Visual China Group Co.Ltd(000681) (000681)
event:
The company’s visual art digital collection platform – the official website of meta vision (NFT. 500px. Com.. CN.) And applet (meta vision Collection) were officially launched on December 26, 2021.
comment:
The company’s digital collection platform was officially launched, realizing the extension of business from tob to TOC. As of January 4, there were 14 digital collections for sale on the platform, including Jia Wei’s “Ruhua in the wild · garden No.1”, Li Ge’s “matrix the matrix”, Wang Sibo’s “photo painting of mountains and seas classics of gods and beasts” series and sun Lue’s “snowflake workshop” series Computer generated digital images and other products. Photographer Xie Hailong’s famous work “I want to go to school” opened at 12:00 on December 31, with a limit of 10000 copies and sold out in 40 minutes. In terms of business model, the company adopts the sharing cooperation mode with upstream creators. After signing the authorization agreement, the company will launch the digital works for sale after review, selection and scheduling, and the sales revenue will be paid to the content creators according to the agreed sharing proportion. If it is the company’s own content, there is no need to pay a share.
Relying on the massive high-quality content of 500px community, it provides continuous guarantee for the content update of the platform
At present, the company has about 400 million pictures, 30 million videos, 350000 music and other content resources. In 2016 and 2018, the company successively acquired the well-known copyright picture library Corbis and the global photographer community 500px, with a total of more than 500000 signed contributors. In cooperation with 280 professional copyright content institutions, it is one of the largest similar digital content platforms in the world. Massive high-quality genuine content is expected to provide continuous guarantee for the subsequent product update of the platform. According to the information disclosed by the company, it is planned to update the subsequent product content update progress of the meta vision platform every week. The launch plan of digital collections in the first quarter of 2022 has been preliminarily arranged.
NFT promotes the upgrading of digital content copyright protection, and the platform ensures transaction security under regulatory compliance. China’s NFT started late, mainly focusing on digital collection transactions in the primary market. Represented by Alibaba, Tencent and Baidu, ant chain, Zhixin chain and super chain are arranged respectively. The representative platforms include Tencent magic core, Ali whale probe (ant chain vermicelli) and NFT China. Based on blockchain, the meta vision platform realizes the chaining, ownership confirmation and circulation of digital works to ensure that the data cannot be tampered with. Both parties only support RMB transactions under the premise of real name authentication, so as to ensure transaction security under the premise of legality and compliance.
Investment advice and profit forecast
The company’s leading position in China library is stable, and the launch of audio and video materials and meta vision platform is expected to drive the business to further extend to the C-end and provide increment. It is estimated that the company’s net profit attributable to the parent company from 2021 to 2023 will be RMB 202 / 268 / 338 million respectively, and EPS will be 0.29/0.38/0.48 respectively, corresponding to pe45x / 34x / 27x. Maintain the “overweight” rating.
Risk statement
Policy and regulatory risks, the legalization process is less than expected, and the performance recovery is less than expected
