Visual China Group Co.Ltd(000681) (000681)
Event: the company issued the voluntary information disclosure announcement on the launch of the “meta vision” visual art digital collection platform. The visual art digital collection platform created by the company, the official website of meta vision (NFT. 500px. Com.. CN) and applet (meta vision Collection) were officially launched on December 26, 2021.
Comments are as follows:
Taking advantage of the accumulated advantages, the company established a meta vision platform, and the “blockchain +” strategy was officially launched, which is in line with the outlook of our previous report. The company officially launched the “blockchain +” strategy, completed the upgrading of 500px image community through blockchain technology, and established a visual art digital collection trading platform – meta vision. Metavision helps artists transform “digital works” into “digital assets”, enhance the liquidity of visual art digital collections, and build a world leading platform for the creation, sharing and trading of more active and influential visual art digital collections based on blockchain. The launch of “meta vision” platform will empower artists in various links such as technology, distribution and operation, and provide full chain services of creation, protection and transaction for artists and collectors of visual art digital collections.
The company has a rich accumulation of copyright content, enabling traditional businesses through blockchain technology to achieve leapfrog development from 2b to 2B + 2C. The company’s core business is visual content and services, and has accumulated rich experience in the field of digital copyright for more than 20 years. At present, the company provides 400 million pictures, 30 million videos, 350000 music and other materials. It is one of the largest similar digital content platforms in the world. The company acquired the assets of Corbis, a world-famous image library, in 2016, and acquired and operated the world’s leading photographer community 500px in 2018. At present, the company has more than 500000 contracted contributors worldwide, and has established close cooperation with more than 280 professional copyright content institutions outside China.
The meta vision platform realizes the online ownership of digital works through the blockchain, and the work owner and work information are stored on the chain to ensure that the data cannot be tampered with; At the same time, the original digital works will be transformed into unique digital collections on the blockchain. Every change of ownership of digital collections can be recorded on the blockchain to promote the transaction and circulation of digital collections.
Investment suggestion: we maintain the profit forecast, with revenue of 736 / 920 / 1104 million yuan, net profit of 195 / 262 / 352 million yuan, EPS of 0.28/0.37/0.50 yuan and corresponding PE of 80.62, 60.22 and 44.72 times respectively. In the future, the company will provide various scenarios such as collaborative creation, copyright protection and transaction realization based on blockchain trust mechanism for relevant subjects through Visual China Group Co.Ltd(000681) digital copyright trading platform and meta Vision digital collection platform; Provide creators with two opportunities for realization, namely digital copyright authorization + digital collection sales. The company’s core business will also extend from to B to to B + to C. It is expected to improve the medium and long-term space and maintain the “buy” rating.
Risk tip: the blockchain is still in the early stage of development, the development of meta vision is less than expected, and the industry supervision is becoming stricter
