Event: Fuchun Technology Co.Ltd(300299) released the annual performance of 21 on April 13, 22. In the 21st year, the revenue reached 566 million yuan, yoy + 16.47%. The gross profit margin of 21 years is 55.74%, yoy + 1.45pcts. In the 21st year, the sales expense was 09 million yuan, yoy-76.49%, and the sales expense ratio was 1.52%, yoy-6.00 PCTs. The management fee is 62 million yuan, yoy + 4.61%, the management fee rate is 10.88%, yoy-1.24 PCTs; The financial expense is 20 million yuan, yoy-22.16%, the financial expense rate is 3.56%, yoy-1.76 PCTs; The R & D cost is 85 million yuan, yoy + 18.78%, the R & D cost rate is 14.99%, yoy + 0.29%. The net profit attributable to the shareholders of the listed company was 75 million yuan, yoy + 104.40%, and the high increase was in line with the performance forecast; The net cash flow from operating activities reached 150 million yuan, yoy + 121.35%.
In terms of industries, the revenue of information technology / game industry in the whole year of 21 was 167 / 394 million yuan, yoy-20.69% / + 44.02%, the gross profit margin of information technology / game industry was 17.79% / 73.86%, yoy-7.94 PCTs / - 4.03 PCTs respectively, and the business focus was accelerated to the game. In terms of products, the 21-year technical services and supporting / game products are 163 / 394 million yuan, yoy-6.63% / + 44.02%, and the gross profit margins are 18.11% / 73.86% and yoy-10.91 PCTs / - 4.03 PCTs respectively. By region, the revenue of overseas business (including Hong Kong, Macao and Taiwan) is 360million yuan, yoy+123.69%, gross profit margin is 75.60%, yoy-17.32%, and the rapid growth of overseas revenue matches the high growth of game business. The announcement disclosed that Shanghai junmeng, a subsidiary, continued to adhere to the development idea of "high-quality R & D + well-known IP" of the game business, achieved an operating revenue of 394 million yuan, a year-on-year increase of 87.59%, and a net profit of 144 million yuan, a year-on-year increase of 79.92%. It is the core body of the game business.
Firmly integrate well-known IP operation and high-quality R & D. In terms of IP, the company has excellent brands such as fairyland legend RO, Qin Shiming moon and dream dragon family. In terms of online games, there are many products, such as the bright moon of Qin Dynasty, thunderbolt Jianghu, fairyland legend: revival, fairyland legend: the birth of a new generation, fairyland legend: guarding eternal love, and fairyland legend: love as first seen. In terms of games to be launched, fairyland legend ro: the birth of a new generation (version not launched in regions), star awakening, fairyland legend ro: rejuvenation H5, dreamy dragon family and other products are continuously promoted and will be successively put on the market outside China.
Continue to make efforts in overseas markets and further deepen cooperation in games and emerging technologies with internet leaders. Shanghai junmeng, a subsidiary, continued to make efforts in Southeast Asia and other overseas markets. Its self-developed product "Legend of Wonderland ro: the birth of a new generation" was launched in Southeast Asia in June 21, making a brilliant performance and contributing to the increment of 21 years. It was awarded the best game of Google play in Singapore, the Philippines, Malaysia, Thailand and Indonesia in the 21st year, as well as the best tablet game in Thailand and Indonesia. The company proposes to deepen the good cooperation advantages between Internet enterprises and game publishers, maintain the business connection with the mainstream VR / AR equipment platform in the market, and actively explore the R & D of new products such as VR and the integration of NFT and game products. In addition, new game R & D teams such as VR will be established individually or jointly to promote the project approval and R & D of VR / AR game products.
Reduce cost and increase efficiency of communication business and optimize business structure. In terms of traditional communication business, the company actively shrinks the market area, abandons projects with poor profitability, and actively optimizes the business and personnel structure to reduce costs and increase efficiency. At the same time, in terms of smart city digital empowerment business, the company actively interacts with central enterprises with industry advantages and state-owned enterprises in the province, explores opportunities for technological upgrading and innovation such as new infrastructure, and actively prepares for the transformation of traditional communication business.
Investment suggestion: in 21 years, byte's unique overseas masterpiece "Legend of Wonderland ro: the birth of a new generation" has made a brilliant contribution, and 1-2 regions will be launched in 22 years. In 22 years, the company will successively launch new tours outside China, such as the awakening of the stars, the dream dragon family, the legend of Wonderland ro: Revival H5 (new version). Accelerate the layout of the development prospects of VR / AR, NFT and other emerging technologies in game scene applications, and give play to the good cooperation advantages with Internet enterprises.
Risk tip: the online time of Xinyou is less than expected; Intensified market competition; Macroeconomic impact; Overseas market expansion is less than expected
