Visual China Group Co.Ltd(000681) epidemic affected the beginning of 22 years, and the progress of digital collection is actively expected

\u3000\u30 Shenzhen Zhenye(Group)Co.Ltd(000006) 81 Visual China Group Co.Ltd(000681) )

Event: the company disclosed the annual report and the first quarterly report on April 28, 2022, and achieved a revenue of 657 million yuan in 2021, with a year-on-year increase of 15.22%; The net profit attributable to the parent company was 153 million yuan, a year-on-year increase of 8%; The net profit deducted from non return to parent was 125 million yuan, a year-on-year increase of 3.59%. 22q1 achieved a revenue of 155 million yuan, a year-on-year increase of 11.79%; The net profit attributable to the parent company was 305124 million yuan, a year-on-year decrease of 26.48%; The net profit deducted from non return to parent was 303861 million yuan, a year-on-year decrease of 15.82%. Q1 was obviously affected by the epidemic.

The gross profit margin of the company was 202755% year-on-year. The net interest rate was 23.54%, a year-on-year decrease of 1.41pct. 22q1 gross profit margin was 60.83%, a year-on-year decrease of 0.72pct. The net interest rate was 19.7%, a year-on-year decrease of 10.73pct. The decrease in gross profit margin of the company in the past 21 years was mainly due to 1) the decrease in the contribution of overseas business with higher gross profit, the decrease of overseas business income by 39.35% year-on-year and the decrease of 4.63 PCT in the proportion of total income; 2) The growth rate of customized business with relatively low gross profit margin is higher than that of existing business.

Improve the service system of digital copyright products, actively adjust the sales organization structure of key customers, and constantly expand the customers of small and medium-sized enterprises and long tail market. In 2021, the number of contracted customers of the company's digital copyright trading platform continued to grow. The number of direct contracted customers of the company exceeded 23000, with a year-on-year increase of more than 35%. Among them, the renewal rate of long-term association customers with annual sales of more than 100000 yuan remained above 80%. In terms of long tail user touch, the company passed veer com. And vjshi and other Internet platforms made the number of long tail users nearly 2 million, with a year-on-year increase of more than 40%.

According to the needs of the short video industry, actively expand audio and video content materials and constantly improve the creator ecology. It is expected that the access materials of the video material platform vjshi will increase rapidly year-on-year. In 2021, the company's audio and video sales increased by nearly 150% year-on-year, and maintained rapid growth against the trend. On the material supply side, as of December 2021, the number of contracted contributors of the company's cooperative video has exceeded 5000, with a year-on-year increase of more than 100%. Through strategic investment, the company invested in the e-commerce trading platform of video materials, optical factory creativity (vjshi. Com.) 30% shares. In 2021, the annual sales exceeded 110 million, with a year-on-year increase of nearly 70%. The number of materials connected to vjshi platform in 21 years is 3 Shenzhen Guohua Network Security Technology Co.Ltd(000004) 00000, and it is expected to reach 2 million in 22 years.

"Blockchain +" was implemented, and the sales of meta vision Q1 exceeded 10 million, realizing the leapfrog development from 2b to 2B + 2C. In December 2021, the company launched the digital art trading platform "meta visual art network" in China, established cooperation with artists and copyright IP parties, and provided relevant subjects with various scenarios such as collaborative creation and transaction realization based on blockchain trust mechanism. From its launch on December 26, 2021 to the end of 22q1, Yuan vision, the company's digital art trading platform, established cooperation with more than 41 artists and copyright IP cooperation institutions, sold 126 original digital art works, and achieved a cumulative sales of more than 10 million yuan. The company also plans to build a digital art trading platform "vaultby500px" in the international version of 500px, and actively build it into a global trading platform.

Investment suggestion: considering the obvious disturbance of epidemic factors, we lowered our profit forecast. The revenue of 22 / 23 / 24 years was 789 / 947 / 1150 million yuan respectively (the predicted value of revenue of 22 / 23 years was 920 / 1104 million yuan respectively), the net profit was 184 / 210 / 248 million yuan respectively (the predicted value of net profit of 22 / 23 years was 262 / 352 million yuan respectively), and the corresponding PE was 45.52/39.88/33.76 respectively. Through the "blockchain +" strategy, the company provides relevant subjects with Empowerment under various scenarios such as collaborative creation, copyright protection and transaction realization based on blockchain trust mechanism. The company's core business will also extend from tob to tob + TOC, which will help to improve the medium and long-term space, enjoy a certain valuation premium and maintain the "buy" rating.

Risk tip: due to the epidemic situation and macroeconomic impact, the progress of blockchain business is less than expected, and the industry supervision is becoming stricter

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