受宏观政策环境、疫情反复等因素公司部分业务开展受到影响。2022 年公司毛利率为49.89%，同比下降20.96 个百分点；费用端来看，公司销售/管理/财务费率分别为39.20%/14.64%/0.49%，同比增加3.01/0.64/0.08个百分点。公司业绩下降主要受到宏观环境影响以及公司加大投入元宇宙、Web3 和国际业务等创新领域所致。分业务来看，2022 年公司文化业务实现营业收入11.53 亿元，同比增长1.34%；教育业务实现营业收入0.19 亿元，同比下降53.29%。Incidents:
The company released its 2022 annual report and 2023 quarterly report on April 26, 2024: the company achieved revenue of 1,180 million yuan in 2022, a decrease of 0.78% over the previous year; realized net profit of 362 million yuan, a decrease of 466.45% over the previous year; net profit of the mother after deduction was 393 million yuan, a decrease of 1777.36% over the previous year. The first quarter of 2023 achieved revenue of 288 million yuan, an increase of 24.79% over the previous year, and realized net profit of -37 million yuan to the mother, a decrease of 130.32% over the previous year.
Comment:
Some of the company's business development has been affected by factors such as the macroeconomic policy environment and repeated epidemics. The company's gross margin in 2022 was 49.89%, down 20.96 percentage points from the previous year; on the cost side, the company's sales/management/finance rates were 39.20%/14.64%/0.49% respectively, up 3.01/0.64/0.08 percentage points over the previous year. The decline in the company's performance was mainly due to the impact of the macro environment and the company's increased investment in innovative fields such as the metaverse, Web3, and international business. By business, the company's cultural business achieved revenue of 1,153 billion yuan in 2022, an increase of 1.34% over the previous year; the education business achieved revenue of 19 million yuan, a year-on-year decrease of 53.29%.
Consolidate the content+service industry+decisive IP, and comprehensively lay out the digital cultural content industry. The company uses a full-category platform+vertical platform to form a multi-dimensional development content platform matrix, accumulating more than 5.5 million types of digital content resources, more than 4.5 million original online authors, and cooperating with more than 600 copyright agencies to sign more than 2,000 well-known writers and bestselling authors; the company actively broadens digital content sales methods and deepens cooperation with channels such as head-reading platforms, audio platforms, three major operators, mobile phone manufacturers, etc.; with literary IP as the core, it extends downstream IP cultivation and derivative development, and focuses on building “Internet serialization+IP” sync The creative model of “development”.
The combination of content and AI greatly increases the speed of IP monetization. The company has a large number of high-quality genuine content resources and creator resources. Based on open source AI language model technology, the company continues to invest in AI multi-modal fields such as AI literature writing. The difficulty of developing and producing IP is expected to drop drastically in the future, the production cycle will be drastically shortened, breaking the bottleneck of bankruptcy, and accelerating the progress of IP commercialization.
Investment advice: We expect the company's revenue for 2023-2025 to be 1,36/15.34/1,763 billion yuan respectively, net profit of 0.44/0.86/132 million yuan respectively, corresponding to EPS of 0.06/0.12/0.18 yuan, corresponding to PE335.43/172.58/112.23X, first coverage and a “buy” rating.
Risk warning: technology advancement falls short of expectations, competition intensifies, profit forecasts and valuations fall short of expectations
