Zhitong Financial APP learned that Guohai Securities issued a research report saying that the maintenance of vobile group's "buy" rating in 03738 was mainly due to the company's high business growth. Revenue in 2022-24 is expected to be HK $13.94 shock 22.53 / 3.101 billion, return to its mother net profit of HK $0.570.6 / 135 million, corresponding to 5.9Compact S 3.62.6.
Events:The company announced its 2021 annual report with a total operating income of HK $686 million (YoY+101.8%) and a non-return net profit of-HK $23 million (YoY+60.38%).
The main points of Guohai Securities are as follows:
Overall performance:Revenue in 2021 was higher than expected; content protection and content cash business maintained a high growth trend in products; regionally, Chinese mainland business grew more than ten times faster, realized the business model of arithmetic output, and continued to expand its business in the Chinese market; net profit was higher than expected; gross profit margin increased and expense rate decreased during the period, which was mainly affected by the scale effect caused by business expansion. The increase in R & D expenditure rate is mainly affected by the increase in R & D activities and the substantial increase in R & D personnel.
Content protection:In 2021, the content protection business achieved revenue of HK $177 million (YoY+130.52%, accounted for 25.74% of revenue). The high revenue growth mainly benefited from domestic business expansion, including the computing power output business with Ant chain as the main platform, which has directly and indirectly served many domestic content party customers, and has also signed a copyright protection and distribution platform with China Mobile Limited Migu Culture, China Telecom Corporation Tianyi Video and Zhejiang Literature Exchange. With the frequent emergence of domestic copyright-related policies and the continuous improvement of the copyright environment, the computing power output model suitable for domestic development will further meet more and more content protection needs. In addition, DTC copyright protection business is also gradually landing stage, with the rapid development of overseas DTC industry, Walt Disney Company, Netflix Inc, Paramount and other streaming media platform copyright protection space will be gradually released.
Realization of content:In 2021, the content realization business realized revenue of 481 million Hong Kong dollars (YoY+101.87%, accounted for 70.04% of revenue). The high revenue growth mainly benefited from the continued growth of content realization income from YouTube. In 2021, YouTube advertising revenue reached US $28.845 billion, an increase of 45.89% over the same period last year; the penetration rate of Fubo management content on YouTube platform reached 0.9%, an increase of 0.2 pct over the same period last year; Fubo continued to infiltrate the YouTube market; Fubo received a net share of HK $226 million directly from YouTube advertising revenue and HK $210 million indirectly from major customer A. With the continuous growth of YouTube advertising revenue, the improvement of Fubo penetration and the continuous integration of VDNA technology, it will help overseas content to realize business revenue and gross profit. With the gradual improvement of the domestic copyright environment, Fubo's acquisition of particle culture will help to achieve the landing of the domestic content cash model and open the stage of rapid growth of the domestic content cash business.