\u3000\u3000 Bluefocus Intelligent Communications Group Co.Ltd(300058) (300058)
The leader of digital advertising marketing industry complies with the development of the times, practices “marketing intelligence”, tamps the main business, and is committed to becoming a marketing technology enterprise
As a veteran of the digital advertising and marketing industry, the company has complied with the development of the industry, gradually changed from the main advertising service business at the beginning of listing to the comprehensive intelligent marketing service business, timely adjusted its tactics in 2018, basically completed the data-driven “marketing intelligence” technology business development framework, and has initially turned into a data technology enterprise. From the pre digital advertising era (one-way) before 2000 to the embryonic era of digital advertising (portal, search and multi-channel digitization) from 2000 to 2014, to the mobile Internet advertising era (APP diversification, traffic distribution and programmed advertising) from 2014 to 2018, and to the full scene digital advertising era after 2018, It has entered the era of accurate and efficient delivery of “intelligent channel”. The company is committed to becoming a marketing technology company that fully enables enterprise intelligent management in the era of big data and social networks.
The high growth of main business in 2018-2020 benefits from the advantages of customers and the ability of continuous technology iteration
From 2018 to 2020, the company’s revenue was 23.1 billion yuan, 28.1 billion yuan and 40.5 billion yuan respectively (with a year-on-year growth rate of 51.7%, 21.7% and 44.2% respectively), and the deduction of non attributable profits was 330 million yuan, 450 million yuan and 590 million yuan respectively (with a year-on-year growth rate of 90%, 39% and 29.8% respectively); From the perspective of three-year dimension, the company’s revenue and non deduction profit have maintained double-digit high growth, thanks to the company’s continuous iterative ability. In 2018, the company continued to carry out the reform and innovation of the combination of marketing technology and marketing products with marketing technology as the core; In 2019, thanks to the fact that the company is a direct authorized agent of Facebook, Google, tiktok and other platforms in China, the sea business has accumulated a lot and contributed to the high growth of sea advertising revenue; In 2020, the marketing needs of the new economy were filled under the epidemic situation. At the same time, the revenue of Luban cross-border communication business, which has been cultivated for Chinese small and medium-sized enterprises to go to sea for two years, increased rapidly. In February, it officially released the “blue label online” new product based on the combination of Bluefocus Intelligent Communications Group Co.Ltd(300058) service and SaaS platform model; In September 2021, nearly 1.8 billion yuan of international business was stripped off and the goodwill was listed. In the second half of 2021, it took the lead in the layout of yuanuniverse (internal organizational structure adjustment, external investment participation, internal and external repair and layout of the next city).
2022: see the next city of the main industry enabled by new technology of yuanuniverse
Every technological progress and promotion is expected to bring dividends of the times. Foresight enterprises take the lead in layout on the basis of consolidating their main business and dare to innovate and iterate, which is also one of the best choices for sustainable and healthy development of enterprises. Yuancosmos has successively reached strategic cooperation with Alibaba Dharma academy acting e-commerce virtual human live studio and popular Qitian to layout XR ecology, and then settled on Baidu Xitu platform. It has established a wholly-owned subsidiary of blue cosmos internally, adjusted its organizational structure and defined its future strategic core direction. At the beginning of 2022, the company launched the company’s virtual human “Su Xiaomei” (which will appear in the Beijing Satellite TV Spring Festival Gala). The “Su Xiaomei” IP is not only the landmark landing of the company’s meta universe strategy, but also opens a new layout of the company’s virtual IP business. In 2022, relying on the advantages accumulated in the integration of content and technology, the company is expected to continue to integrate various resources and capabilities upstream and downstream of the industrial chain, enable the content and creativity of the virtual world, explore the marketing path of the brand in the meta universe, accelerate the construction of “people and goods yard” in the meta universe, and help customers build virtual scenes, virtual goods (NFT) and virtual people, At the same time, we will better inspire customers’ needs and solve various marketing and commercial topics of customers in the era of meta universe, strengthen application promotion and promote the industrialization development of meta universe.
Profit forecast
It is predicted that the company’s return to parent profit from 2021 to 2023 will be 679 million yuan, 812 million yuan and 980 million yuan respectively, EPS will be 0.27, 0.33 and 0.39 yuan respectively, and the current share price corresponding to PE will be 34, 28.5 and 23.6 times respectively. Under the steady growth of its main business, the company will actively layout new technologies, seize the yuan universe track, explore the commercialization and realization potential of multiple scenarios in combination with its own advantages, and based on the company’s continuous development of new business growth points, The empowerment of yuancosmic technology is expected to promote the next city of the company’s main business and give “recommended” investment rating.
Risk tips
The risk of intensified competition in marketing communication industry; Brain drain risk, goodwill risk, accounts receivable collection risk; Macroeconomic fluctuation risk.
