Wuxi Boton Technology Co.Ltd(300031) (300031)
event
On December 22, 2021, Wuxi Boton Technology Co.Ltd(300031) disclosed on the investor interaction platform that the Winter Olympic VR game will be launched at the end of January 2022.
make a concise evaluation
The company’s Winter Olympics VR game is created by the R & D team of fantasy skiing of hasic. The company disclosed on the investor interaction platform that the Winter Olympics VR game was developed by the company’s hasic, which focuses on AR / VR game research and development, and its team once developed the well-known VR game fantasy skiing.
The company aims to make hasic the largest shareholder (excluding team options) and strengthen the layout in the field of virtual reality. According to the investor interaction platform, Wuxi Boton Technology Co.Ltd(300031) directly & indirectly holds 40.64% of hasic’s shares, making it the largest shareholder of hasic (excluding team options). As a top provider of VR / AR content and solutions in China, the shareholding increase is expected to strengthen the coordination between hasic and the company in the fields of games and industrial Internet, and further strengthen the company’s layout in the field of virtual reality.
Subsidiaries increased R & D investment, and Q3 R & D expenses increased significantly. The company’s Q3 R & D expense was 37 million yuan, with a year-on-year increase of 103%, and the R & D expense rate was 5.83%, with a year-on-year increase of 3.0pcts, mainly due to the business expansion of subsidiaries and the strengthening of R & D investment. In addition, the company’s Q3 fair value change income was 25 million yuan, an increase of 172% month on month, mainly due to the fair value changes caused by the company’s industrial fund and subsidiaries’ foreign investment in the fields of industrial Internet, artificial intelligence and pan entertainment.
Yihuan network: the company’s new agent game “ESU 6 ~ nabistine’s Ark ~” has been stable in the top 5 of IOS best sellers in Hong Kong, China since it was launched in October. At present, the game reserves include fantasy memories, D3 and other products. At the same time, the company will actively expand its business in China, which is expected to promote the growth of performance.
Chengdu Juhuo: the self-developed game final front: inobeta cooperates with hasic technology and Yiyu Qianxiang, using the new naked eye hybrid reality botonspace1, so that players can see themselves and digital space at the same time without wearing virtual interactive devices, which is expected to enhance the attraction of the game.
Investment advice
With the expansion of Yihuan’s business in China, Chengdu will gather self-developed games online in the future. The company will strengthen the layout in the field of virtual reality, and its performance is expected to maintain growth. We expect the net profit attributable to the parent company to be RMB 500 / 630 / 740 million in 21 / 22 / 23 and EPS to be RMB 1.26/1.61/1.91 respectively, maintaining the “buy” rating.
Risk statement
The game performance is less than expected; Overseas market expansion is less than expected; Game policy risk; The online time of the game is less than expected
