\u3000\u3 Bohai Water Industry Co.Ltd(000605) 168 Three'S Company Media Group Co.Ltd(605168) )
Event: the company released the annual performance express of 2021 on March 1, 2022. In 21 years, the company achieved revenue of 3.57 billion yuan, a year-on-year increase of 27.2%; The net profit attributable to the parent company was 510 million yuan, a year-on-year increase of 39.4%; Deduct 460 million yuan of non return to parent, with a year-on-year increase of 33.4%. Among them, non recurring gains and losses are mainly investment dividend income and changes in fair value brought by the development of extension investment.
In 2021, the company achieved high revenue and profit growth mainly due to: 1) expansion of incremental major customers: in 2021, the company added FMCG customers such as Yibao, Xuehua, Heineken and Foshan Haitian Flavouring And Food Company Ltd(603288) of China Resources Group; The leading enterprise in the medical and beauty industry, giant biology and other new consumer industry customers Postal Savings Bank Of China Co.Ltd(601658) , China Minsheng Banking Corp.Ltd(600016) and other financial industry customers; Dongfeng Honda and other head car customers with large marketing budget; 2) Continue to tap the incremental budget of existing customers: combined with the touch advantages of the company's cooperation with Internet media, outdoor media and the new advertising channel of China Central Television, help promote the scale effect of large-scale advertising, ensure the continuous improvement of the stickiness and satisfaction of existing large customers, and drive the incremental budget acquisition of existing large customers; 3) In 2021, overcome the impact of the epidemic, actively adjust strategies, and promote the company's relatively high gross profit campus media marketing business, scene activity marketing and other offline businesses to maintain a growth trend.
The total assets of the company were 3.21 billion yuan, with a year-on-year increase of 32.0%, mainly due to the increase of accounts receivable brought by the company's foreign investment strategy and marketing revenue. Since 2020, the company has invested in the layout of the company's new track to achieve extension development. We believe that the company's future investment income has certain sustainability. In terms of accounts receivable, by the end of 21q3, the company's accounts receivable was 1.308 billion, with a year-on-year increase of 21.73%. Compared with the growth of 21q3 revenue, the growth of accounts receivable was healthy.
The company's implementation of equity incentive is conducive to the enthusiasm of employees, and actively cooperate with the cultural exchange to layout strategic emerging businesses. In the early stage, the company issued the draft incentive plan for restricted shares in 2022, which plans to grant restricted shares to 52 directors, senior executives, middle-level personnel and business backbones of the company at the price of 96.33 yuan / share. The performance evaluation conditions for lifting the restriction from 2022 to 2024 are that the net profit is not less than 730 / 10 / 13 billion yuan respectively. In the early stage, the company announced that it had signed the strategic cooperation framework agreement with Beijing Cultural Property Rights Trading Center Co., Ltd. to jointly create a digital cultural and creative trading platform, and looked forward to the subsequent implementation progress.
Investment suggestion: our early report emphasizes that the company has the advantages of core key customers and its profitability is gradually enhanced. This performance express is in line with our expectations and provides a basis for the momentum of sustainable development in 22 years. Although the macro-economy fluctuated, the company continued to strengthen the advantages of key customers and gradually developed into an Internet integrated marketer. The company's express basically conforms to the previous forecast. We expect the net profit from 2021 to 2023 to be RMB 5.1/7.4/1.07 billion respectively, corresponding to the valuation of 24x / 17x / 12x. Maintain the "buy" rating.
Risk warning: macroeconomic uncertainty; The landing of digital product trading platform is less than expected; Policy supervision; The performance express is the preliminary calculation result, and the specific financial data shall be subject to the annual report disclosed by the company
