Hylink Digital Solution Co.Ltd(603825) (603825)
Investment highlights:
Dior virtual human attracted attention for its first show and has great potential for commercialization in the future. At present, the layout of the company's virtual human business mainly includes two aspects: 1) virtual Idol: Hylink Digital Solution Co.Ltd(603825) its subsidiary Shanghai Qianhong culture media Co., Ltd. (digital fashion Lab) and its digital production Lab (digital production Lab) jointly launched the virtual image "Aimee" as early as last year , as a complete virtual image, it can be created into a complete virtual image through digital technology and the definition of beauty in the existing aesthetic system, and can participate in various business scenes like real idols; 2) Real person virtual IP: amiee's technical team tried to create a digital image of the star at Dior's ready to wear press conference in the early spring of 2022. Before the start of the show, Dior announced that its Chinese skin care Ambassador Jing Tian would appear in Greece with a new virtual image "sweet Xiaotian", and also interact with online audiences, which attracted extensive attention on social media.
Join hands with Industrial And Commercial Bank Of China Limited(601398) to carry out digital RMB cooperation. The two sides give full play to their respective advantages, integrate resources such as users, markets, channels, data and technology, jointly accelerate scene construction and user promotion, and lay a solid payment foundation for innovative consumption scenes in the next generation immersive virtual network.
The future of metauniverse has arrived, and the business scene has accelerated. The epidemic has triggered the rise of the residential economy, and the transformation and upgrading of online business scenes is imminent. All kinds of capital accelerate the promotion of metauniverse business. With the current technical maturity, we believe that the fastest applications are virtual human, film and television, advertising and marketing, cultural tourism, games and other industries.
With the advantage of "digital marketing + virtual human IP + Digital RMB", the company's "Yuan universe" business ecology is emerging. As the exclusive provider of official communication agency services for Beijing 2022 Winter Olympic Games and winter Paralympic Games, the company has strong omni-channel digital marketing ability and content production ability. With the iterative innovation of CG, artificial intelligence, dynamic capture and other science and technology, the interactivity and social attributes of digital people are continuously enhanced, which is expected to present a richer immersive virtual reality combined with business interaction scene, Open the commercial realization space of the company's virtual human IP. In the ultimate form of the yuan universe, virtual currency is the medium of value exchange in the virtual economy and society. The company carries out virtual RMB business and explores payment technology and application innovation under the virtual scene in advance, which is expected to further improve the construction of the closed-loop business ecology of the yuan universe.
Profit forecast and investment rating: as an old global marketing company, the company integrates three advantageous business segments: information technology marketing services, new retail and comprehensive content creation. In addition to the business layout of virtual people and digital currency, rich digital asset reserves are expected to help open a new era of immersive virtual business interaction scenarios. Maintain the "buy" rating. It is estimated that the net profit attributable to the parent company in 21-23 years will be RMB 281 / 519 / 677 million respectively, EPS will be RMB 1.11/2.05/2.67 respectively, and the corresponding PE will be 23 / 12 / 9 times respectively, maintaining the "buy" rating.
Risk tips: macroeconomic downturn, repeated epidemics, intensified industry competition, and new businesses are not as expected
