\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 986 Zhewen Interactive Group Co.Ltd(600986) )
Recently, the annual report of the parent company was RMB 202942 billion, with a year-on-year increase of 5.42% and a net profit attributable to the parent company of RMB 202942 billion. The basic earnings per share is 0.22 yuan. No increase, no dividend.
Focusing on the main business, the marketing business rebounded rapidly. During the reporting period, the company operated steadily, stripped off traditional businesses such as real estate, concentrated the company’s resources, focused on the development of its main business, deeply cultivated its marketing business, enhanced its customer acquisition ability and significantly increased its business scale. To achieve the first place in the automobile brand marketing segmentation market share market, steady Tencent, Kwai Tai, quick hand “ten billion club” position.
Business innovation and strategic upgrading have achieved initial results. The steady growth of marketing base business has created favorable conditions for the layout of innovative business. During the reporting period, the company has made a good start in virtual digital assets, E-sports event prediction, medium and long-term video content marketing, live e-commerce and other tracks. Through the forward-looking layout of the yuan universe track, the digital assets section has independently developed and successfully incubated two virtual digital human images of the overseas wind virtual IP “Jun ruojin” and the z-generation virtual IP “Lan Lan”, and successively cooperated with Audi and AVIC Research Institute; Since the launch test of Mita platform in March, four rounds of digital collection sales have been completed, a total of 14000 copies have been sold, and the distribution path has been preliminarily opened. The company was also elected as the executive vice chairman unit of yuancosmic Industry Committee.
Empowering state-owned shareholders, giving full play to the institutional and institutional advantages of mixed ownership and realizing leapfrog development. During the reporting period, Zhejiang wentou obtained the control of the company, and the actual controller of the company was changed to the Department of finance of Zhejiang Province. At the end of the year, the company disclosed the fixed increase plan and planned to issue no more than 165 million shares to Bowen investment, a wholly-owned subsidiary of Zhejiang culture investment, at the price of 4.85 yuan per share. In the future, the blessing of state-owned shareholders in policy guidance, industrial empowerment, resource introduction, credit endorsement and risk control, combined with the professional and efficient business style of the management team, will help the company’s business and performance to achieve further growth.
Maintain the “overweight” rating. Since the introduction of state-owned shareholders in 2019, the company’s business has rebounded in an all-round way, and the new business of yuanuniverse has been arranged in advance. The fixed increase is not considered for the time being. It is estimated that the net profit attributable to the parent company in 22-24 years will be RMB 367 / 496 / 632 million, and the corresponding PE will be 23 / 17 / 13 times respectively, maintaining the “overweight” rating.
Risk tip: the risk that the market competition intensifies and the growth of new business does not meet expectations.
