\u3000\u3000 Three’S Company Media Group Co.Ltd(605168) (605168)
Event: the company issued the 2022 restricted stock incentive plan (Draft) on January 26. It plans to grant 469375 restricted shares, accounting for 0.67% of the total share capital, including 375500 shares for the first time and 9387500 shares reserved. The grant price is 96.33 yuan / share (v.s. closed at 188.96 yuan / share on January 25). The incentive objects include 52 directors, senior executives and business backbones of the company, with a maximum period of validity of no more than 60 months. The net profit target of 22-24 years is not less than 730 / 10 / 1.3 billion, which is an extension of the net profit target of 20-22 years in the early stage of not less than 350 / 50 / 730 million.
Comments: on January 10 Three’S Company Media Group Co.Ltd(605168) , it was announced that the company signed a strategic cooperation framework agreement with Beijing Cultural Property Rights Trading Center Co., Ltd. (“beiwen center”) to jointly establish a trading platform for digital cultural and creative products. Digital cultural and creative products trading platform is positioned for online trading of digital cultural and creative products. Creators can display and sell digital cultural creative products on the platform. Users interested in digital cultural and creative products can enter the trading platform to browse and buy digital cultural and creative products. The background of beiwen center is a comprehensive platform for national cultural factor market construction and cultural and financial innovation services, which was officially established in 2015 with Beijing as the center, and is held by Beijing Cultural Investment and Development Group Co., Ltd. funded by Beijing state owned cultural assets supervision and administration office and participated by central enterprises such as China Cultural Industry Development Group Co., Ltd. It is the only authorized institution in the capital engaged in the trading services of property rights, equity and physical assets of state-owned cultural enterprises and institutions. It is a platform integrating the property rights, equity and physical assets trading system, capital settlement, registration and custody and legal risk control of state-owned cultural enterprises and institutions.
The company disclosed the performance forecast for 21 years on January 12. It is estimated that the revenue in 21 years is 3.5 ~ 3.7 billion yuan, with a year-on-year increase of 24.66% ~ 31.78%, the net profit attributable to the parent is 500 ~ 510 million yuan, with a year-on-year increase of 37.81% ~ 40.56%, and the deduction is 457 ~ 467 million yuan, with a year-on-year increase of 31.72% ~ 34.60%. In the past 21 years, the company continued to develop major state-owned enterprise customers, added fast-moving consumer goods customers such as Yibao, snowflake, Heineken and Foshan Haitian Flavouring And Food Company Ltd(603288) under China Resources Group, new consumer customers such as giant biology, the leading enterprise in the medical and beauty industry, the sports lottery management center of the State Administration of sports, Postal Savings Bank Of China Co.Ltd(601658) , China Minsheng Banking Corp.Ltd(600016) and other leading high-quality customers in the financial industry, and vigorously developed customers in the automotive industry, Including Dongfeng Honda (winning the bid for 22 years), FAW Toyota, etc. Under the influence of the epidemic, the company’s offline businesses such as campus media marketing and scene activity marketing still maintained significant growth. In the past 21 years, the company obtained 30 ~ 40 million investment dividend income and income from changes in fair value.
Investment advice: Three’S Company Media Group Co.Ltd(605168) is an integrated marketing service provider dominated by Yili, three operators, four banks, China Resources and other state-owned enterprises. The growth of state-owned enterprises drives the growth of its advertising revenue. The recent announcement of cooperation with beiwen center with state-owned background on the digital content trading platform is of great significance and is expected to be launched in the first half of 22 years and become the second growth curve of the company, Our NFT industry in-depth report on January 11 has been highlighted. According to the unanimous expectation of wind, the net profit attributable to the parent company in 21-23 years is RMB 5.1/7.4/1 billion respectively, and the corresponding PE closing price on January 25 is 26x / 18x / 13X. It is recommended to focus on it.
