Event: Zhejiang Jinke Tom Culture Industry Co.Ltd(300459) released the annual performance of 21 on April 25, 22. In the 21st year, the revenue reached 1.941 billion yuan, yoy + 7.43%. The gross profit margin in the 21st year is 95.30%, yoy + 17.37pcts. In the 21st year, the sales expense was 472 million yuan, yoy + 374.90%, the sales expense ratio was 24.30%, yoy + 18.8 PCTs. The management fee is 381 million yuan, yoy + 3.04%, the management fee rate is 19.64%, yoy-0.84 PCTs; Financial expense is 96 million yuan, yoy-17.93%, financial expense ratio is 4.94%, yoy-1.52 PCTs; The R & D cost is 119 million yuan, yoy-13.76%, the R & D cost rate is 6.15%, yoy-1.51%. The net profit attributable to the shareholders of the listed company was 708 million yuan, yoy-5.95%; The net cash flow from operating activities reached 1.135 billion yuan, yoy + 5.47%.
In terms of products, the operating revenue of advertising / game distribution / authorization / new business services / media film and television in 21 years was RMB 1.480/2.65/0.83/0.62/0.35 billion respectively, yoy + 7.0% / + 13.5% / + 86.0% / – 0.8% / – 14.0%, of which the gross profit margin of advertising business / game distribution business was 97.64% / 95.88% respectively. In terms of regions, the domestic operating revenue in 21 years was 506 million yuan, yoy + 5.68%, the gross profit margin was 85.46%, yoy + 31.16 PCTs; The revenue of overseas business (including Hong Kong, Macao and Taiwan) is 1.436 billion yuan, yoy + 8.06%, gross profit margin is 98.77%, yoy + 12.34%.
Improve the research and transportation capacity under the global layout and continue to build high-quality games. The company’s mobile application product Mau has exceeded 400 million times, and the cumulative number of product downloads has exceeded 17 billion times. Already online, covering most countries in Europe, America, China, Brazil, and other global countries such as Europe, America, China, China, Brazil, and so on, the online coverage covers my Angela (21-year Mau: 3.5-5.5-5-5-5-5-7-7-7-10-7-million people in 21-year Mau: 5-7-7-7 million people in 21-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-million people in 21 years), my angelangela my angelangela (my Angela (my angelangelangela (21 year Mau: 3.5-5-5-5 million people in 21 years), etc. products such as my Angela (my angel Zhejiang Jinke Tom Culture Industry Co.Ltd(300459) \ \and, Enrich the game matrix. The company has built an R & D team with overseas Internet subsidiary outfit7 as the core and mastering engine rendering, deep data relationship mining and other technologies.
Wuxi Online Offline Communication Information Technology Co.Ltd(300959) combine, innovate business and open up IP value space. Focus on Zhejiang Jinke Tom Culture Industry Co.Ltd(300459) series IP, promote online animation film and television business, widely layout in YouTube (more than 88 million subscribers), Netflix and other online video channels, and build a series of animation brands. IP film and television works have been broadcast more than 85 billion times worldwide; The number of family groups received by offline self operated stores increased by 28% over the same period last year. Relying on the theme park, parent-child member platforms and offline derivatives sales channels were formed to realize cross-border IP operations. In terms of innovative technology, the company launched gamebudtalkingtom voice products to realize the functions of game accompaniment through links with the company’s game products. The company also released a limited edition digital collection with the theme of Zhejiang Jinke Tom Culture Industry Co.Ltd(300459) flying car. 200000 people participated in the rush purchase in one second at the peak. In the future, the company will introduce innovative services such as VR games and human-computer interaction into IP ecology.
The advertising business is mature, and the self-developed push mechanism improves efficiency. The company realizes cross marketing within its products, promotes its own products and reduces the acquisition cost of users. The advertising display and ranking system built by ourselves can effectively improve the advertising efficiency. Build the self delivery and promotion ability of mobile advertising, effectively avoid competition with competitors due to traffic purchase premium, and improve the profitability of advertising business. At the same time, outfit7, a subsidiary, was listed as a priority advertising platform, obtained a large number of advertising business orders, and promoted long-term and stable cooperation with marketing service providers.
Investment suggestion: in the next 22 years, the company will continue to implement the IP ecological operation development strategy with Zhejiang Jinke Tom Culture Industry Co.Ltd(300459) ip as the core, deepen business innovation, help the company break through the interaction mode between IP and users, and release the market potential of Zhejiang Jinke Tom Culture Industry Co.Ltd(300459) ip; In the next 22 years, the company will launch products such as “God King’s fight”, ” Zhejiang Jinke Tom Culture Industry Co.Ltd(300459) Parkour 2″, continue to develop new categories and new IP, and explore game distribution business at home and abroad to improve profit space.
Risk tip: the online time of Xinyou is less than expected; Macroeconomic impact; Overseas market expansion is less than expected
