毛利率显著提升，期间费用率稳定。1）毛利率：2023H1 毛利率21.21%，同比+5.49pct，Q2 毛利率21.11%，同比+4.19pct，环比-0.25pct，毛利率改善明显；2）费用率：2023Q2 销售/管理/研发/财务费用率分别为6.45%/0.92%/1.01%/0.57%，同比+1.19/+0.02/+0.20/+0.05pct，销售费用增加主要系销售人员规模增加，相应费用增加所致，研发费用增加主要系公司在人工智能数据要素等方面加大研发，研发人员及薪酬增加所致费用率整体保持稳定。Event: the company announces its 2023 half-yearly report. 2023H1, the company achieved revenue of 2.193 billion yuan, year-on-year + 7.90%, return to the mother net profit of 217 million yuan, + 0.55% year-on-year, deducted non-return net profit of 214 million yuan, + 32.97%. In Q2 alone, the company achieved revenue of 1.262 billion yuan, + 10.93% compared with the same period last year, and the net profit returned to the mother was 76 million yuan,-51.17% compared with the same period last year. The profit and loss of fair value changes arising from the holding (or disposal) of transactional financial assets and liabilities changed greatly, deducting the non-return net profit of 131 million yuan, + 27.59% compared with the same period last year.
Comments:
2023H1's business has been carried out smoothly and its revenue has grown steadily. 2023H1, the company achieved revenue of 2.193 billion yuan, + 7.90% year-on-year. 2023H1, the company promotes CCTV and other media special programs, carries out brand advertising for telecom operators, financial and other industry customers in media special programs, and provides advertising and brand communication services for China Resources Group, China Mobile Limited, Yili and head automobile customers SAIC General Buick, FAW Toyota, Dongfeng Honda, FAW Audi, Dongfeng Fengshen, FAW Volkswagen. At the same time, the scene activity business and campus media social media delivery business were carried out smoothly.
The gross profit margin increased significantly, and the expense rate was stable during the period. 1) Gross profit margin: 2023H1 gross profit margin 21.21%, year-on-year + 5.49pctMagneQ2 gross profit margin 21.11%, year-on-year + 4.19pct, month-on-month-0.25pct, gross profit margin improved significantly 2) expense rate: 2023Q2 sales / management / R & D / financial expense rates are 6.45%, 0.92%, 1.01%, 0.57%, respectively, year on year + 1.19/+0.02/+0.20/+0.05pct. The increase in sales expenses is mainly due to the increase in the size of sales personnel, the corresponding increase in expenses, and the increase in R & D expenses is mainly due to the company's increase in artificial intelligence data elements. The overall rate of expenses caused by R & D personnel and salary increases remained stable.
Actively explore new technology opportunities, AI and data elements business continues to advance. The company has reached a strategic cooperation with iFLYTEK to jointly enhance smart marketing capabilities through AI and jointly develop multimodal intelligent marketing tools based on next-generation artificial intelligence technology. AI can bring great help in the generation of marketing materials and the improvement of the accuracy of user tags. Relying on iFLYTEK's advantages in the field of AI technology, the company is expected to usher in cost optimization and further improvement of marketing ability. At the same time, the company actively responded to the policy of "digital economy leading the development of real economy" and carried out strategic cooperation with big data Exchange in Guiyang on the construction of big data trading platform to drive future industrial development.
Investment suggestion: in 2023-2025, we expect the company to achieve revenue of 77.09120.61 billion yuan, year-on-year + 36.37%, 30.11%, 20.25%, net profit 10.10, 13.10 / 1.512 billion, + 37.20%, 29.63%, 15.46%, corresponding to the closing price of 10.47X/8.08X/7.00X on August 16, maintaining the "Buy" rating.
Risk hint: customer expansion is not as expected; AI technology development is not as expected.
