博瑞传播（600880）：发展潜力较大的传媒公司

　　机构深度研究报告显示，博瑞传播在向独霸一方并集合平面媒体、数字媒体、网络媒体、印刷发行、户外广告等为一体的综合性传媒企业发展，在其各类传媒业务发展过程中陆续进行的资产收购与注入，赋予了公司新的成长性。

　　结合博瑞传播原本就十分优良的业绩基础，使该股成为了目前安全边际优良、估值具有吸引力、发展潜力较大的传媒公司。因此，当前已被诸多机构投资者高度看好。

                                                                                                                                                                                                                                                                                                                                                                                                                                                 

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             

                                                                                                                                                                                                                                             0.92 1.15 45.50

                                                                                                                                                                              0.93 1.19 -----

                                                                                                                                                                                                                                                      0.98 1.19 45.00

                                                                                                                                 1.00 1.23 40.00

                                                                                                                                                                                              0.91 1.07 45.00

                                                                                                                                                                                                                                          0.92 1.13 -----

                                                                                                                                                                                                                                                                                                                                                                                                                                                        

                                                                                                                                                                                                                                                                                                                                                                                                                                                            

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            

                                                                                                                                                                                                                                                                                                                                                                                    

评级机构	评级日期	股票评级	投资要点	EPS （元）	估值                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              (元)
07年	08年	09年
中投证券	2007/11/20	强烈推荐	公司收购手中乾坤20%的股权是向新媒体、户外广告领域的进一步扩张，是其“传统媒体运营服务商，新媒体内容提供商”战略的贯彻。将降低与大股东关联交易比重，优化产业结构，提高公司的经营业绩和盈利水平。				0.64
联合证券	2007/11/20	增持	公司以6380 万元收购北京手中乾坤信息技术有限公司20%的股权；并计划投资2000 万元在春熙路、盐市口等步行街设置80 个LED 显示屏等，是公司跨媒体、跨地域发展战略的具体体现，使投资者能够更加清晰地看到公司的成长前景，预计类似的投资或收购将成为未来公司发展的常态。				0.73
国都证券	2007/11/19	强烈推荐	公司作为传统媒体的运营和服务商，一直致力于在数字化新媒体时代拓展公司的业务领域，体现出高于一般传统媒体公司的战略眼光和魄力。系列项目的投资运营对公司业务持续发展将起到非常积极的作用。				0.68
光大证券	2007/11/19	增持	公司拟投资成立“四川博瑞书坊（连锁）文化有限公司”，负责报刊发行渠道网络建设项目的实施、运营及管理，通过增量投资整合以成都市为中心覆盖四川二级城市的期刊发行渠道网络，在四川地区形成相对的垄断优势，确立公司媒体渠道运营服务商的竞争优势地位。公司目前已经形成以《成都商报》为依托，正在全力打造成为媒体西南王。				0.85
招商证券	2007/11/17	强烈推荐	公司计划用3-4年时间自建 272家“博瑞书坊”网络示范店，再通过租赁、加盟方式扩张渠道网络，最终在成都、郊县及二级城市形成 800余家网络终端，完成具有垄断地位的渠道+终端的战略布局。届时，将切入市场空间更大的期刊、DM直投业务和开展数据库营销业务。				0.71
国信证券	2007/11/19	推荐	公司出资收购北京手中乾坤信息技术公司20%股权，切入手机游戏、手机视频等业务领域。类似手中乾坤这样高速成长的公司，很可能在纳斯达克或者国内创业板上市。公司作为战略投资者介入，未来可能收获丰硕成果。				0.58
业绩预测与估值的均值（元）	0.698	0.943	1.16	43.75
目前股价的动态市盈率（倍）	43.62	32.29	26.25
风 险 提 示
（1）报业广告业务收入增速下滑的速度高于预期；（2）传媒资源的整合具有较大的不确定性；（3） 配股业绩有摊薄影响；（4）股票走势的流动性较差。