The Hong Kong stock earnings season opened, and actively distributed the targets with potential marginal improvement trend in performance
According to the profit warning announcement issued by the company on February 25, the company expects to record a net loss of about RMB 870930 million in fiscal year 2021. The main reasons for the decline in profit compared with 2020 are the increase of R & D personnel, the improvement of employee welfare and the satisfaction of game R & D The R & D expenditure caused by taptap product upgrading and international business expansion increased significantly by 550600 million yuan year-on-year. In addition, the decline in the revenue of mature games reduced the gross profit by 265315 million yuan year-on-year. We believe that the decline of the company’s performance in 2021 is mainly due to the mismatch between the cost and revenue cycle caused by the increase of personnel during the transformation to game self-development and the non launch of new games. At present, we should still pay more attention to the ecological construction, user growth and overall duration growth of taptap platform. It is expected to have a good performance since the second half of 2021. If the version number in the Chinese market is issued later, The launch of the company’s self-developed game in China may bring greater performance upward flexibility, and the probability of reaching the bottom in 2021 is high. Tencent holdings and Kwai Fu are expected to release a new quarterly report in March. According to Kwai Kwai’s annual report of China Mobile Internet, released by Questmobile, the MAU and duration of App’s fast growth continued to grow. Compared to December 2020, the December 2021 fast speed version of MAU increased by 36.2% to 202 million compared with that of December 2021, and the percentage of Kwai Chung App increased 1.1 percentage points to 10.2% over the same period last year. With the adjustment of the organization structure of the Kwai Kwai in the second half of 2021, the strategy of overseas marketing has changed. We have judged that the fast 2021Q4 and 2022Q1 traffic and the continuous growth of the business will also improve the loss rate. In addition, under the background that the release time of China’s new round of game version numbers is not clear yet, game distribution companies with more competitive products in overseas markets and third-party advertising platforms that undertake game purchase advertising, such as mintegral under Huiliang technology, may benefit more. In conclusion, Kwai Kong stock market quarterly suggested that we actively layout the underlying target that has already had the potential to improve the performance price ratio and the performance of the financial report. We should focus on the fast -W, the heartbeat company and the volume technology. The targets of the benefits include Tencent holdings, NetEase -S, Alibaba -SW, etc.
The meta universe continues to lay out the targets with high safety margin of virtual human and NFT track valuation
Recently, with the market adjustment, the valuation of relevant sectors of yuanuniverse has continued to fall. We believe that the commercialization of metauniverse is still a long-term trend, which will enlarge the realization space of content-based IP. It is recommended to continue to layout the virtual human and NFT track with rapid commercialization. In the financial reporting season, we need to comprehensively consider the performance growth rate and the market’s expectation of performance, choose the high margin of valuation security and high probability of performance exceeding expectations, and promote the related businesses of metauniverse more actively It is expected to realize the target of performance faster. Focus on recommending Mango Excellent Media Co.Ltd(300413) , Shanghai Yaoji Technology Co.Ltd(002605) , Beijing Yuanlong Yato Culture Dissemination Co.Ltd(002878) , benefiting from Shanghai Fengyuzhu Culture Technology Co.Ltd(603466) , Beijing Quanshi World Online Network Information Co.Ltd(002995) , Beijing Fengshangshiji Culture Media Co.Ltd(300860) , Visual China Group Co.Ltd(000681) , Baidu, etc.
Focus on digital transformation opportunities in Vocational Education
According to the news report of China Central Television, Chen Ziji, director of the Department of vocational education and adult education of the Ministry of education, said on February 23 that it would build a digital “1 + 5” system of vocational education, namely vocational education decision-making brain system and decision support center, professional teaching resource center, high-quality online open course center, virtual simulation practice training center The center for improving the governance ability of vocational schools drives the reform of teaching mode and governance mode with digital transformation as a whole. On the one hand, we believe that digital education is expected to play an important role in the process of enterprise transformation or gradual recovery since 2021. On the other hand, we believe that digital education is expected to play an important role in the process of enterprise transformation. In the field of vocational education, Shanghai Action Education Technology Co.Ltd(605098) , and the objects of benefit include Jiangsu Chuanzhiboke Education Technology Co.Ltd(003032) .
Risk tip: the financial report of Hong Kong listed companies is less than expected, and the competition between virtual human and NFT is intensified.
