Daily Interactive is a leading data intelligence service provider in China, established in 2010 and listed in March 19. The company takes the developer service as the starting point, and through its own data accumulation and external data integration, based on the powerful data center, the company has built a diversified data commercialization service ecology, such as developer service, growth, public, risk control and brand service.
The company's 19-year revenue of 538 million yuan, 20H1 revenue of 249 million yuan, the overall stability and business structure improvement. The net profit of homing in 19 years and 20H1 are affected by macro-economy, but there has been an obvious trend of improvement after 20Q1.
Business model: D-M-P business architecture (Data-Machine-People) to open up data collection, governance, application in multi-industry business closed loop. The underlying "D" refers to big data precipitation, which corresponds to the integration of developer services and external data sources. The middle layer "M" refers to big data cluster governance, corresponding to the powerful data governance ability of the governance platform. The upper "P" refers to the landing of data governance applications, corresponding to growth, public, risk control, brand service specialization data realization.
Underlying foundation: developer service business to consolidate the data foundation, based on SDK toolkit products to continuously improve the existing business matrix, explore new product models, further expand IoT (Internet of things) areas such as smart home appliances and cars, and consolidate the leading position of third-party push platform. As of the end of 20H1 developer service, the cumulative installation volume of SDK has exceeded 60 billion.
Governance platform: from "self-counting" to "governance", output the data governance capabilities accumulated by the company for many years to more industry customers, and accelerate the application of data landing. The increase in R & D investment promoted the construction of China and Taiwan, with R & D investment of 125 million yuan in 19 years, an increase of 58.8% over the same period last year. At the same time, the company issued a fixed increase plan dedicated to the construction of China and Taiwan. The amount of real-time data processed by the company exceeds 25TB every day, and more than 2200 kinds of data tags have been formed, which are widely used in public services, risk control services and other fields. Based on data, the company has created "operation", "brand", "population", "vehicle" and "planning".
And "economy" and other several plates to help APP operation, brand marketing, urban development in the field of data business realization.
The process of business realization diversification has been accelerated, the income of SaaS services such as public services, risk control services and brand services has increased rapidly, and the income structure has improved significantly. Revenue from public service in the past 19 years reached 111 million yuan, an increase of 105.56 percent over the same period last year. During the epidemic, "individual medical team" was set up to accumulate a good reputation. Chairman Fang Yi was awarded the 24th China Youth fourth Medal jointly awarded by the Central Committee of the Communist Youth League and the all-China Youth Federation in April for his outstanding contribution during the epidemic. He was elected member of the standing Committee of the all-China Youth Federation in August and was awarded the title of "most Beautiful member of the CPPCC Zhejiang Provincial Committee" in September. In 20 years, the market expenditure of China's smart city will reach 26.2 billion US dollars, and the launch of standardized products will be combined with "several plates".
Will continue to tap the performance growth points of the company in the market. Risk control services provide big data solutions such as risk management and control for financial and Internet companies, and continue to deepen application scenarios such as O2O and marketing traffic risk control. Brand service focuses on the data service system with third-party DMP as the core, upgrading "brand several disks", using "bullet clip mode" to greatly improve the delivery accuracy, and more than ten new cooperative brand customers in the first half of the year. The amount of digital investment driven by 20H1 for brand advertisers reached 162 million yuan, an increase of 880.14% over the same period last year. The growth service is committed to high retention rate customers' access to live and high-quality delivery channels, and the post-epidemic cycle is expected to improve.
Investment suggestion: through the competitive advantage of massive data sources and commercial realization ability, the company has entered a new process of diversified realization. the promotion of standardized products of public service and the excavation of a large number of potential customers of brand service will become a new growth point. We estimate that the company's net return profit from 2020 to 2022 will be 1.40 million 275 company.According to the segment valuation method, the SaaS business such as public services will be valued at Pmax S 30x, and the marketing business will be valued at Pmax E 27x, based on which the company is reasonably valued at 16.843 billion yuan, corresponding to the target price of 42.10 yuan per share, covering the "Buy" rating for the first time.
Risk tips: macro environment, data resource security, brand image and intellectual property rights, brain drain risk, etc.
