\u3000\u3 China Vanke Co.Ltd(000002) 291 Saturday Co.Ltd(002291) )
Event: Saturday Co.Ltd(002291) subsidiary Yuanwang network had a brilliant performance in live delivery sales on May 20. On May 5, we organized Saturday Co.Ltd(002291) non-public investor exchanges. The management shared the company's operation in 21 years, live e-commerce business in 22 years and virtual human business development.
Comments:
The epidemic had a negative impact on the performance of 22q1 and April. The company has taken adjustment measures and has gradually recovered since May. Affected by covid-19 epidemic, since March 22, the social e-commerce service business has encountered problems such as difficulties in sending and receiving express, and the development of related businesses has been impacted to a certain extent. The company took preventive measures to help artists start broadcasting normally and sign a large number of new anchors to ensure growth in the epidemic environment, and its performance recovered in May. On May 20, the single day Gmv of Yuanwang network exceeded 240 million yuan, breaking the single day highest record (according to the data of the third-party platform, the eldest childe Yu contributed about 113 million yuan and Jia Nailiang contributed about 90 million yuan).
E-commerce 618 activity is coming, and live e-commerce is expected to recover. By providing a large number of subsidies, various platforms help businesses improve commodity transformation. The peak season of e-commerce from May to June is expected to boost the company's performance. The Tiktok 618 good things Festival has been attracting investment since April 26. The event will be officially launched on June 1 and last for 18 days. There are various ways to play. Among them, the live broadcast play method "good thing live broadcast room" provides budget support or goods subsidies for qualified top talent and businesses in various industries, and sets up a peak task competition to help the author's launch sprint with traffic reward, increase business confidence and help the recovery of consumption.
"Yuanwang cloud" system helps the company accelerate the realization of scale, standardization and digitization, and continue to promote the construction of live broadcast standardization in 22 years. The company has invested heavily in research and development, and the "Yuanwang cloud" middle station system 21q4, which serves the whole process of live e-commerce, has been fully launched to realize the online live broadcasting process, digital analysis and intelligent selection of products. At the same time, it helps the live broadcasting operation team reduce repetitive work, improve operation efficiency and accelerate operation maturity. The scale of e-commerce will be increased and the technology of live broadcasting will continue to expand in 22 years.
New entry into the field of non-standard products to expand the increment is expected to become a new core growth point of the company in the future. In the past 22 years, the company has actively cut into the field of non-standard clothing, steadily promoted the signing of non-standard anchors, and made full use of the "remote cloud" to build an open SaaS platform for live broadcasting and supply chain that serves a large number of anchors, supply chains and service providers. It is expected to become a new core incremental source of the company in the future.
Pay attention to digital asset business and actively explore the commercialization of NFT. The company has accumulated some experience in the field of digital assets, including: digital studio, digital virtual human (the first digital virtual human "Kong Xiang" has successfully issued NFT and realized commercial realization through endorsement), twin anchor technology, etc. In the future, the company will continue to actively explore digital assets, combine its own star artist resources and consumer goods supply chain resources, realize the development of this business, and drive the live broadcast e-commerce business into a new stage. Investment suggestion: the company continues to promote strategic transformation and upgrading, actively develops mobile internet marketing business, and the live broadcast e-commerce business is developing rapidly. The new entry into non-standard in 22 years is expected to bring new increment. The company has sufficient technical reserves and excellent resource integration ability in the field of digital assets, which is another core competitiveness of the company in the future. We maintain the previous profit forecast. It is estimated that the net profit attributable to the parent company from 2022 to 2024 will be RMB 611 / 10.20 / 1.264 billion, the corresponding EPS will be RMB 0.67/1.12/1.39, and the corresponding PE will be 22.21x/13.30x/10.73x, maintaining the "buy" rating.
Risk factors: industry policy risk, increased market competition risk, KOL risk and other risks.
