Events:
The company's semi-annual operating income was 851513886.07 yuan, an increase of 36.23% over the same period last year, and the net profit attributed to shareholders of the listed company was-16069773.46 yuan, a decrease of 137.73% over the same period last year.
Comments:
The input of virtual human service is increased, and the service structure is continuously optimized.
The reason for the sharp decrease in the company's net profit in the current period is mainly due to: (1) the company has increased its investment in new business related to digital flow, such as virtual human, and the cost has increased significantly; (2) the company has incurred an one-time non-operating expenditure of 37 million due to the litigation before the reorganization; and (3) the continued loss of the DotC of the participating company has led to a loss of nearly 15 million of the financial investment. Taking into account the company's continued investment in the virtual human business this year, as well as the further processing of some businesses with low profitability, we believe that the overall business structure of the company will become more and more reasonable this year.
Digital competitive platform promotes leisure games to enter the "national competitive" era during the reporting period of the company's own digital competitive platform PK.NOW! Continuously improve the activity of leisure games and open up a broad incremental space for leisure games. In March this year, the actual exposure of the "e-sports Goddess Festival Challenge" launched by "PK.NOW!" on the Tiger platform exceeded 42 million, which once dominated the list of hot topics in Tiger Pop. As of the first half of this year, PK.NOW! The number of registered users reached 720000, with nearly half of male and female users each, pushing casual games into the era of "national competition".
The data flow platform reconstructs the meta-universe "human and goods yard"
As of the first half of the year, the company's Shanxi data flow Ecological Park has gathered 215 enterprises in the field of digital economy, forming more than 10 characteristic industrial fields, such as digital energy, digital logistics, digital agriculture, digital marketing, digital e-commerce, digital entertainment and so on. Construct "data elements + flow realization + scene application + data ecology"
The full-stack closed-loop system of data traffic.
The company takes the virtual human technology chain as the basis, carries on the full scene business layout, reconstructs the meta-universe "human and goods yard", and gradually forms the virtual human matrix represented by "Tianyu", "the beginning" and "Benshan". During the reporting period, the company built a super-large optical dynamic capture base of 400 square meters, integrated the industry's leading dynamic light field scanning modeling technology, self-developed high-precision human 3D reconstruction process and motion capture, expression drive and other technologies, and greatly optimized the traditional production pipeline. to further achieve the production goal of "batch, short cycle and low cost" of hyperrealistic virtual digital human. In the operation of virtual digital human IP, the company created the first national-style virtual digital human "Tianyu" with a culture out of the sea. Within three months of launch, it became a phenomenal IP and achieved a breakthrough of 3 million fans, 160 million video views, 10 million Douyin points, nearly 200 million views on the main topic, 110000 fans on overseas TikTok accounts, and 1.1 million total TikTok hits.
Investment rating and profit forecast
At present, the company focuses on the development of core business, the income-increasing ability of data traffic business is continuously released, and the layout of virtual human business has also entered a stage of rapid development, which has a large expansion space for the further development of the company's marketing service business. To sum up, we give the company an investment rating of "increasing holdings". It is estimated that the EPS in 2022-24 will be 0.01,0.02,0.04 yuan per share respectively.
Risk hint
The company's new business development is not up to expectations, product operation is not up to expectations, game industry policy risks, data flow ecological park policies and operational risks, goodwill, long-term investment and other impairment risks.