Chengdu B-Ray Media Co.Ltd(600880) (600880)
Event: 1) on December] 20, Chengdu B-Ray Media Co.Ltd(600880) 's joint-stock company, the daily economic news, cooperated with the red cotton Xiaobing company to launch the AI virtual anchor, and officially launched the world's first full AI smart TV program broadcast in 7x24 hours; 2) On December 23, the company's Chengdu Cultural Property Exchange (Chengdu cultural property exchange) officially launched the country's first digital cultural property trading platform. In the future, it is expected to cooperate with the head blockchain enterprises to carry out cross chain cooperation, combine right confirmation with transaction, and provide a solid guarantee for market transactions; 3) Station B plans to take a strategic stake in the company's subsidiary roaming valley.
The overall market ceiling of virtual human is high, and the scale of service-oriented virtual human is the largest. 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. Virtual human can be subdivided into service type and identity type according to industrial application; Among them, identity type mainly refers to virtual idols, while service type mainly refers to virtual images with types of work, such as virtual anchor, virtual customer service, etc. According to the data of the report, the market scale of identity virtual human may grow to 174.5 billion yuan in 2030, which is the largest virtual human segment market, and the potential space is still broad.
Joint stock companies have joined hands with red cotton Xiaobing, and the effect of virtual anchor has been achieved. Chengdu B-Ray Media Co.Ltd(600880) the daily economic news of the joint-stock company established a strategic partnership on May 10, 2021 to form the complementary advantages of "communication field + AI field" and jointly build intelligent financial information products. The predecessor of red cotton Xiaobing is Microsoft Xiaobing team. Its Xiaobing framework is one of the most complete artificial intelligence frameworks in the world. The cooperation between the two sides has gradually deepened from AI writing, capturing the announcement information of the exchange to virtual anchor reading the manuscript. We believe that under the continuous upgrading and iteration of AI, the virtual anchor will have a wide range of application scenarios in the future, the financial media content distribution system may usher in reconstruction, the labor cost will be effectively controlled, and the development space of virtual anchor is worth looking forward to.
Relying on Chengdu Media Group and national library, combined with blockchain, create a new chapter in asset ownership. Relying on Chengdu Media Group and national library, the company promotes the development of the platform of cultural exchange by relying on major public and folk museums and major cultural institutions under the Ministry of culture and tourism, and has rich reserves of digital cultural resources; Chengdu cultural exchange is the only digital cultural property right exchange among about 12 cultural exchanges operating in China. In the future, it may help to confirm the copyright of high-quality digital cultural resources in combination with blockchain and other technologies, and is expected to build a complete national cultural digital trading ecosystem with large imagination space in the future.
The wholly-owned subsidiary is publicly listed for capital increase and share expansion to introduce war investment, and station B is the intended investor. In October 2013, the company issued an additional 1 billion shares to acquire roaming valley; Roaming Valley is a leading developer in China's page game industry. Since its establishment, it has successively launched a number of well-known page games such as hero's gate, and then completed the strategic transformation from page game research and development to mobile game research and operation, and completed more than 10 mobile games such as Lord of the people, which is one of the first-line mobile game developers in China. The proposed capital increase of station B is expected to have a strong synergistic effect with its game business, or it will use the traffic and community culture advantages of station B to help accelerate the development of the company.
Profit forecast and investment suggestions. It is estimated that the net profit attributable to the parent company from 2021 to 2023 will be 83 million yuan, 100 million yuan and 113 million yuan, corresponding to 80 times, 67 times and 59 times of PE respectively. The company's multi business of "cultural exchange + smart education + game" is developed at the same time. The joint-stock company Chengdu cultural exchange and the strategic layout of daily economic news are meta universe. The technical strength of the partner is leading in the industry. It is recommended to pay attention to it.
Risk tip: the risk of intensified market competition, macroeconomic downside risk, and the risk that the progress of smart education business is less than expected.
