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天娱数科(002354):营收稳步向上 关注数字人进展

Tianyu Mathematics (002354): Revenue is steadily rising, pay attention to the progress of digital people

國信證券 ·  Aug 21, 2023 14:37

The income increased by 17.7% in the first half of the year, and the net profit returned to its mother. 1) in the first half of 2023, the company's revenue was 1 billion yuan, an increase of 17.7% over the same period last year, mainly driven by traffic business. The net profit was 10 million yuan, an increase of 177.8% over the same period last year. 2) in the second quarter of 2023, the company's revenue was 530 million yuan, an increase of 49.1% over the same period last year, and the net profit was 2 million yuan, an increase of 109.0% over the same period last year, and the growth rate was 97.1% faster than the same period last year. 3) in the second quarter, the company's gross profit margin / net profit margin was 17.2%, 0.6%, 5.4%, respectively, compared with the same period last year. The sales / management / finance / R & D expense rate was 6.8%, 8.0%, 0.0%, 2.2%, respectively, and decreased by 0.1%, 0.7 and 1.5 percentage points respectively compared with the same period last year.

The business income of digital effect traffic increased by 20%. E-sports 's income and gross profit margin increased under the enabling of Personality AI. 1) in terms of digital effect traffic, the total number of registered users of Ace Assistant, a mobile application distribution software owned by Tian Shen Interactive, reached 299 million (an increase of 13 million in the past half year). It mainly provides promotion services for top applications such as Douyin, Kuaishou Technology, Xiaohongshu and so on. The income / net profit of Tian Shen Interactive in the first half of 2023 was 10.0 billion yuan respectively, compared with the same period last year. In terms of traffic agency business, Juwei Technology mainly provides full-link intelligent marketing services for brand merchants on Douyin and Kuaishou Technology platforms. The revenue / net profit in the first half of the year was RMB 7.8 billion and 471.6% respectively, compared with the same period last year. The decline in the net interest rate of digital effect traffic business is mainly due to the increase in labor and brand incubation costs. 2) in terms of brand content traffic, due to the weak demand from downstream customers, the revenue / net profit in the first half of the year was RMB 0.85 billion respectively, which was-23.4% and 55.4% respectively compared with the same period last year. 3) the revenue of e-sports platform in the first half of the year was 20 million, an increase of 17.8% over the same period last year, mainly due to the fact that AI enabled user insight and increased the number of new user registrations, retention rate and payment rate.

In the AIGC era, the company's "data + algorithm + scenario" advantage is expected to be enlarged. Since the end of 2022, a number of enterprises at home and abroad have released their own large models one after another, and the base of AIGC technology has been strengthened. The company leads the layout of digital people, such as "Tianyi" and "an Sihe", which have accumulated content and popularity, and in February, we connected with Baidu, Inc. Wenxin to promote interaction with users; in marketing, AI empowers content creation and intelligent delivery, 2023H1 uses intelligent marketing assistants to produce nearly 1 million short videos, and realizes the "thousands of people" of brand content marketing. In addition, AIGC also enables the game business of art, material production, scene generation, development and testing, to achieve cost reduction and efficiency.

Risk tips: application landing is less than expected; participating companies lose money or impairment, and so on.

Investment advice: the company's forward-looking layout of digital people business, AIGC is expected to open up new growth opportunities, maintain the "overweight" rating. We maintain our profit forecast and expect the company's net profit from 2023 to 2025 to be RMB 0.63, 177,247 million respectively, a year-on-year growth rate of 122%, 180%, 40%, diluted EPS=0.04/0.11/0.15 yuan, and the current share price corresponds to PE=149/53/38x for the same period. The company has a good resource reserve in data, scenes and other fields, and AIGC enables content production and digital human business value to be magnified, maintaining the "overweight" rating.

The translation is provided by third-party software.


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