\u3000\u30 Jinzai Food Group Co.Ltd(003000) 31 Wuxi Boton Technology Co.Ltd(300031) )
Core conclusion
Event: the company released the annual report of 2021 and the first quarterly report of 2022. In 2021, the company realized a revenue of 2.76 billion yuan, yoy + 4.62%, and a net profit attributable to the parent company of 403 million yuan, yoy-7.81%; 2022q1 achieved a revenue of 662 million yuan, yoy-9.62%; The net profit attributable to the parent company was 69 million yuan, yoy-43.96%.
R & D investment is increased, and profits are under pressure in the short term. In terms of business, the revenue of industrial Internet business in 2021 was 1.232 billion yuan, a year-on-year increase of 11.30%; Mobile Internet business revenue was 1.528 billion yuan, down 0.21% year-on-year. In 2021, the company's overall gross profit margin was 41.23%, with a year-on-year increase of 0.40pct, of which the gross profit margin of industrial Internet business decreased by 2.99pct to 30.56%, mainly due to the rise of shipping and raw material costs caused by the epidemic. The company increased investment in the development of game self-developed products and industrial Internet software and hardware, and the R & D expenses increased by 84.64% year-on-year to 135 million yuan.
Rich product reserves, 22 years of self-developed games are expected to be large. Under the strategic direction of domestic games going to sea, the competitiveness of the company is prominent. The subsidiary Yihuan network has been distributed and operated globally for nearly 10 years, and has been deeply engaged in markets such as South Korea, Southeast Asia, Hong Kong, Macao and Taiwan with rich experience. Looking forward to 2022, the company will strengthen the strategic layout of integrating global research and transportation, reserve self-developed / customized products including the final front: inobeta, D3, JS, snd and CBP, and usher in the harvest period of self-developed products. Deepen AR / VR layout and actively explore the meta universe. During the reporting period, the company increased the capital of hasic, a XR technology enterprise. We believe that this increase in the shareholding of hasic is expected to promote the application of AR / VR in the company's game business and industrial Internet business, and strengthen the coordination between main businesses. In addition, the company also invested in naked eye 3D technology company Qianxiang, and cooperated with 8.8 digital in the virtual human business to multi layout the meta universe.
Investment suggestion: we expect the net profit attributable to the parent company in 22, 23 and 24 years to be RMB 558, 682 and 793 million respectively, with a year-on-year increase of 38.6% / 22.3% / 16.3%. Maintain the "buy" rating.
Risk tip: policy risk, macroeconomic cycle risk, new tour water is less than expected, and competition intensifies
