Beijing Jetsen Technology Co.Ltd(300182) (300182)
Event: Beijing Jetsen Technology Co.Ltd(300182) Shiyou technology, a joint-stock company, is a virtual human technology provider and plans to launch the "metaavatarshow" meta universe separation show platform. In the application, in addition to customizing the meta universe separation, it can also provide these separation with large-scale, low-cost linked separation and drive control software and hardware systems.
The potential ceiling of the virtual human market is high, and the early strategic investment is waiting for results. According to the in-depth industry report of virtual digital human, it is estimated that the overall market scale of Chinese virtual human will reach 270 billion yuan by 2030; In the ideal state, the industry space is relatively broad. In 2016, the company took shares in Shiyou technology, a virtual human technology provider, accounting for 24.38%. Shiyou technology is one of the leading virtual human technology providers and service providers in China. It has certain advantages in the fields of high restoration image modeling, implementation engine rendering, technical product system and so on; It has cooperated with CCTV, Hunan Satellite TV and other first-line TV stations in the radio and television industry, provided virtual technology support for the Spring Festival Gala in recent years, and Tencent, jd.com and Taobao in the Internet industry to provide customers with software and hardware products and technology production services related to virtual technology; The main products include: self-developed real-time virtual synthesis system puppeteerv3 0. AI digital human product system has provided nearly 500 virtual digital human so far, with outstanding technical strength and product solution ability.
"Resources + technology" two wheel drive enriches copyright resources and enables virtual human production. The company is the largest content copyright integration service provider in China, with more than 50000 hours of exclusive network broadcasting rights and about 80000 hours of non exclusive, leading the industry in terms of stock copyright reserves. The company's audio and video technology solutions are widely used in China's Radio and television industry, press and publishing industry and new media industry; Focusing on 4K / 8K production and broadcasting technology system under 5g application scenario, it is in a leading position in the industry. We believe that the future development of virtual human may test the early IP content design link; The company has a large number of film and television copyrights and animation copyrights. A large number of IP roles can be imported into Shiyou technology database to form a large IP cycle matrix, then form content based on technology, and obtain traffic through content, and finally form a virtuous cycle; As a leading enterprise of film and television copyright in China, the company's resource advantages are expected to further expand.
Issue equity incentive plan to bind the interests of core employees. The company plans to grant a total of no more than 180 million restricted shares, of which the company plans to grant 144 million restricted shares to 101 incentive objects for the first time at the price of RMB 2.58/share. The assessment target net profit from 2021 to 2023 is RMB 550 million / 700 million / 900 million respectively. According to the incentive target, the corresponding profit growth rate in 2022 and 2023 is 27.2% and 28.6%. We believe that the equity incentive policy will further establish a community of corporate interests and improve the internal driving force of performance growth.
Profit forecast and investment suggestions. It is estimated that EPS will reach RMB 0.21, RMB 0.26 and RMB 0.34 from 2021 to 2023, and the corresponding PE will be 27 times, 21 times and 17 times respectively. The company is the largest content copyright integration service provider in China. Shiyou technology, a joint-stock company, has laid out yuanuniverse track, with leading technical strength in the industry. The company has completed asset divestiture, focused on the core main business, and given the company 30 times PE in 2022, corresponding to the target price of 7.8 yuan. It is covered for the first time, and given a "buy" rating. It is recommended to pay attention.
Risk tip: the risk of intensified market competition, the risk that the UHD industrial policy is less than expected, the risk of significant changes in downstream demand, and the risk of asset impairment.
