\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 556 Inmyshow Digital Technology (Group) Co.Ltd(600556) )
Event: Inmyshow Digital Technology (Group) Co.Ltd(600556) released the annual report of 2021, and the company realized an operating revenue of 4.512 billion in 2021, with a year-on-year increase of 47.72%; The net profit attributable to the parent company was 354 million, with a year-on-year increase of 19.90%. In 2021, the company plans to distribute a cash dividend of 0.20 yuan (including tax) for every 10 shares to all shareholders.
The performance continued to grow steadily, and the profit margin decreased slightly during the investment period of the innovation business division. In 2021, the company realized an operating revenue of 4.512 billion, a year-on-year increase of 47.72%; The net profit attributable to the parent company was 354 million, with a year-on-year increase of 19.90%. On the whole, the company's performance continued the trend of steady growth. From the perspective of expense rate, the company's sales expense rate, management expense rate and R & D expense rate in 2021 were 6.42% (+ 1.93pct), 3.43% (0.62pct) and 2.87% (+ 0.43pct) respectively. The three expense rates increased to varying degrees, mainly due to the company's increasing R & D in its main business and expanding business scale in its innovative business. Due to the increase of expense ratio, the net profit margin attributable to the parent company of the company has declined. In 2021, the net profit margin attributable to the parent company of the company was 7.85% (-1.81pct).
The connection efficiency is further improved, and the ecological structure of red people is healthier. During the reporting period, the company continued to cultivate around the strategy of efficiently connecting merchants and celebrities. From the perspective of merchants, the total number of registered merchants on weiq platform in 2021 was 179400, an increase of 12700 over the previous year; Affected by the epidemic, the number of active businesses was 7918, down from 2020; However, the retention rate of brand customers reached 79.6%, higher than 78% in 2020, and the investment amount of retained customers increased by 39.3% year-on-year, indicating the continuous improvement of customer satisfaction and stickiness. From the perspective of celebrity client, the number of celebrity accounts registered on the platform has reached 1.921 million, of which 535000 have the ability to receive orders, an increase of 83.85% year-on-year; Among them, the income of waist and tail celebrities accounts for 81.4%, and the overall celebrity ecology is more healthy and balanced.
Continue to explore the upstream and downstream of Hongren economy, and the innovative business results are beginning to show. The company has conducted business exploration around the upstream and downstream of Hongren economy, and made significant breakthroughs in Hongren vocational education, trend content community, new consumer goods and other fields. Among them, the cumulative sales of new consumer brand Zhaimao diary exceeded 100 million in 2021, and IP broke the circle. At the same time, the company actively explores the layout of innovative businesses such as "Rainbow universe" and "topholder's number one collector", which is expected to further broaden the business boundary. Thanks to the continuous exploration and investment in innovative business, the company's innovative business achievements initially appeared in 2021, with an annual revenue of 220 million, a year-on-year increase of 123.6%.
Investment suggestion: considering the sustained high growth of Hongren marketing, the company's unique industry position and the gradual presentation of innovative business on the revenue side, we predict that the company will realize a net profit attributable to the parent company of 562million, 798million and 1116million respectively from 2022 to 2024, with corresponding EPS of 0.31, 0.44 and 0.62 yuan; Combined with the scarcity of Hongren's economic ecology and the growth potential of "Rainbow universe" and other business layout, give it 40 times PE in 2022, corresponding to a six-month target price of 12.4 yuan, and give a "Buy-A" rating for the first time.
Risk tip: the continuous impact of the epidemic exceeded expectations, and the budget growth of advertisers was less than expected.
