\u3000\u30 Shenzhen Zhenye(Group)Co.Ltd(000006) 81 Visual China Group Co.Ltd(000681) )
The company issued 2021 annual report & 2022 quarterly report. In 2021, the operating revenue was 657 million yuan, a year-on-year increase of 15.2%, and the net profit attributable to the parent company was 153 million yuan, a year-on-year increase of 8.0%. In 2022q1, the operating revenue was 155 million yuan, with a year-on-year increase of 11.8%, the net profit attributable to the parent company was 30.51 million yuan, with a year-on-year decrease of 26.5%, and the net cash flow from operating activities was 7.046 million yuan, with a year-on-year increase of 649.4%.
Strengthen KA customer stickiness and focus on improving the market share of medium and long tail customers. In 2021, the number of direct contracted customers of the company exceeded 23000 (YoY + 35%); Among them, the renewal rate of long-term association customers with annual sales of more than 100000 yuan continues to remain above 80%; The number of long tail users reached nearly 2 million through the Internet platform, an increase of 40% over 2020 +. In 2021, the revenue of the company's media, enterprise customers, advertising, marketing and services and Internet platforms accounted for 37% (+ 2pct) / 28% (- 1PCT) / 21% (flat) / 14% (- 1PCT) respectively. The company has significantly enhanced its cooperation with Party and government media. The gross profit margin of the company's vision core business was 55.6%, down 7.7pct from last year, mainly because the overseas business with high gross profit margin was greatly affected by the epidemic, but with the normalization management of overseas epidemic, the business is expected to recover.
Audio and video track has become the focus of the company's layout. The company complies with the trend of 5g era, strengthens the layout of audio and video tracks, and organizes video competitions, draft solicitation and other activities to guide creation through 500px community. In 2021, the number of contracted video contributors of the company has exceeded 5000, with a year-on-year increase of more than 100%; The cumulative number of audio and video suppliers was nearly 100, and the company's audio and video sales increased by nearly 150% year-on-year.
In terms of video, the company invested in the video material trading platform optical factory creativity (vjshi. Com.), Its monthly average number of independent visitors is nearly 3 million and the number of videos is more than 3 million. In 2021, its annual sales exceeded 110 million, with a year-on-year increase of nearly 70%. In September 2021, the company and vjshi com. Build " Visual China Group Co.Ltd(000681) video business center", 12 moonlight factory creative online music channel, music content is provided by the company, and the business of both parties is in-depth cooperation.
The digital collection platform "meta vision" went online, with sales exceeding 10 million and both volume and price rising. "Meta vision" was launched on December 26, 2021. From January to March 2022, the monthly transaction volume of the platform's digital collection increased from 1.25 million yuan to 5.24 million yuan, showing a steady upward trend. As of February 2024, the average price of the collection has increased significantly from RMB 10.24 million yuan / piece to RMB 10.24 million yuan / piece on the platform. The platform will test run the "gift" function on May 18. After holding it for 90 days, the buyer can "gift" relatives and friends for the first time, and the recipient can "gift" relatives and friends again for free after holding the work for 180 days. This will provide appropriate liquidity for the digital collection and prevent the risk of trading and speculation.
Profit forecast and Valuation: as a leading enterprise in the picture copyright industry, the company benefits from copyright protection and the rigid demand of the market for high-quality picture materials. The digital collection platform has great growth and explosive power. It is estimated that from 2022 to 2023, the company will realize a net profit attributable to the parent company of RMB 250 / 300 million. Maintain the "buy" rating.
Risk warning: the impact of the epidemic exceeds expectations, policy risks, and the risk that key projects cannot be launched on schedule
