报告期内，公司实现毛利率44.04%，同比+9.41pct，盈利能力大幅提升；资产质量亦显著优化， 报告期末，资产负债率30.34%，较上年末下降8.43pct，应收账款与合同资产总量较上年末下降5.39%。院线及影视制作回暖趋势带动公司影视业绩高增，报告期内，公司承接 9 个中大型 XR 虚拟影棚项目，影视业务实现营业收入 7800.38 万元，同比+ 91.08%；截至报告期末，公司已在全球范围内累计承接了53 个中大型XR 虚拟影棚项目，并成功应用到多个国内外知名影视制作公司及世界500 强企业，包括包括腾讯、微软、亚马逊、中影集团、日本东映及部分好莱坞影视制作公司等。LED 影院布局亦在加深，报告期内公司参与由中国电影股份有限公司牵头的《影院LED 显示屏放映系统技术要求及测量方法》的编制，共同推动LED 显示屏在中国电影行业的推广和应用。Overview of events
On August 7, 2023, the company released its half-yearly report for 2023. During the reporting period, the company achieved revenue of 322 million yuan, year-on-year-19.24%; net profit of 18 million yuan, + 214.68%; and non-return net profit of 18 million yuan, + 226.76% of the same period last year. In the second quarter of 2023, the company achieved revenue of 151 million yuan, year-on-year-23.17%; net profit of 15 million yuan, + 16.43%; and non-return net profit of 16 million yuan, + 13.82% of the same period last year.
Gross profit margin and asset quality have improved significantly, and film and television business has grown brightly.
During the reporting period, the company achieved a gross profit margin of 44.04%, a year-on-year + 9.41pct, and its profitability increased significantly; asset quality was also significantly optimized. At the end of the reporting period, the asset-liability ratio was 30.34%, down 8.43pct from the end of last year, and the total amount of accounts receivable and contract assets decreased by 5.39% compared with the end of last year. The warming trend of cinema and film and television production led to a high increase in the company's film and television performance. During the reporting period, the company undertook 9 medium-and large-scale XR virtual studio projects, and the film and television business achieved business income of 78.0038 million yuan, + 91.08% compared with the same period last year. By the end of the reporting period, the company has undertaken a total of 53 medium-and large-scale XR virtual studio projects worldwide, and has been successfully applied to a number of domestic and foreign well-known film and television production companies and Fortune 500 enterprises in the world, including Tencent, Microsoft Corp, Amazon.Com Inc, China Film Group, Japan Eastern Pictures and some Hollywood film and television production companies. The layout of LED cinemas is also deepening. During the reporting period, the company participated in the preparation of "Technical requirements and Measurement methods of Cinema LED display projection system" led by China Film Co., Ltd., jointly promoting the promotion and application of LED display in China's film industry.
Actively lay out the field of XR, increasing the number of newly signed orders for digital business
The company continues to cultivate new digital content business, actively layout the field of XR, expanding XR virtual shooting technology to miniaturized and lightweight live studio MetaBox, serving the live display needs of MCN, enterprise, theme photography and other customers. During the reporting period, the amount of newly signed orders of the holding subsidiary was 22.1203 million yuan, an increase of 56.98% over the same period last year, and was close to the amount of newly signed orders for the whole of 2022. Among them, the newly signed order of XR virtual studio business exceeds 11 million yuan, and the new order of digital content business is about 11 million yuan.
The equity incentive plan falls to the ground, and the performance target shows upward confidence.
On August 4, the company issued a draft stock option incentive plan for 2023, with an exercise ratio of 30%, 35% and 35% respectively during the three-year exercise period. the preset target for performance evaluation is that the operating income from 2023 to 2025 will reach 1.016 billion yuan, 1.386 billion yuan and 1.663 billion yuan respectively, or the net profit will reach 50 million yuan, 100 million yuan and 130 million yuan respectively. Taking the operating income and net profit in 2022 as the benchmark, the compound growth rate of revenue and net profit in the next three years will reach 21.6% and 87.9% respectively, fully demonstrating the confidence of management.
Investment suggestion
We maintain our previous profit forecast that the company will achieve operating income of 1.25 billion yuan in 2023-2025, net profit of 1.1 billion yuan, 1.7 billion yuan, 0.30 yuan and 6.7 yuan on August 9, respectively, respectively. The PE of the corresponding share price is 42-28-23 times, maintaining the "overweight" rating.
Risk hint
Industry demand repair is less than expected risk, order landing rhythm is not as expected risk, project payback risk, AI technical regulatory risk.
