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天娱数科(002354):剥离不良业务 领先市场深度布局数字人

Tianyu Mathematics (002354): Divest bad businesses, lead the market, and deeply lay out digital people

華金證券 ·  Apr 13, 2023 00:00  · Researches

Key points of investment

Incident: The company achieved revenue of 1,743 million yuan in 2022, a decrease of 1.21% over the previous year. The net profit of the mother was -283 million yuan, resulting in a loss; basic earnings per share - 0.17 yuan; no increase in dividends.

The participating company and the new business layout caused losses: DotC, a subsidiary that participated in 34% of the company's shares in the early years, experienced a major loss of 324 million yuan during the reporting period, causing the company to lose more than 100 million yuan in investment income; considering long-term risks, the company calculated impairment of long-term equity investments, which led to asset impairment losses of 150 million yuan. However, the loss of a participating company will not affect the company's operations and cash flow. Furthermore, in the past two years, the company combined its original marketing and gaming business to lay out digital people, e-commerce, and casual e-sports platforms, and was still in the initial investment period of operation in 2022.

Leading the market has deeply deployed digital people and quickly integrated AI technology. The company took the lead in investing a large amount of capital in 2021, focusing on deeply laying out the digital human business. With the recent rapid development of ChatGPT/AIGC technology and the acceleration of the national digital China strategy, the company quickly integrated the new technology with the digital human and traffic marketing business to create AI productivity tools such as “MetaSurfing - Yuanxiang Intelligent Cloud Platform”, “Intelligent Recommendation System for Mobile Application Distribution”, “Rubik's Cube Mix-Aigc Short Video Intelligent Marketing Assistant” and “AI Content Marketing System” to achieve all-round intelligence in the company's business Reducing costs and increasing efficiency is conducive to further obtaining customers and increasing revenue in the future. It is expected that related businesses such as AI digital people will grow dramatically in 2023.

The data ecosystem park business is developing rapidly. Since the two years since the company invested and operated Taeyuan was put into operation, the number of enterprises entering the park has rapidly exceeded 470, generating data element circulation exceeding 2.7 billion yuan, driving enterprises entering the park to generate more than 12 billion yuan in operating income. At present, it has continued to contribute to the company's performance.

Give it an “increase in holdings - A” rating. The recovery of the economy and advertising after the pandemic is conducive to the growth of the company's marketing business. The company's advance layout and rapid development of AIGC businesses such as digital people are in line with the general direction of artificial intelligence development and will form new profit growth points. The EPS for 2023-25 is expected to be 0.04/0.07/0.12 yuan, and the corresponding PE is 183/97/53 times.

Risk warning: New business development such as digital people falls short of expectations; loss and impairment of shareholding companies, etc.

The translation is provided by third-party software.


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