\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 986 Zhewen Interactive Group Co.Ltd(600986) )
Event: the company disclosed the first quarter report on April 30, 2022. In 22q1, the company achieved a revenue of 4.083 billion yuan, a year-on-year increase of 45.04%, a net profit attributable to the parent company of 353841 million yuan, a year-on-year decrease of 25.95%, and a net profit deducted from non attributable to the parent company of 357565 million yuan, a year-on-year increase of 13.59%. The company's revenue in the first quarter increased significantly compared with the same period last year, mainly due to the large year-on-year increase in the revenue of Internet digital marketing business. The year-on-year decrease in net profit attributable to the parent company is mainly due to the high base effect brought by non economic income (sale of real estate Binzhou real estate) in 21 years.
Q1's marketing business grew rapidly, better than most peers. The company continues to stabilize its highly viscous customers, and has excellent bidding performance in the automobile marketing sector. In January, the company obtained customer resources of Changan Ford, Dongfeng Nissan, Jiangling Ford, Great Wall Motor Company Limited(601633) , Chongqing Changan Automobile Company Limited(000625) , FAW Hongqi, FAW Toyota and other high-quality brands. 22q1 gross profit margin was 4.5%, down 1.83pct year-on-year. The net interest rate was 0.89%, a year-on-year decrease of 0.85pct. In terms of expenses, the sales expenses of 22q1 company were 538167 million yuan, a year-on-year decrease of 4.73%; The sales expense ratio was 1.32%, with a year-on-year decrease of 0.69pct. The management fee was 618829 million yuan, a year-on-year decrease of 7.79%; The rate of administrative expenses was 1.52%, a year-on-year decrease of 0.87pct. The R & D cost was 7.7948 million yuan, a year-on-year decrease of 59.31%, and the R & D cost rate was 0.19%, a year-on-year decrease of 0.49pct. The financial expense was 10.843 million yuan, with a year-on-year increase of 66.4%, and the financial expense rate was 0.27%, with a year-on-year increase of 0.03pct.
The digital art collection app Mita was officially launched, and the digital innovation business is progressing smoothly. In terms of digital innovation business, the digital collection and virtual human business were promoted orderly: 1) in January 2022, the company built a virtual human laboratory using optitrack optical mobile capture equipment, which can realize the real-time process optimization of virtual human and form a one-stop service system for mobile capture video production; 2) In April 2022, the Mita digital art app launched by Zhewen Mita was officially launched, supporting payment, recharge, box opening, value transfer and other functions.
The fixed increase plan is waiting for the approval of the CSRC, and the state-owned shareholders are fully empowered. On December 29, 2021, the company disclosed the fixed increase plan and planned to issue no more than 165 million shares to Bowen investment, a wholly-owned subsidiary of Zhejiang cultural investment, a state-owned shareholder, at the price of RMB 4.85 per share. If the fixed increase is completed, the shareholding ratio of state-owned assets is expected to increase by 8.8pct to 16.47%. The raised funds are intended to be used for AI intelligent marketing system project, live broadcast and short video intelligent marketing ecological platform project. In April 2022, the fixed increase has obtained the letter from Zhejiang provincial culture and assets supervision and Administration Commission and has been deliberated and approved by the general meeting of shareholders. We believe that the rigorous standardization of state-owned assets and the flexibility and efficiency of private enterprises will be more conducive to the optimization of corporate governance structure and pay attention to the follow-up fixed growth progress of the company.
The turnover rate of accounts receivable has increased year by year, and the operating net cash flow has improved year-on-year. The turnover rate of accounts receivable of 22q1 company was 0.98 times, compared with 0.83 times in the same period last year, with a year-on-year increase of 18.1%. 22q1's net operating cash flow was - 224 million yuan, compared with - 328 million yuan in the same period last year. The ratio of net operating cash flow to revenue narrowed, mainly due to the increase in payment collection of Internet marketing business, which also reflects that state-owned assets holding is conducive to the improvement of operation.
Investment suggestion: the company's basic business is relatively stable, and timely complies with the new changes in marketing in the digital technology era. Based on its customer advantages and shareholder advantages, the company actively enters the innovative business including yuancosmic business. We maintain the original profit forecast. It is estimated that the net profit in 22-24 years will be 394 / 475 / 519 million yuan, with a year-on-year increase of 34% / 21% / 9%, maintaining the "buy" rating.
Risk tip: the macroeconomic downturn affects the advertising of advertisers; Intensified market competition; The development of new businesses such as virtual digital people and digital collections is less than expected; Policy related risks
