥛˄ROE˅ 17.1% 18.8% 19.7% 20.2% 20.7% ᭀ䇋䯙䇏᳿义ⱘܡ䋷ᴵℒ ㄀3义 ζζζζ2222ġġġġͱζ၇Љͱζ၇Љͱζ၇Љͱζ၇Љ业业业业 2012A 2013A 2014E 2015E 2016E ⍺㸼߽⍺㸼߽⍺㸼߽߽⍺㸼˄˄˄˄ⱒϛܗܗⱒϛܗⱒϛⱒϛܗ˅˅˅˅ 㧹Ϯᬊܹ 2,027.7 2,637.4 3,618.8 4,621.1 6,124.0 㧹Ϯ៤ᴀ 1,129.4 1,425.9 2,014.8 2,652.7 3,445.3 㧹Ϯ⿢䞥ঞ䰘ࡴ 72.5 48.2 72.4 88.5 119.9 䫔ଂ䌍⫼ 82.5 146.6 192.3 230.2 323.6 ᄣ⧚䌍⫼ 236.8 351.5 452.4 596.8 778.2 EBIT 506.6 665.2 886.9 1,053.0 1,457.0 ᡬᮻ 35.6 59.7 64.7 75.9 85.6 ᨞䫔 193.6 324.4 287.8 352.9 361.9 EBITDA 735.8 1,049.3 1,239.4 1,481.7 1,904.5 䋶ࡵ䌍⫼ (20.8) (30.8)(36.0)(45.7)(56.9)߽⍺ᘏ乱 583.3 770.7 968.3 1,152.1 1,563.4 ᔧᳳ᠔ᕫ⿢ 89.0 115.0 145.2 172.4 390.8 ⍺߽ޔ 497.8 661.5 823.1 979.8 1,172.5 ᔦሲѢ↡݀ৌ㙵κⱘ߽ޔ⍺ 516.5 677.4 848.4 1,006.6 1,206.6 ↣㙵ᬊⲞ 0.46 0.61 0.76 0.90 1.08 䌘ѻ䋳؎㸼䌘ѻ䋳؎㸼䌘ѻ䋳؎㸼䌘ѻ䋳؎㸼˄˄˄˄ⱒϛܗܗⱒϛܗⱒϛⱒϛܗ˅˅˅˅ 䋻Ꮥ䌘䞥 1,943.1 2,231.7 2,963.2 3,526.6 4,457.7 ᑨᬊℒ乍 229.9 658.1 656.7 995.9 1,215.5 ݊Ҫᑨᬊℒ 15.8 17.7 54.3 69.3 61.2 ᄬ䋻 128.2 143.3 212.7 261.3 353.1 ⌕ࡼ䌘ѻড়䅵 2,370.8 3,100.1 3,968.7 4,948.5 6,220.1 ೎ᅮ䌘ѻ 357.9 425.3 523.5 613.7 692.6 ೼ᓎᎹ⿟ 3.4 0.0 0.0 0.0 0.0 ᮴ᔶ䌘ѻ 143.7 417.5 430.5 528.3 542.0 䭓ᳳᕙ᨞䌍⫼ 2.4 3.5 3.0 2.7 2.4 䌘ѻᘏ䅵 3,882.9 5,149.2 6,128.7 7,296.1 8,659.9 ᑨҬℒ乍 576.0 862.6 1,128.3 1,512.1 1,894.9 乘ᬊℒ乍 66.9 76.7 131.0 157.6 214.3 ᑨѸ⿢䌍 79.9 77.3 125.9 154.8 208.1 䋳؎ড়䅵 741.8 1,270.2 1,638.7 2,077.9 2,570.9 㙵ᴀঞ䌘ᴀ݀鳥 2,202.4 2,203.3 2,203.3 2,203.3 2,203.3 ⬭ᄬᬊⲞ 884.0 1,519.5 2,155.8 2,910.7 3,815.7 ᔦሲѢ↡݀ৌ㙵κᴗⲞড়䅵 3,086.3 3,722.7 4,359.0 5,114.0 6,019.0 䋳؎੠㙵κᴗⲞᘏ䅵 3,882.9 5,149.2 6,128.7 7,296.1 8,659.9 ⦄䞥⌕䞣㸼⦄䞥⌕䞣㸼⦄䞥⌕䞣㸼⦄䞥⌕䞣㸼˄˄˄˄ⱒϛܗܗⱒϛܗⱒϛⱒϛܗ˅˅˅˅ ⍺߽ޔ 823.1 979.8 1,172.5 㒣㧹⌏ࡼ⦄䞥⌕ড়䅵 1,325.4 1,332.2 1,666.2 ᡩ䌘⌏ࡼ⦄䞥⌕ড়䅵 (417.9)(562.8)(490.3)㵡䌘⌏ࡼ⦄䞥⌕ড়䅵 (176.1)(206.0)(244.8)ޔ⦄䞥⌕ 731.5 563.4 931.1 ᑈᑩ⦄䞥 2,963.23,526.6 4,457.7 ᭀ䇋䯙䇏᳿义ⱘܡ䋷ᴵℒ ㄀4义 个ǏǏǏǏᏖഎᣛ᭄䆘㑻Ꮦഎᣛ᭄䆘㑻Ꮦഎᣛ᭄䆘㑻Ꮦഎᣛ᭄䆘㑻ǐǐǐǐ业业业业ⳟ໮——᳾ᴹ提Ͼ᳜ݙϞ䆕㓐ᣛϞछᐙᑺ䖒ࠄ៪䍙䖛性币化 个ⳟᑇ——᳾ᴹ提Ͼ