\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 556 Inmyshow Digital Technology (Group) Co.Ltd(600556) )
Event: the company released its annual report for 2021 and achieved an annual operating revenue of 4.51 billion, a year-on-year increase of 47.4%; The net profit attributable to the parent company was 350 million, with a year-on-year increase of 19.9%; Deducting non net profit of 420 million, a year-on-year increase of 12.7%. As of the reporting period, the CAGR of the company’s revenue in recent five years reached 57.7%, and the CAGR of deducting non net profit was 43.2%.
Building a “red man ecosystem” highlights the value of weiq platform. The company has built a “red man ecosystem” covering red man marketing, red man evaluation, red man entrepreneurship services, red man vocational education and new consumer brands. Weiq platform connects the merchant end and the popular end. Both ends go hand in hand, and the commercial value of the platform is gradually highlighted. 1) On the merchant side, at present, there are 7918 active merchant customers on the weiq platform, including 799 brand customers, and the retention rate of active brand customers is 79.6%. The customer’s industry has expanded from skin care products, online service e-commerce, food and beverage to traditional industries such as automobile and finance; 2) The number of popular accounts registered on the platform has reached 1.921 million, and the number of MCN institutions settled on weiq platform has reached 11000. The field of popular accounts is widely distributed to meet the diversified needs of customers in different industries. With the rapid economic growth, the platform has broad prospects for development, and the coverage is expected to be further expanded.
R & D drives development and strengthens the competitive advantage of the main business. The company continued to increase R & D investment, enhance the parallel processing capacity of weiq platform, and continuously improve the demand transformation capacity. In 2021, the order volume exploded and increased to 3.807 million. Based on the accumulation of resources in the field of celebrity economy, the company has expanded relevant data products and business services, developed data products such as weiq SAAS and heat wave data, and provided business services such as international celebrity accelerator and topklout Crowley. The company has actively laid out the Red Man economic and ecological chain and built a brand moat, with significant competitive advantages in its main business.
Layout of meta universe track, Web3 0. The business development prospect is promising. The company’s strategic layout is the universe business. At present, the 3D virtual life community “Rainbow universe” and the self media digital collection tool set “TopHolder top collector” are developed. The cooperation with the fish too idle, genius panda and other IP and Longhu real estate, Lafi and other brands, explore the technology based on block chain, Web3. oriented. 0 era of innovative products and business models, the future of Web3 0 business development is worth looking forward to.
Profit forecast and investment suggestions. It is estimated that the net profit attributable to the parent company from 2022 to 2024 will be 520 million yuan, 740 million yuan and 900 million yuan respectively, and the corresponding PE will be 29 times, 21 times and 17 times respectively. Considering the high increase in the number of orders on the weiq platform, the steady growth of operation and the growing maturity of the red man ecological chain, the company is in a period of rapid growth in performance. According to the valuation of PEG = 1, the company is given a 35 times valuation in 2022 and raised to the “buy” rating, corresponding to the target price of 10.15 yuan. It is recommended to pay active attention.
Risk warning: the risk of industry development falling short of expectations and the risk of macroeconomic fluctuations.
