On October 25th, LeTV.com released the third quarter 2016 financial report. According to the financial report, LeTV's third-quarter revenue was about 6.732 billion yuan, up 71.99% year-on-year; the net profit attributable to shareholders of listed companies was about 209 million yuan, up 70.55% year-on-year.
In the first three quarters of this year, LeTV's revenue was approximately 16.795 billion yuan, an increase of 100.54% over the same period of last year. In the report period, the company achieved a net profit of 493 million yuan, an increase of 30.75% over the same period of last year, and basic earnings per share of 0.26 yuan. The main reason for its revenue growth is that LeTV has indicated that LeTV's super TV sales, membership payment and advertising business are growing rapidly.
In the first three quarters, LeTV's operating cost was RMB 14,424,580,800, an increase of 93.27% over the same period of last year, mainly due to the increase in copyright amortization and terminal products. The sales expenses were 1,636,490,900 yuan, an increase of 160.07% over the same period of last year. This was mainly due to the development of LeTV's business, the increase in personnel expenses and the development of smart terminal sales business, which resulted in an increase in logistics and after-sales expenses and promotion expenses.
As of September 30, 2016, the book value of LeEco's accounts receivable was 506,095,700 yuan, accounting for 17.53% of the total assets, which was a decrease from last year.
As of September 30, 2016, the balance of LeTV's liabilities was RMB 1,897,175,200, of which the balance of short-term loans was RMB 2,968,486,600, and the balance of long-term loans was RMB 2,248,802,700. Non-current liabilities due within one year. It is RMB 60,368,100, and the asset-liability ratio is 65.72% (consolidated statement). The debt ratio has decreased compared with last year. However, LeTV’s total liabilities and asset-liability ratio are still relatively high, which increases the difficulty of fund management and increases interest. The expense of expenses, which brings a certain risk of debt repayment.
As of September 30, 2016, LeTV's intangible assets were 6,137.8880 million yuan, accounting for 21.26% of total assets, accounting for a relatively high proportion, mainly due to increased copyright in procurement.
How about LeTV? Drive LeTV to grow rapidlyLeTV's three quarterly report disclosed that as of September 30, 2016, LeTV's three-year cumulative sales reached approximately 8.5 million units, successfully completing the sales target for the first three quarters.
LeTV Super TV was officially launched in the summer of 2013. It sold 1.5 million units by the end of 2014. In 2015, it sold 3 million units and sold 4 million units in the first three quarters of 2016. According to the sales target of 6 million units in 2016, by the end of this year, the market stock of LeTV Super TV has been basically determined to exceed 10 million units, which means that LeTV has been among the first-line camps of domestic TV in three years – this year. The data shows that the traditional E-commerce giants such as Hisense and Skyworth’s smart TV stock are all on the order of more than 10 million units.
10 million smart TV Terminals, as well as the fast-moving LeTV mobile phone terminal, are of great significance to LeTV. As pointed out in its earnings report, smart terminal products represented by smart phones and smart TVs have become important user portals for the Internet video industry and will “redefine the video landscapeâ€.
The traffic of traditional Internet giants mainly comes from social, search, e-commerce, and the "Matthew effect" is remarkable. BAT, plus 360, almost monopolizes nearly 2/3 of Internet traffic, with Internet and mobile Internet traffic dividends. At the top, more and more Internet companies are subject to traffic bottlenecks.
LeTV, as an atypical Internet company, started not by means of traffic tools, but by content: early acquisition of a large amount of content copyright at a very cheap price, which is the core starting point for LeTV to dare to participate in video site competition. However, as the competition of video websites intensifies, if the problem of traffic and users coming from is not solved, simply relying on money to buy content to attract traffic will be a very deformed and difficult-to-persistent competition model, not to mention that LeTV is far from having BAT. I am afraid that it is precisely because of this anxiety that LeTV has embarked on the "content + terminal" mode.
Doing TV is a hard work, and it is an area where BAT is not difficult to get involved. Xiaomi, who wants to do “hardware + serviceâ€, can do this, but Xiaomi is one step slower: in 2012 and 2013, Xiaomi is still working on mobile phones, and the second millet has no content genes. LeTV has adopted the mode of hardware subsidy content. Open the market and lead from now on.
Just looking at the current data, LeTV has benefited greatly from the hot sales of TV and mobile smart terminal products. The third-quarter earnings report shows that LeTV's daily average UV is about 70.4 million, with a peak of 100 million; the average daily VV is about 390 million, with a peak of 480 million. If LeTV's leading position is unshakable, LeTV's mobile phone will continue to grow rapidly, and LeEco will easily become the next giant with huge traffic and users. This is not a story, but a reality that is easier to speculate.
LeTV's "content + terminal" mode is more criticized is the negative gross profit of the TV, that is, every time you sell a TV, LeTV will lose hundreds of pieces. However, this problem is gradually improving with the improvement of LeTV's economies of scale. The gross profit margin of LeTV Super TV was negative 44% in the first half of 2015 and negative 28.7% in the first half of 2016. Gaohua Securities expects that LeTV's super TV business will turn around to achieve net profit in 2017 and promote the net profit of LeTV. Interest rates rose from 4% in 2016 to 7% in 2018.
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