\u3000\u30 Beijing Zznode Technologies Co.Ltd(003007) 85 Beijing Zhidemai Technology Co.Ltd(300785) )
Event:
The company issued the annual report of 2021 and the first quarterly report of 2022.
Comments:
Losses occurred in the first quarter of 22 due to the epidemic and new business expansion
In 2021, the company achieved a revenue of 1.403 billion yuan, a year-on-year increase of 54.26%, and a net profit attributable to the parent company of 180 million yuan, a year-on-year increase of 14.50%. The annual gross profit margin was 57.13%, a year-on-year decrease of 10.20pct, and the net profit margin was 12.68%. In terms of expenses, the annual sales expense rate in 2021 was 19.82%, a year-on-year decrease of 2.64pct, the management expense rate was 11.70%, a year-on-year decrease of 2.64pct, and the expense rate during the period decreased by 6.46pct to 42.30%. In the first quarter of 2022, the company achieved a revenue of 251 million yuan, a year-on-year increase of 6.55%, and the net profit attributable to the parent company was -21.78 million yuan, a year-on-year decrease of 184.19%, which was mainly due to the impact of the epidemic and the company's efforts to incubate new businesses, the gradual increase of personnel and the increase of employee salary investment.
The main station grew steadily in 21 years, and the company confirmed that Gmv reached 21.836 billion in the whole year
According to the revenue of each business division, the core business "what Beijing Zhidemai Technology Co.Ltd(300785) " grew steadily in 2021, realizing a revenue of 1.045 billion yuan, a year-on-year increase of 25.72%, community activity continued to improve, content release increased by 64.93% year-on-year, and UCG content accounted for 72.01%. New businesses (including consumer MCN, full link services matching goods and media, agent operation services, brand marketing services, consumer data products and services, etc.) made rapid progress. The annual revenue increased by 35.7.20% to 358 million yuan year-on-year, accounting for 25.52% from 8.61% in 2020. The diversification strategy transformation with the main station as the core has achieved initial results. Among them, the consumer MCN business has begun to take shape and has obtained the MCN qualification officially certified by multiple platforms. Xingluo actively expands its platform, expands its brand, and has multi platform service qualification. In 2021, it was selected as one of the top ten influential service providers of Tiktok select alliance; The agency operation service business focuses on the Tiktok platform. Its existing customers include P & G group, L'Oreal China, BeiLingFei, Tiktok payment, Nivea, Dangdang, bailing, Aimu, bedma and many other well-known brands at home and abroad. It has been ranked among the top three service providers in the Duoyin beauty and personal care industry for many times. Gmv218 was confirmed in 2021 3.6 billion, a year-on-year increase of 7.76%, and the number of orders completed increased by 18.88% year-on-year.
Investment advice and profit forecast
Based on the consumer content industry, the company has a steady growth in the Beijing Zhidemai Technology Co.Ltd(300785) main station and a rapid rise in new business outside the station. In 2022, the company will focus more on high-quality growth, which is expected to drive the improvement of profit margin. We estimate that the company's net profit attributable to the parent company from 2022 to 2024 will be 201 / 249 / 298 million yuan, EPS will be 2.27/2.81/3.36 yuan respectively, and the corresponding PE will be 16 / 13 / 11x respectively, maintaining the "buy" rating.
Risk tips
New business expansion is less than expected; Industry competition intensifies; Epidemic impact
