Tianyu Digital Division ( Dalian Zeus Entertainment Co.Ltd(002354) )
Event:
The company released its annual report for 21 years, during which it achieved a revenue of 1.764 billion yuan, a year-on-year increase of 77.07%; The net profit attributable to the parent company was 427207 million yuan, a year-on-year decrease of 72.07%; The basic earnings per share is 0.0257 yuan.
Comments:
Business is back on track and business optimization is continuously promoted
The year of 21 was the first full business year after the company completed the reorganization. During the reporting period, the company withdrew the delisting risk warning, returned to the right track, continued to optimize the business structure and industrial layout with the strategy of E-sports driving games and data flow driving the real economy, and steadily improved the overall business quality. The main reason for the decline of net profit attributable to the parent company and the loss after deducting non net profit in 21 years is that the performance of some joint-stock companies has a loss, which has a great impact on the investment profit and loss recognized by the company under the equity method. At the same time, the company has made provision for impairment of long-term equity investment for some joint-stock companies, which has an impact on the company's net profit. We expect that all businesses of the company will continue to be promoted in 22 years. Under the background that some business risks have been released in 21 years, the overall business situation of 22 young people will be more clear.
Game business: the company sold the loss making business of overseas heavy game distribution, focused on leisure sports track and built a digital sports platform "PK. Now!". “PK.NOW!” Integrating leisure games with e-sports, it integrates multiple game combinations and multi-dimensional publicity channels such as action, shooting, chess and cards, parkour, speed, rhythm, elimination and puzzle solving. Through in-depth cooperation with wcaa and other E-sports event platforms, the company normalizes leisure game events, and makes full use of the cooperation with tiger teeth and other head live broadcast platforms to continuously expand the coverage and influence of the platform. By the end of the 21st century, there were more than 60 boutique leisure games and "PK. Now!" Cooperation, including "crazy zoo", "skiing adventure" and other head products. Currently "PK. Now!" The number of registered users reached 580000, of which 43% were female users, basically reaching the balance between male and female users. In addition, the activity of the company's self-developed and operated game products such as aojian, feisheng, change in the sky and sunvy Poker has been improved, the life cycle has been continuously prolonged, and the company has performed well in the registration, retention and payment data of new users.
Data flow business: from January 21 to the end of the year, the company's Shanxi data flow ecological park has attracted more than 150 enterprises in more than 10 digital economy segments, including digital logistics, digital energy and digital retail. Relying on its own media platform and cooperative media platform, it provides brand merchants, small and medium-sized merchants, content creators and application developers with data analysis, user insight The whole link digital solution of traffic distribution, delivery optimization, creative efficiency improvement and brand operation realizes the coordination of digital marketing and content marketing. In terms of its own media platform, the company's AISI assistant has a total of 261 million registered users, 28.42 million new registered users, 19.44 million monthly active users and 1.78 million daily active users; The overseas platform 3utools has covered major market regions in the world, with a total of 22.49 million registered users, 7.65 million new users, 1.7 million monthly active users and 160000 daily active users during the reporting period. In terms of cooperative media platforms, by the end of 21 years, the company had served more than 1000 customers. Representative customers include station B, soul, Netease strict selection, xiaohongshu, etc. in the whole year, the company had produced 1333000 pieces of creative materials and clicked 503 million times. In terms of brand content 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, realized "thousands of people and thousands of aspects" of brand content marketing, and served Wuliangye Yibin Co.Ltd(000858) , Jiuxi, Jingdong, JUNLEBAO, Lianjia and other front-line enterprises for a long time. In addition, relying on the advantages of data flow in the fields of short video, live broadcast and content marketing, while providing integrated marketing services, the company is deeply bound with some brand merchants, excavates product growth and brand growth dividends through live broadcast sales sharing, exclusive sales authorization, brand cooperation and co creation, and gradually forms a business closed loop of "traffic operation brand service product development" around "product efficiency marketing", It has achieved initial results in the fields of insurance sales, 3C accessories, beauty and skin care, and opened up new growth space. The main customers of cooperation include Zhong'an insurance, Ping'an insurance, Taikang Insurance, China Insurance, Huanong property insurance, Japanese beauty brand faith, feiyisi, etc.
Layout virtual digital people and explore the real Internet. Relying on the rich application scenarios in the field of E-sports games and data traffic, the company focuses on the R & D and production of virtual digital human and IP incubation operation. In terms of R & D and production, integrate dynamic light field scanning modeling, three-dimensional reconstruction algorithm, motion capture, AI driven and other technologies, build a professional virtual digital human visual capture base, and simultaneously promote the R & D of customized digital human marketing platform (tob) and consumer digital human generation system (TOC), so as to realize super realistic and immersive real-time interaction. In terms of IP incubation operation, give full play to the advantages of digital virtual human, such as "good human setup", "no house collapse" and "no fatigue", incubate virtual digital human IP, speak for the brand and bring goods.
Investment rating and profit forecast
At present, the company's business layout of e-games and data traffic has entered a period of sustained development and release. The advantages of data traffic are gradually explored and realized, and the integrated marketing service business has grown steadily. We expect the overall profit potential of the company to be continuously released in 22 years. To sum up, we give the company an investment rating of "overweight". It is estimated that the EPS in 202224 will be 0.07, 0.11 and 0.15 yuan / share respectively.
Risk tips
The company's business development does not meet expectations, the product operation does not meet expectations, and the game industry policy risk; Data flow, ecological park policy and operation risk, etc.
