Tianyu Digital Division ( Dalian Zeus Entertainment Co.Ltd(002354) )
Event: the company released its annual report for 2021, and achieved a revenue of 1.76 billion yuan in 2021, a year-on-year increase of 77.1%; The net profit attributable to the parent company was 42.721 million yuan, a year-on-year decrease of 72%, mainly due to the loss of the performance of some joint-stock companies and the company’s plan to withdraw the provision for impairment of long-term equity investment from some joint-stock companies; Deducting the net profit not attributable to the parent company, the loss was 186 million yuan, a year-on-year decrease of 92.4%, which was mainly due to the transfer of 93.5% equity of Beijing fantasy Yueyou held by the company, affecting the net profit of about 120 million yuan.
Force data flow business, digital marketing and brand marketing go hand in hand. 1) Digital marketing: by the end of 2021, the total number of registered users of its own platform AISI assistant had reached 261 million, with 28.42 million new registered users, 19.44 million Maus and 1.78 million daus; Tiktok Kwai, focusing on the cooperation platform, has completed the China’s precision digital marketing business team, which is based on Beijing, Chongqing, Zhengzhou and Taiyuan. It can meet the needs of all kinds of creative video shooting in real time. 2) Brand marketing: Based on “data intelligence + network collaboration”, the company has built a full scene marketing system covering film and television dramas, elevator media, variety shows and column authorization, providing long-term services to front-line enterprises such as Wuliangye Yibin Co.Ltd(000858) , Xijiu, JD, JUNLEBAO and Lianjia, and its future performance is worthy of attention.
Deeply cultivate the digital E-sports platform, and the e-sports drive has achieved initial results. During the reporting period, the company integrated the advantageous resources in the field of leisure games and deeply cultivated the leisure competition platform “PK. Now!”, Empowering leisure games with E-sports mode; At the same time, driven by the business of digital competitive platform, the company’s self-developed and operated a number of game products performed well: in 2021, the company’s Dezhou poker competitive product “sunvypoker” added 220000 users, with a total registered number of more than 1.2 million and an average Mau of 65000. Throughout the year, it ranked first in the download of similar games in Japan by Apple App Store (IOS) and top 10 in the best-selling list, leading similar products, It is expected to continue to explore the growth potential of leisure games in the future.
Create a virtual human production platform and broaden the application scene of virtual human. In 2021, the company and Beijing Zhijing Future Technology Co., Ltd. jointly established Beijing Yuanjing Digital Technology Co., Ltd. to build an industrialized virtual human production line; At the same time, it focuses on virtual human R & D and production and IP incubation operation, is committed to reducing the cost and increasing the speed of virtual human mass production, and simultaneously promotes the R & D of customized digital human marketing platform (tob) and consumer digital human generation system (TOC), so as to meet the application needs of virtual human in multiple scenarios, or will become a new growth point of potential performance.
Profit forecast and investment suggestions. It is estimated that the net profit attributable to the parent company from 2022 to 2024 will be 110 million yuan, 280 million yuan and 310 million yuan, and the corresponding PE will be 74 times, 28 times and 26 times respectively. Considering the rapid growth of the company’s data traffic business, the strategic layout of the virtual human platform and the expansion of back-end application scenarios, we maintain the “hold” investment rating.
Risk warning: the risk that the data flow business development is less than expected, the risk of industrial policy changes, and the risk of intensified market competition.
