Three'S Company Media Group Co.Ltd(605168) express was in line with expectations, and the budget growth of state-owned enterprises and automobile customers was solid

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On March 1, 2022, the company issued the announcement of 2021 annual performance express. In 2021, the company's total operating revenue reached 3.571 billion yuan, a year-on-year increase of 27.18%; The operating profit was 582 million yuan, a year-on-year increase of 37.96%; The net profit attributable to the parent company was 506 million yuan, a year-on-year increase of 39.42%. The total assets of the company were 3.211 billion yuan, a year-on-year increase of 32%. In 2021, the profit and loss from dividends and changes in fair value increased by 350545 million yuan, which was included in non recurring profits and losses.

The main reasons for the substantial growth of the company's revenue and net profit in 2021 are as follows: 1) the company continues to enhance its integrated marketing level and expand new head customers: in 2021, the company added fast-moving consumer goods customers such as Yibao, snowflake, Heineken and Foshan Haitian Flavouring And Food Company Ltd(603288) of China Resources Group, and new consumer customers such as giant biology, a leading enterprise in the medical and beauty industry, Customers of the sports lottery management center of the General Administration of sports of the people's Republic of China, Postal Savings Bank Of China Co.Ltd(601658) , China Minsheng Banking Corp.Ltd(600016) and other top quality customers in the financial industry, and Dongfeng Honda and other top automobile customers with large marketing budget; 2) The company continues to deeply explore the deep marketing budget of the original head customers: give full play to the company's integrated marketing advantages, continuously output high-quality creative content, ensure the high viscosity of the original customers, and promote the formation of large-scale advertising effect of key customers; 3) Actively adjust offline business under the epidemic environment: the company scientifically and intensively carries out campus media marketing service and scene activity business to ensure the stable growth of offline business.

The main reasons for the growth of the company's assets in 2021 are: 1) the company enhances the efficiency of capital use by increasing foreign investment; 2) With the growth of sales revenue, the corresponding accounts receivable increased simultaneously.

Further extension of equity incentive will improve the enthusiasm of employees and highlight the confidence of the company in long-term development. In the early stage, the company issued the draft incentive plan for restricted shares in 2022. It plans to grant 469375 shares of restricted shares, with the grant price of 96.33 yuan / share. The incentive includes 52 directors, senior executives and business backbones, and the corresponding 22-24-year net profit targets are 730 million yuan, 1 billion yuan and 1.3 billion yuan respectively. The incentive plan will fully mobilize the enthusiasm of employees and promote the long-term performance of the company.

The digital content trading platform to be launched is worth looking forward to. The company and beiwen center plan to jointly establish a trading platform for digital cultural and creative products, which is expected to be launched in the first half of 2022 and is expected to become the second growth curve of the company.

Investment suggestion: Three'S Company Media Group Co.Ltd(605168) has many stable head customers including Yili, three operators and four banks to ensure the stability of the company's performance. In 2021, the company will add a number of industry head customers to further expand the company's business. Among them, the winning bid of Dongfeng Honda's 2022 online advertising agency project is a new situation for the company's business development in 2022 and in the future. According to wind's unanimous expectation, as of March 2, 2022, the company's net profit attributable to the parent company from 21 to 23 years was 506 million yuan, 743 million yuan and 1038 million yuan respectively, and the expected growth rate was 39.4%, 46.9% and 39.7% respectively. PE in 21-23 years is 23x / 17x / 12x. It is suggested to focus on.

Risk factors: the impact of macroeconomic fluctuations; Risk of industrial policy change; The effect of digital content trading platform is not as good as expected.

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