\u3000\u30 Beijing Zznode Technologies Co.Ltd(003007) 85 Beijing Zhidemai Technology Co.Ltd(300785) )
In 2021, the performance continued to grow, the new business expansion was effective, and the “buy” rating was maintained
The company issued the annual report of 2021 and the first quarter report of 2021. In 2021, the company achieved an operating revenue of 1.403 billion yuan (year-on-year + 54.26%) and a net profit attributable to the parent company of 180 million yuan (year-on-year + 14.50%), mainly due to the launch of “what Beijing Zhidemai Technology Co.Ltd(300785) ” app10 Version 0, the quality and orientation of light and short content, the liquidity efficiency of e-commerce / brands, and the rapid development of new business. In 2021q1, the company realized an operating revenue of 251 million yuan, with a year-on-year increase of 6.55%. The growth rate was relatively slow, mainly because Q1 was the off-season of e-commerce and the national epidemic had a certain impact; The net profit attributable to the parent company was -22 million yuan, a year-on-year decrease of 184.19%, which was mainly due to the large number of new business investment personnel, resulting in a sharp increase in employee compensation and other expenses year-on-year. Based on the company’s performance, we lowered the profit forecast for 20222023 and added a new profit forecast for 2024. It is estimated that the net profit attributable to the parent company in 20222024 will be 202 (- 0.42) / 271 (- 0.16) / 347 million yuan respectively, the corresponding EPS will be 2.27/3.05/3.91 yuan respectively, and the corresponding PE of the current stock price will be 15.8/11.8/9.2 times respectively. We are optimistic about the development prospect of the company’s new business and maintain the “buy” rating.
“What Beijing Zhidemai Technology Co.Ltd(300785) ” app has a stable performance, further enriching the creator’s ecology and improving the realization efficiency
Version 10.0 of “what Beijing Zhidemai Technology Co.Ltd(300785) ” app continued to strengthen the ecological construction of creators and encourage users to create content. In 2021, the release volume of UGC increased by 45.33% year-on-year, accounting for 72.01%, and the overall platform content release volume increased by 64.93% year-on-year. The optimization of the community platform has also driven the improvement of the number of users and liquidity efficiency. In 2021, Mau increased by 11.16% year-on-year and the number of registered users increased by 38.14% year-on-year; “What Beijing Zhidemai Technology Co.Ltd(300785) ” Gmv was 21.836 billion yuan (year-on-year + 7.76%), generating revenue of 1.045 billion yuan (year-on-year + 25.72%).
The new business has begun to take shape, the profitability is under pressure in stages, and cost reduction and efficiency increase may be the focus in 2022
In 2021, the company accelerated the incubation of innovative business and has begun to take shape; The new business revenue reached RMB 35.53 billion (accounting for + 25.5% year-on-year). Among them, the agent operation business is mainly in the charge of the subsidiary Xingluo and Youzhu. Xingluo has become a QianChuan and Xingtu agent service provider of Tiktok massive engine. During the “double 11” period in 2021, Gmv increased by 206% year-on-year (according to Xingluo official account). Due to the increase in the proportion of new businesses with low gross profit margin and rapid personnel expansion, the gross profit margin decreased to 57.13% (year-on-year -10.20pcts) in 2021 and only 48.29% (year-on-year -12.66pcts) in 2022q1. We believe that the focus of the company’s follow-up in 2022 may change to cost reduction and efficiency increase, and the profitability is expected to improve quarter by quarter.
Risk tip: the risk of e-commerce policy change, new business expansion is less than expected, etc.
