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天娱数科(002354):扭亏为盈 收入与毛利率双增

Tianyu Mathematics (002354): Turning losses into a double increase in profit and gross margin

華金證券 ·  Aug 19, 2023 00:00

Main points of investment

Events: according to the semi-annual report, the company achieved operating income of 1.002 billion yuan in the first half of 2023, an increase of 17.66% over the same period last year, and returned to its mother's net profit of 12.5062 million yuan, turning losses into profits; basic earnings per share was 0.0076 yuan; no increase, no dividend.

The income continued to grow, and the gross profit margin increased by nearly 3 percentage points: since the Shanxi data flow Ecological Park invested and operated by the company has been put into operation for two and a half years, the number of enterprises entering the park has exceeded 570, and the circulation and transaction scale of data elements has exceeded 3.3 billion yuan. pull the cumulative revenue of enterprises entering the park to exceed 19.5 billion yuan. After the formation of the digital economy industrial cluster, the company actively built the AI center, and relying on the data flow advantages in the fields of short video, live broadcast and content marketing, on the one hand, improved the scale and efficiency of digital traffic business, and at the same time formed a "flow operation-brand service-product development" business closed loop around "quality marketing". Together, the comprehensive gross profit margin increased by 2.88 percentage points over the same period last year to 17.41%.

Leading the depth of the market layout, to build the AI middle stage. The company has invested a lot of money in the leading market since 2021, combining the rapid development of technologies such as ChatGPT/AIGC and the national digital economy strategy. Aiming at meta-universe marketing, mobile application distribution, short video marketing and other scenarios, we quickly built MetaSurfing- productivity tools such as "MetaSurfing- meta-sharing intelligent cloud platform", "MetaSurfing Digital Magic Box- meta-sharing digital magic box", "mobile app distribution intelligent recommendation system", "Rubik's cube Mix-AIGC short video intelligent marketing assistant", "AI content marketing system" and other AI productivity tools to promote digital marketing to intelligent marketing. Realize the AI of the company's business and reduce the cost and increase efficiency, which is conducive to further obtaining customers and increasing revenue in the future. The company created the national style virtual digital human "Tianqi", which has nearly 5.5 million fans, more than 400 million video views, nearly 30 million Douyin points and 1 billion related topics, making it the top virtual IP in the network.

Maintain the "overweight-A" rating. The recovery of advertising marketing market this year is conducive to the growth of the company's main business; the pre-layout and rapid development of AIGC and digital human business is also in line with the general direction of digital economy and AI development, and will form a new profit growth point. We maintain the profit forecast and estimate that the EPS for 2023-25 is 0.04 EPS 0.07 Plus 0.12 yuan, corresponding to PE is 158-84-46 times.

Risk tips: digital people and other new business development is not as expected; participating companies' losses and impairment and so on.

The translation is provided by third-party software.


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