The revenue of 3Q increased by 8% compared with the same period last year, and the income increased steadily.
In the first three quarters of 2020, the revenue was 376 million yuan (+ 2.4%), and the net profit was 88 million yuan (- 25.3%). Among them, the revenue in the third quarter was 127 million yuan (+ 8.4%), and the net profit was 20 million yuan (- 23.2%), which increased slightly compared with the same period last year, and the service ability of effective advertising continued to improve. The company's business sector has a clear positioning, product iteration and continuous innovation, the service system is becoming more and more mature, market expansion has achieved remarkable results, and the company's long-term sustainable development has entered a new stage.
The value of data appears, and the third-party data platform is scarce.
The Internet giant led by byte jump and Ant Financial Services Group optimizes the industry's business model and enhances the bargaining power of the industry chain through massive data and algorithms. For a large number of enterprises, they need third-party data to enable them to upgrade themselves. From the two industries, for example 1) the game industry: there are great differences in user game type preferences, "big R payment model" determines the importance of data, byte jump through data labels to improve the effect of game manufacturers to buy. 2) Financial industry: platform-based data, models and algorithm support can meet the financial needs of remote areas and vulnerable groups online, reduce the marginal cost of long-tail market, effectively cover long-tail customers, analyze all kinds of customer transaction data and behavior data, achieve multiple data association analysis, efficiently identify customer credit ratings, reduce dependence on collateral, and greatly improve financing convenience and customer experience. The majority of enterprises need independent third-party data center to provide data support, and the strategic value of daily interaction is becoming increasingly apparent.
Risk tips: data security risk, macroeconomic downside risk, technical personnel loss risk.
Investment advice: big data accelerated the application of commercialization, maintained the "overweight" rating affected by the epidemic, and made profit forecasts. In 2020-2022, revenue is estimated to be RMB1.08 billion (down 3%), net profit of 1.21%, 2.27%, 302 million yuan (down 20%); diluted EPS is 0.30, 0.57, and 0.76 yuan, and the current share price corresponds to PE93/49/37x. The commercialization of big data's application business is accelerated, and the company is an A-share scarce big data application company with data sources, maintaining a "overweight" rating.
