\u3000\u3000 Shanghai Yaoji Technology Co.Ltd(002605) (002605)
2022 layout of sports culture collection card (star card), which is expected to cooperate with the main business
In January 2022, the company strategically invested in cardhobby (parent company Shanghai Chaowang Information Technology Co., Ltd.) to prospectively layout the planet card market. Cardhobby has two businesses: Daka culture and card Amoy. Daka culture is the first professional sports culture collection card issuer in China; Card Amoy trading platform is a second-hand collection card trading platform with a high degree of specialization and successfully opening up markets at home and abroad in China. In 2020, the total volume of cardhobby commodity transactions (Gmv) exceeded 600 million yuan (a year-on-year increase of 300%). At the industry end, in the North American market with relatively mature star cards, its second-hand trading market is expected to reach 90 billion US dollars in 2027. The company has a forward-looking layout of the star card track, which is expected to coordinate with the main business. The star card can be empowered by taking advantage of the production, design, channel and other advantages of the poker business. The development of star cards in the Chinese market is relatively early. The company cards in advance. With the 2022 Winter Olympic Games, Asian Games and other important sports events held, as a part of sports products, the card market is expected to grow gradually.
Relying on the company's main business of playing cards, the star card company is arranged in advance to create a "card world", which is expected to help the company's long-term development.
In 2018, we will cut into the game content and enter the new marketing of short video in 2020. In 2021, the parent company's profit will be 540 ~ 604 million yuan, and the growth rate of main business performance in 2022 is expected to resume growth
From 2018 to 2020, the growth rate of the company's operating revenue was 42.4%, 77.3% and 47.5% respectively, and the growth rate of net profit attributable to the parent company was 68.8%, 151% and 217%. The company cut into the game content and short video marketing track respectively in 2018 and 2020. With the development of external channels and content, the company extended its main business. In 2021, the company's profit attributable to the parent company is expected to be 540 ~ 604 million yuan (a year-on-year decrease of 51% ~ 45%), The decline was mainly due to the change of the company's equity in Shanghai cell therapy company from equity method to financial assets measured at fair value and the change included in the current profit and loss in the first quarter of 2021, and the change of accounting method resulted in large non profit and loss; At the same time, in 2021, the company increased R & D efforts, resulting in an increase in R & D expenses and an increase in the purchase cost of poker raw materials. This factor is a phased impact, and the growth rate of the main industry is expected to resume in 2022.
How can yao ji, a well-known trademark in China, shine again?
The company was founded in 1989 and started from the production and sales of playing cards. Yao ji, 32, was in the year of playing. Then he promoted the development strategy of "big entertainment" and created a "troika" of innovative marketing of playing cards, mobile games and the Internet.
On the game side, adhere to the long-term strategy of deep cultivation and leisure products, and give priority to going to sea (such as fingertip fishing, bingo party, etc., fishing series products have been available for 7-8 years). The poker side has scale effect and cost advantage, and the channel binding effect is strong (Yaoji, AAA and Binwang are the top three in the top ten poker brands in China in 2020, and Yaoji is firmly the champion, accounting for about 25% of China's market); Kwai Ming, a subsidiary of the short video marketing side, launched its advertising business around the byte, quick and wide points, striving to extend the head of the short video service provider and extending it on the downstream industry (in 2020, its profit was 30 million yuan, the profit margin increased with the profit in the first half of 2021, and the profit was 11 million yuan). With the Shanghai international short video center, the core competitiveness of the short video area is expected to be further improved.
Profit forecast
It is predicted that the company's revenue from 2021 to 2023 will be 2.9 billion yuan, 3.378 billion yuan and 3.84 billion yuan respectively, the profit attributable to the parent company will be 556 million yuan, 722 million yuan and 854 million yuan respectively, the EPS will be 1.37 million yuan, 1.78 million yuan and 2.11 yuan respectively, and the current share price corresponding to PE will be 20, 16 and 13 times respectively. Developing from traditional manufacturing industry to Internet attribute company is the choice of most branches in the mobile Internet dividend period from 2013 to 2018, Yaoji explored new businesses under the steady growth of its own main business, constantly innovated itself, highlighted its iterative ability (such as investing in xiaohongshu tmall's dust invasion culture on behalf of operators, and then arranging sports culture collection card business), helped the new growth of old enterprises, and gave "recommended" investment rating based on the steady growth of new business elasticity and valuation advantages of its main business.
Risk tips
The risk of game products falling short of expectations, the risk of brain drain, the risk of rising R & D costs, the risk of goodwill impairment, the risk of more concentrated media traffic suppliers, the risk of tax policies, the risk of new business promotion falling short of expectations, and the risk of macroeconomic fluctuations.
