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Among the three major operators of outdoor LED, Phoenix Media's main competitors, Tulip Media and Champs Media, failed to embark on the road of independent listing. However, looking at the data of the above three companies, the outdoor LED industry has encountered difficulties in rising costs and falling profit levels in recent years.
The overall valuation is about 3.2 billion
Phoenix Metropolis was founded on May 9, 2007 by Phoenix Satellite TV. As of May 31, 2014, the company has a total of 60 operating screens with a total area of ​​over 15,000 square meters. The network covers 20 economically developed cities in China. Among them, 55 pieces of LED media are operated independently, and 5 outdoor LED media are operated through contract agency.
According to the data, the Phoenix Metropolis Media intends to issue no more than 51.34 million shares, and the raised funds will not exceed 826 million yuan. According to this estimate, Phoenix City Media's issue price is about 18 yuan / share; the company's listed total share capital will exceed 200 million shares, the overall market value of about 3.2 billion yuan.
Compared with the main competitors, Tulip Media and Champs Media, the M&A valuations of the two companies are 1.2 billion yuan and 450 million yuan respectively. Among them, Tulip Media currently has 232 outdoor screen resources, the number of its own is 24, the rest are agents.
Phoenix Metro Media's fundraising projects include three projects, including outdoor LED screen network construction project, marketing service network construction project, and comprehensive information construction project, as well as supplementary mobile cash. Among them, the outdoor LED screen project plans to invest 458 million yuan, which will be used for the purchase, reconstruction and installation of 53 LED screen assets. After the implementation of the project, the number of cities covered by the company's LED network will reach 30, and the number of screens will exceed 100.
Among the LED screen projects funded by the company, 29 are located in the first-line market in the four traditional senses of Beijing, Shanghai, Guangzhou and Shenzhen; the remaining 24 are used for market expansion in other second- and third-tier cities. Phoenix Metropolis said that advertising campaigns for advertisers in second- and third-tier cities continue to increase, making more and more cities have the conditions to develop outdoor LED media.
Outdoor LED media business is the main revenue source of Phoenix Metropolis Media. The company's revenue from 2011 to 2013 was 321 million yuan, 421 million yuan, and 482 million yuan, of which outdoor LED media business revenue was 315 million yuan and 411 million yuan. Yuan, 467 million yuan, accounting for 98.15%, 97.61%, 96.96%.
Industry cost rises
Too much reliance on outdoor LED media business has led to the volatility of Phoenix City Media's performance. Although revenues have increased year by year, Phoenix City Media's net profit in 2013 has declined.
In 2011, 2012 and 2013, Phoenix Metro Media's net profit attributable to shareholders of the parent company was 36.118 million yuan, 71.226 million yuan, and 63.404 million yuan. In 2013, due to the downturn of the domestic economic situation, tightening of national policy regulation, the intensification of competition in the outdoor LED media industry, and the combined impact of point rental costs and rapid increase in sales expenses, the company's operating income growth slowed down and operated. The performance has declined compared to 2012.
At the same time, Phoenix City Media also experienced a number of financial data deterioration. In the past three years, the company's accounts receivable were 119 million yuan, 148 million yuan and 164 million yuan respectively; in the past three years, the company's accounts receivable turnover rate was 3.49, 3.16 and 3.09, respectively, showing a slow downward trend; The turnover days are 104.64 days, 115.60 days and 118.12 days respectively, and the payment period is extended.
Phoenix City Media is frank, the domestic economic trend continues to decline, national policy adjustments are tightening, industry competition continues to intensify, or operating costs, period expenses and other expenses continue to rise rapidly, which may lead to continued decline in operating performance, and may even have operating profits. The indicators such as net profit fell by more than 50%.
Comparing the data of the three outdoor LED media operators of Phoenix Metropolis, Tulip Media and Champs Media, the three companies all showed the phenomenon of “increasing revenue without increasing profits†and operating costs generally rose.
According to the data of Tulip Media, in 2012 and 2013, the operating income was 447 million yuan and 459 million yuan, and the net profit was 55.281 million yuan and 435.554 million yuan. In the context of a slight increase in revenue in 2013, the net profit fell 21.21%. In terms of Xiangli Media, the operating income in 2012 was 240 million yuan and the net profit was 36.955 million yuan. The company's revenue in the first half of 2013 was 116 million yuan, nearly half of the previous year, and the net profit was 11.1451 million yuan, less than 1/3 of the previous year. . However, in the M&A agreement with Guangdong Media (002181, shares), the company's net profit for 2013-2016 is 45.532 million yuan, 56.825 million yuan, 68,698,700 yuan, and 8,155.5 million yuan. 
Outdoor LED operator Phoenix Urban Media suffers from rising costs
Phoenix City Media Technology Co., Ltd., a listed company, has received much attention because of its backing to Phoenix TV. According to the pre-disclosure prospectus, Phoenix Metropolis intends to issue no more than 51.34 million shares this time. It is listed on the Shanghai Stock Exchange. The sponsor institution is CITIC Securities. The total share capital after the issuance is 205 million shares. The actual controller is Liu Changle, president of Phoenix Satellite TV.