\u3000\u3 China Vanke Co.Ltd(000002) 291 Saturday Co.Ltd(002291) )
Event: the company held the 48th meeting of the Fourth Board of directors to elect a new term. On Friday, the company held the 48th meeting of the Fourth Board of directors, and elected Xie Rudong, Li Gang, he Jianfeng and Ma Chao as non independent directors of the Fifth Board of directors, Wu XiangNeng, Zhang Shuai and Liang Qianyi as independent directors, Zhou Yan and Chen Lei as supervisors of the board of supervisors. Among them, Xie Rudong is the chairman and general manager of Yuanwang network, Ma Chao is the vice president of Yuanwang network, and Zhang Shuai is currently the dean of the school of information management and artificial intelligence of Zhejiang University of Finance and economics.
The management structure of the company is gradually optimized to provide strong support for the development of the company in the new stage. Compared with the Fourth Board of directors, at the level of non independent directors, Yuanwang team received two nominations, an increase of one person compared with the previous session (President Ma Chao, the Secretary of Yuanwang), and Zhang Shuai from Zhejiang University of Finance and economics was nominated at the level of independent directors (Zhejiang University of Finance and economics is the mother of Yuanwang chairman Xie Rudong). We believe that the increase of Yuanwang team members in the new board of directors will further strengthen the business linkage between the parent company and Yuanwang, help Yuanwang obtain more resources for development, and provide more powerful leadership support for the overall business development of the company in the new stage.
The business structure has been comprehensively adjusted, and the company will start again in 2022. In January 2022, the company released the performance forecast, and the Gmv of the distant network exceeded 10 billion yuan (2.5 times that of 2020). However, the shoe industry suffered from the epidemic and business transformation, resulting in large losses and impairment, resulting in the company's expected loss of 430650 million yuan in 2021. At present, the company is stripping its shoe business as a whole, and listed companies will fully focus on mobile internet marketing in the future. 1) Vigorously strengthen the construction of supply chain, continuously extend upstream and downstream, and improve the gross profit margin of goods through in-depth source and personalized customization; 2) Increase the resource investment in clothing and jewelry in the field of non-standard goods, build a supply chain SaaS service platform serving small and medium-sized anchors based on "looking at the cloud", promote the expansion of the company's business scale in the field of non-standard goods and form a new business growth point; 3) Set up Yuanwang Innovation Research Institute to strengthen research in blockchain, AI intelligence, metauniverse, digital virtual human and other fields.
The anchor team continues to grow, and the artist has obvious advantages. According to the official website, the company currently has more than 30 co artists including Wang Zulan, Zhang Yuxi, Cecilia Cheung, Ying'er, Lou Yixiao, Ni Hongjie, Shen Tao, Chen Yiru, Jia Nailiang and other artists. The signed anchor includes more than 100 anchor talents such as eldest childe Yu, Li xuanzhuo, naiti, Fangfang very picky about food, Hu Zige, Dong Zhe, Xuebao, meimaiden higou, Dali and so on. The company signed a number of artists and successfully operated in 2021, with obvious advantages of artists. In the future, the company is expected to further expand the anchor team to meet the needs of users in different categories.
Under the strong supervision of the industry, MCN institutions with standardized operation are expected to fully benefit. Since 2020, the State Administration of market supervision has successively issued a series of regulations, such as the guiding opinions on strengthening the supervision of webcast marketing activities, the Interim Provisions on standardizing promotional activities, and the measures for the supervision and administration of online transactions, emphasizing the promotion of the standardized development of the webcast e-commerce industry. We believe that under the strong supervision of the industry, it is good for the head MCN institutions. Anchors and businesses will tend to cooperate with the head and standardized MCN institutions. In this process, we expect Yuanwang to benefit fully.
Investment suggestion: we expect the company's net profit attributable to the parent company in 2021, 2022 and 2023 to be -5958011132 million yuan and EPS to be -0.65/0.84/1.24 yuan respectively (of which, the performance of the footwear industry will be consolidated in 22 years and the stripping of the footwear industry will be completed in 23 years). We are optimistic about the competitiveness of Yuanwang network as a head MCN institution and the release of performance under profit assessment, so as to maintain the "buy" rating.
Risk tip: market competition risk, industry development is less than expected risk.
