Events:
Tianyu Mathematical Division issued a forecast of H1 performance in 2023, which is expected to achieve a net profit of 1400-21 million yuan, deducting a non-return net profit of 200-9 million yuan, turning losses into profits over the same period last year. The impact of non-recurrent profit and loss on the company's net profit is about 12 million yuan, mainly from the disposal of fixed assets.
From a quarterly point of view, 2023Q2 is expected to achieve a net profit of 377-10.77 million yuan, deducting a non-return net profit of 469-11.69 million yuan, turning losses into profits over the same period last year.
Comments:
1. In 2023, H1 turned from loss to profit compared with the same period last year, and the data flow business achieved initial results. In the first half of 2023, the company's data flow business revolves around the industrial chain of "aggregation-circulation-application" of data elements, integrates cutting-edge technologies such as AIGC and virtual digital human, and provides full-link intelligent marketing services covering data analysis, user insight, traffic distribution, delivery optimization, creative efficiency, and brand operation. At the same time, in terms of operation and management, the company has increased various measures to reduce costs and increase efficiency, which has made a positive contribution to the performance.
two。 Cooperate with Yinniu Microelectronics, iFLYTEK Music and other companies to further empower virtual digital human.
On July 4, 2023, the company signed a strategic cooperation agreement with Yinniu Microelectronics, a high-tech semiconductor company specializing in 3D vision + AI, in Shanxi data flow Ecological Park, and announced the establishment of a joint venture company. On July 13, Tianyu Digital Co., Ltd. Yuanyuan Technology and iFLYTEK Music reached a strategic cooperation to jointly carry out an omni-directional layout around the areas of virtual human AIGC content development and commercial operation, so that virtual digital human will become a new increment in the audio and entertainment industry. The first national style virtual digital human created by the company has won the "Rookie IP of the year" of Douyin Light and diffuse Project, and has nearly 5.5 million fans, more than 400 million video views and 26 million Douyin points.
3. Investment suggestion: the company's 23-25 annual income is estimated to be 2.48 million yuan, 2.370 billion yuan, respectively, and the net profit returned to the mother is 0.61 million yuan, respectively. The PE is 179.41X/104.39X/69.87X corresponding to the previous stock price. Give a "recommended" rating.
4. Risk hints: the business income of digital people falls short of expectations, the performance of participating holding companies is poor, and the technical effect of AIGC is not as good as expected.