\u3000\u30 Xuchang Ketop Testing Research Institute Co.Ltd(003008) 60 Beijing Fengshangshiji Culture Media Co.Ltd(300860) )
Event:
The company issued the 2021 annual report and the first quarterly report of 2022.
Comments:
The epidemic affected the revenue recognition of the project in 21 years, and the orders on hand were sufficient to ensure the follow-up performance
In 2021, the company achieved an operating revenue of 467 million yuan, a year-on-year decrease of 52.56%. The net profit attributable to the parent company was 921642 million yuan, a year-on-year decrease of 64.62%. Deduct the net profit not attributable to the parent company of RMB 236009 million, a year-on-year decrease of 89.68%. Among them, the income from large-scale cultural and performing arts activities was 137 million yuan, a year-on-year increase of 11.61%, the income from cultural tourism and performing arts was 174 million yuan, a year-on-year decrease of 73.94%, and the income from landscape art lighting interpretation was 152 million yuan, a year-on-year decrease of 20.44%. The reason for the decline in performance is mainly due to the impact of the epidemic. The newly signed odd number in 2020. The company's large-scale literary and artistic performances and cultural tourism projects need 6-12 months and 12-24 months respectively from contract signing to project acceptance, which will affect the revenue recognition in 2021. 22q1, the company achieved an operating revenue of 138 million yuan, a year-on-year increase of 31.39%. The net profit attributable to the parent company was 89.14 million yuan, a year-on-year increase of 212.03%. Deduct the net profit not attributable to the parent company of 1.6176 million yuan, a year-on-year decrease of 84.75%. By the end of 2021, the amount of orders on hand of the company was 814 million yuan, which was sufficient to provide guarantee for subsequent performance release.
Actively expand commercial performances and C-end projects, and accelerate the layout of diversified digital entertainment
In terms of business, large-scale cultural and performing arts activities continue to expand the commercial performance market. In 2021, on the basis of completing two national projects of the Centennial performance "great journey" and "light of China" theme lighting exhibition, they also participated in a number of commercial projects such as satellite TV and e-commerce platform galas. Cultural Tourism Performing Arts focuses on stock iteration and high-quality operation, and actively expands C-end business. In the 21st year, he undertook the production of "Jinling town is full of fragrant flowers" and "the best memories of Shaoshan", and jointly launched the "Tianshi" project with the Shanghai center to promote the diversified development of immersive scientific and technological entertainment. In addition, Xi'an self operating machine space project is expected to be officially put into operation in May. In terms of virtual performance, the first ice and snow themed virtual Music Carnival "night of light" was launched to create a new entertainment experience mode of "virtual + performance + Entertainment Interaction", which is expected to bring new increment in the future.
Investment advice and profit forecast
The company takes creative design as the core, uses rich project experience as endorsement, establishes brand advantages, integrates upstream and downstream resources, and creates an overall service provider of the whole industrial chain. The cultural performance business will further open the sinking market and actively expand the commercial performance market. Cultural Tourism Performing Arts business actively explores TOC end business to improve business stability. We expect the company to realize the net profit attributable to the parent company of 311 / 401 / 512 million and EPS 2.5 million from 2022 to 202427 / 2.92/3.73 yuan / share, corresponding to pe17x / 14x / 11x, maintaining the "overweight" rating.
Risk tips
Repeated epidemic risks, implementation risks of major national projects, lack of high-end creative talents, loss of core personnel, etc.
