\u3000\u3000 Beijing Jetsen Technology Co.Ltd(300182) (300182)
Event overview
On the evening of January 25, 2022, Beijing Jetsen Technology Co.Ltd(300182) released the performance forecast of the annual report. In 2021, the company is expected to realize the net profit attributable to the parent company of 450-490 million yuan and deduct the non net profit of 340-380 million yuan, turning losses into profits year-on-year.
The copyright business grew steadily and continued to promote the distribution of film library and digital cinema
According to the announcement, the company’s new media copyright business is expected to achieve an operating revenue of about 3.087 billion yuan, a year-on-year increase of 28%, and a net profit of about 561 million yuan, a year-on-year increase of 22%. Since 2019, after strategic focus and asset divestiture, the company’s new media copyright business has continued to pick up, especially when the covid-19 epidemic in 2020 led to the stagnation of China Film Co.Ltd(600977) industry development and the company’s new film distribution business was affected, the company increased the distribution of large film libraries to further improve the liquidity of film libraries. At the same time, the company seizes the development opportunity of large screen in 5g era, expands the family multi screen digital distribution mode, and creates a family living room theater, which is highly consistent with the spirit of industry development planning such as “expanding new formats of film consumption” and “on-demand cinemas and on-demand cinemas” proposed in the 14th five year plan of the film industry.
The Q4 performance of Shiyou technology doubled and the digital virtual human technology industry took the lead
According to the announcement, Shiyou technology, a subsidiary of the company engaged in digital virtual human business, achieved a revenue of 34.3799 million yuan and a net profit of 8.0435 million yuan in 2021, of which the revenue in the first three quarters was 11.6735 million yuan and the net profit was 3.339 million yuan. It can be calculated that the revenue in Q4 of 2021 was 22.7064 million yuan and the net profit was 4.745 million yuan, Q4 single quarter performance doubled. Focusing on the R & D and application of real-time virtual technology, Shiyou technology is one of the few self-developed platforms for virtual real-time / fast virtual content production and virtual IP production in China. In the past, it has implemented digital virtual application cases including leading customers in radio and television, Internet and brand customers, education, film and television animation and other industries, At present, it is one of the few A-share listed companies related to yuancosmos that not only has independently developed patented technology, but also can achieve considerable performance.
The spring breeze of industrial policies continues, and equity incentive and asset stripping ensure sustainable and healthy development
Policy documents such as the outline of strengthening the country with intellectual property rights, the 14th five year plan for the film industry and the detailed rules for the review of short video content are significantly conducive to the long-term development of the company’s film and television copyright operation business. The company has made continuous breakthroughs in the underlying technology of meta universe, and the virtual digital human and audio and video technology are highly prosperous. The company introduced Xiaomi war investment in 2020, strengthened cooperation with channel hardware manufacturers, continued to promote the fixed increase of war investment, optimized the company’s equity structure, and issued an equity incentive plan in the third quarter of 2021. The incentive objects are the company’s senior executives and core business backbones, providing guarantee for the sustainable and healthy development of the company’s main business. In December 2021, the company completed the divestiture of assets, and in 2022, the young people will be put into battle, which is expected to achieve further growth in operating performance.
Investment advice: maintain the “buy” rating
According to the performance forecast of the annual report, we lowered the forecast of the company’s revenue of RMB 3.620/43.60/5.264 billion from 2021 to 2023 to RMB 3.604/43.60/5.254 billion, the forecast of net profit attributable to the parent company of RMB 557/717/921 million from 2021 to 2023 to RMB 472/701/902 million, and the forecast of EPS 0.05 million The forecast of 22 / 0.28/0.36 yuan is 0.18/0.27/0.35 yuan, corresponding to the closing price of 6.08 yuan / share on January 26, 2022, and PE is 33, 22 and 17 times respectively. At present, the company has high barriers to film and television copyright business, and continues to explore the business form of meta universe. The completion of asset divestiture means that the company will further focus on the dominant main business, the negative impact of other businesses on the company’s performance has been basically eliminated, and the overall valuation level of the company is expected to be further improved to maintain the “buy” rating.
Risk tips
The introduction progress of strategic investment shareholders is less than expected; The film and television copyright business may be regulated; Shiyou technology has a small volume, which has a great impact on the company’s income and
