\u3000\u30 Jinzai Food Group Co.Ltd(003000) 31 Wuxi Boton Technology Co.Ltd(300031) )
Event: Wuxi Boton Technology Co.Ltd(300031) ( Wuxi Boton Technology Co.Ltd(300031) . SZ) released the annual report of 2021 and the first quarterly report of 2022 on April 23, 2022 (Beijing time).
Comments:
Due to the negative impact of the epidemic on industrial products and the suspension of edition numbers, the performance is under pressure in the short term. In 2021, the company achieved a revenue of 2.76 billion yuan, a year-on-year increase of 4.62%, and a net profit attributable to the parent company of 403 million yuan, a year-on-year decrease of 7.81%. In 2022, Q1 achieved a revenue of 662 million yuan, a year-on-year decrease of 9.62%; The net profit attributable to the parent company was 69 million yuan, a year-on-year decrease of 43.69%. In 2021, the company achieved a revenue of 2.76 billion yuan, a year-on-year increase of 4.62%, and a net profit attributable to the parent company of 403 million yuan, a year-on-year decrease of 7.81%. In 2021, the gross profit margin was 41.23%, a year-on-year increase of 0.40pct, and the net profit margin was 13.89%, a year-on-year decrease of 2.83pct.
The company increased its R & D investment in industrial internet intelligent hardware online detection products and global distribution and operation of games, affecting the net interest rate. The expenses during the period accounted for 31.34%, with a year-on-year increase of 2.26pct, of which the sales expense rate / management expense rate / financial expense rate / R & D expense rate were 19.22% / 6.56% / 0.69% / 4.87% respectively. The R & D expense was RMB 4.44 billion, with a year-on-year increase of RMB 4.41%; In 2022, the R & D cost of Q1 was 32 million yuan, a year-on-year increase of 56.35%, and the R & D cost rate was 4.78%.
In terms of products, the operating revenue of the company’s mobile game products in 2021 was 1.528 billion yuan, a year-on-year decrease of 0.21%, accounting for 55.36% of the revenue; The manufacturing revenue of intelligent transportation digital products was 1.062 billion yuan, a year-on-year increase of 13.18%; The service revenue of intelligent conveying system products was 170 million yuan, a significant increase of 81 million yuan year-on-year.
The intelligent transformation of industrial Internet has accelerated and become a new bright spot of growth. 1) Intelligent software services: the company continues to develop intelligent software systems to provide strong support for professional and efficient operation platform services; 2) Intelligent conveying digital products: in 2021, intelligent conveying digital products were made by naked eye 3D technology company; At the business level, the company invested and established a mining integration joint venture Baoli Zhixing to enter the intelligent integration construction of open-pit mines, realize business linkage and build an industrial ecosystem with symbiosis of value.
Mobile games are scaled up for global research and development to build a new pattern of integrating global research and operation. In 2021, the company is issuing 72 products for operation, adding 16 products for operation, and has reserved more than 40 products in different languages. The company takes Yihuan network as the main carrier to further consolidate its regional distribution position and advantages in South Korea, Southeast Asia, Hong Kong, Macao and Taiwan, and layout the global markets such as Japan, Europe and the United States; With the help of Hainan gaotu and Juhuo network, we have continuously increased the investment in the integrated business of global research and transportation. Of the six products currently in operation, two have a revenue of more than 100 million. At the same time, the company has established a Chinese branch and market center, officially entered the Chinese game market, and continued to increase its research and development. At present, the company has reserved five self-developed + customized products, including D3, the end front: inobeta (expected to be launched in China in May), JS, snd and CBP (SND and CBP are expected to be launched in Europe and America in Q3). With the continuous launch of self-developed games, the R & D investment is expected to gradually translate into a contribution to the performance and promote the growth of mobile game business.
Investment suggestion: the company will open up the Chinese market and expand its business in China, which is expected to bring revenue growth. At the same time, the company has rich game reserves this year and accelerate the implementation of self-research. It is expected that the products launched outside China in 22 years will include “element Fangjian”, “Crouching dragon chant”, “giant merchant”, “end front: inobeta”, “swordsman love”, “dragon roar”, “Tianlong eight”, “snd” and “CBP”. At the same time, the company officially declared female football player Ma Jun as the image spokesman of the final front: inobeta, so as to improve the brand image. As the first enterprise to propose full stack service of industrial Internet, the company has the first mover advantage. Through strengthening cooperation with strategic partners, it is expected to strengthen synergy and realize symbiotic development.
Risk factors: the game industry continues to be strictly regulated; The online effect of the game is less than the expected risk; The risk of intensified market competition; The proportion of revenue generated by potential intellectual property disputes increased to 38.49%, becoming the second largest source of revenue. Relying on the core technology of intelligent transportation online monitoring system and digital conveyor belt, the company cuts into the construction of smart factories, smart mines and smart ports of downstream customers. The company set up subsidiaries in Beijing and Shanghai to accelerate the implementation of the company’s intelligent products in the field of smart mines and smart ports. The company has carried out in-depth cooperation with its strategic partner Yankuang energy, jointly established Shandong xinbaolong and Shandong Baoneng Zhiwei, entered the intelligent construction of mining industry and accelerated the commercialization process of the company’s intelligent transportation system in the field of smart mines. In addition, the company invested 600 million yuan in Hongshan base, an intelligent industrial cluster for green transportation of modern industrial bulk materials, which has become a benchmark for smart factories in the industry.
Strengthen strategic coordination and enter the integrated operation business of smart mines. In 2021, the company officially entered the mine intelligence integration business by investing in companies such as autonomous driving, virtual reality, artificial intelligence and new energy, and cooperating with partners in the ecosystem. At the technical level, the company has successively increased the capital of tage Zhixing, a driverless enterprise in the mining area, and hasiqi, a VR / Ar / MR technology enterprise
