\u3000\u3 Shengda Resources Co.Ltd(000603) 999 Duzhe Publishing&Media Co.Ltd(603999) )
Steady performance growth. 1) In 2021, the company realized an operating revenue of 1.22 billion yuan and a net profit attributable to the parent company of 85 million yuan, with a year-on-year increase of 12.77% and 14.27% respectively; The corresponding fully diluted EPS is 0.15 yuan, which continues to maintain a steady growth trend; 2) In the first quarter of 2022, the company realized an operating revenue of 194 million yuan and a net profit attributable to the parent company of 6.62 million yuan, with a year-on-year increase of 13.53% and 19.15% respectively, corresponding to a fully diluted eps0.5% 01 yuan.
The main business is steadily improving. 1) The periodical business achieved a revenue of 177 million yuan, a year-on-year increase of 11.81% and a gross profit margin of 39%, which continued to maintain a high level. During the year, the circulation of periodicals reached 68.97 million (including digital edition), with an average monthly volume of 5.75 million (including digital edition), of which the annual circulation of reader was 63.8 million (including digital edition), with an average monthly volume of 5.32 million (including digital edition), which continued to remain high; 2) The operating income of teaching materials and teaching aids reached 358 million yuan, a year-on-year increase of 24.8%, and the gross profit margin remained stable at 26.1%; 3) The book business continued to grow, with a revenue of 143 million yuan, a year-on-year increase of 10.0%; 4133 books were published throughout the year, up 24.79% over last year; The total number of copies printed was about 732264 million, an increase of 33.33% over last year; The proportion of reprinted books increased by 1.74% to 58.87% compared with last year, and the quality of revenue was further improved.
The new kinetic energy is initially displayed. 1) The company is exploring to build an integrated e-commerce platform and marketing distribution system. During the reporting period, the company's annual new media and e-commerce business revenue was 29.52 million yuan, a year-on-year increase of 28.76%. The number of fans of WeChat official account is 6 million 770 thousand, and the number of fans daily is almost 2 million. 2) Vigorously implement the "reader program" of "point, line, end + National Reading" for the construction of a scholarly society, complete the brand authorization of two reader bookstores in Shanghai "reader · Yilin cultural space" and Nanchang OCT "reader · perfect space", and expand 8 reader study rooms, 3 reader reading corners and 1 reader station; 3) In terms of capital operation, a number of forward-looking and strategic investment projects in line with the company's transformation and development direction have also been reserved.
Risk tip: the decline rate of new born population is higher than expected, affecting the growth rate of teaching materials, teaching aids and general book business; New business expansion is lower than expected; The impact of new media on the periodical business led to lower than expected revenue growth.
Investment suggestion: maintain the profit forecast and maintain the "overweight" rating.
We maintain the 22 / 23 profit forecast and add a 24-year profit forecast. It is estimated that the net profit attributable to the parent company in 2022 / 23 / 24 will be 104 / 124 / 148 million yuan respectively, corresponding to the fully diluted EPS of 0.18/0.22/0.26 yuan respectively, and the current stock price corresponds to 29 / 24 / 20xpe respectively in the same period; We continue to be optimistic about the long-term value of scarce brands, the possibility of stable and upward business under new business expansion and the opportunity to revalue the value of head IP resources in the meta universe era, and continue to maintain the "overweight" rating.
