\u3000\u30 Jinzai Food Group Co.Ltd(003000) 31 Wuxi Boton Technology Co.Ltd(300031) )
Events
On April 22, 2022, Wuxi Boton Technology Co.Ltd(300031) released the annual report for 21 years and the first quarterly report for 22 years. The revenue for 21 years was 2.76 billion yuan, an increase of 4.62% year-on-year, and the net profit attributable to the parent company was 403 million yuan, a decrease of 7.81% year-on-year; 22q1 company's revenue was 662 million yuan, a year-on-year decrease of 9.62%, and the net profit attributable to the parent company was 69 million yuan, a year-on-year decrease of 43.96%.
Brief comment
The business of intelligent delivery of digital products is growing steadily, and the integrated service business of intelligent operation is expected to accelerate. In the 21st year, the company's business revenue of intelligent transportation and digital product manufacturing was 1.062 billion yuan, with a year-on-year increase of 13.18%; The products and services of intelligent transportation system are still in the early stage of business development, with 21 revenue of about 170 million yuan, a year-on-year increase of 0.81%. With the establishment of relevant subsidiaries in Beijing and Shanghai and the signing of Shandong Iron And Steel Company Ltd(600022) group, Citic Pacific Special Steel Group Co.Ltd(000708) Tongling Taifu and other customers, the business is expected to accelerate.
The company continues to strengthen the layout in the field of virtual reality, which is expected to strengthen the coordination between games and industrial Internet. In the past 21 years, the company has successively increased the capital of tage Zhixing, a driverless enterprise in the mining area, invested in Qianxiang, a corner of naked eye 3D technology company, and increased the capital of hasiqi, a VR technology enterprise. It is expected to further strengthen the collaboration of VR / AR technology in the company's business. The company has jointly developed a number of VR / AR game demos and naked eye 3D device space1. It is expected to further collaborate with the industrial Internet to realize the digital twin immersive experience.
The subsidiary increased its R & D investment and paid attention to the 22-year self-developed game reserve. The company's R & D expenses in 21 years / 22q1 were 134 / 32 million yuan, with a year-on-year increase of 85% / 56%, and the R & D expense rate was 4.87% / 4.78%, with a year-on-year increase of 2.09/2.02ptcs. With the continuous investment in R & D, the company has reserved five self-developed + customized products and paid attention to the online progress of self-developed games such as D3, terminal front, snd and CBP. The company's continuous R & D investment is expected to gradually turn into a contribution to performance.
Yihuan network: the company launched the agent game swordsman world 3 in March 22, which is stable at about 10 in the IOS best seller list in Malaysia. Due to the partial deferral of game revenue, we believe that the subsequent reserve products such as D3 and the release of deferred revenue are expected to promote the growth of performance.
Investment advice
As Yihuan strengthens the expansion of its business in China, its revenue is expected to maintain growth. Due to the company's strengthening of R & D investment, we reduce the net profit attributable to the parent company by 6% / 4% in 22 / 23 / 24. It is expected that the net profit attributable to the parent company in 22 / 23 / 24 will be RMB 590 / 71 / 810 million and EPS will be RMB 1.44/1.71/1.97 respectively, maintaining the "buy" rating.
Risk tips
The game performance is not as expected; Game policy risk; The online time of the game is less than expected
