\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) published the annual report of 2021 on the evening of April 18. Last year, the company achieved an operating revenue of 4.51 billion yuan, a year-on-year increase of 47.4%; The net profit attributable to shareholders of listed companies was 350 million yuan, a year-on-year increase of 19.9%, and the net profit attributable to shareholders of listed companies after deducting non recurring profits and losses was 420 million yuan, a year-on-year increase of 12.7%. The net cash flow from operating activities of the company was -438 million yuan, a year-on-year decrease of 122 million yuan; The weighted average return on net assets was 10.23%.
The operation of weiq platform has grown steadily: it actively carries out customer management and has excellent customer retention and customer structure; We actively optimized data capacity, made significant progress in demand digestion, and achieved high growth in the number of orders.
Accelerated coverage of celebrity resources: the number of professional celebrity accounts has increased significantly, with healthy ecological structure and balanced vertical distribution.
Breakthroughs in ecological chain innovation: the company actively explored the upstream and downstream business forms of Hongren economy, and arranged innovative businesses such as new consumption channel, Hongren vocational education and West Fifth Street of trendy content block, among which vocational education and new consumption brands achieved outstanding results.
Blockchain exploration: the 3D virtual life community "Rainbow universe" has more than 400000 reserved users, and the self media digital collection tool set "topholder number one collector" cooperates with sina Weibo.
We expect that the company will achieve a revenue of 6.084 billion yuan / 8.048 billion yuan / 9.902 billion yuan in 2022 / 2023 / 2024, the corresponding net profit attributable to the parent company is 605 million yuan / 840 million yuan / 1.092 billion yuan, and the corresponding EPS is 0.33 yuan / 0.46 yuan / 0.60 yuan. Based on the closing price on April 18, PE is 24 times / 18 times / 14 times. We believe that the reasonable valuation of the company in 2022 is 40-43 times, corresponding to the target price of 13.2-14.2 yuan, maintaining the "buy" rating.
Risk warning: changes in macroeconomic environment; Tightening of Internet content regulatory policies; Changes in regulatory policies for the digital collection market; Improper platform operation management; Innovation and business expansion are unfavorable.
