公司上半年业绩受环境和创新业务投入影响有所下降。公司上半年业绩下降主要是由于经济整体下行影响下主要合作客户的营销预算、产品要求等发生变化，导致核心业务数字生活营销业绩同比下降，同时公司持续加大创新业务孵化投入。利润端，上半年公司毛利率为33.59%，同比提升1.19 个百分点。费用端，公司销售/管理/财务费率分别为16.64%/14.53%/2.26%，同比增长2.78/5.91/0.83 个百分点。Events:
The company released its mid-2023 report on August 9, 2023: the company's operating income in the first half of the year was 455 million yuan, down 25.84% from the same period last year; the net profit returned to its mother was-16.3128 million yuan, down 141.37% from the same period last year.
Comments:
The company's first-half performance declined due to the impact of the environment and investment in innovative business. The decline in the company's performance in the first half of the year is mainly due to changes in the marketing budget and product requirements of major cooperative customers under the influence of the overall economic downturn, resulting in a decline in the core business digital life marketing performance compared with the same period last year. At the same time, the company continues to increase investment in innovative business incubation. On the profit side, the company's gross profit margin for the first half of the year was 33.59%, up 1.19 percentage points from the same period last year. On the expense side, the company's sales / management / financial rates are 16.64%, 14.53%, 2.26%, respectively, an increase of 2.78%, 5.91%, 0.83% over the same period last year.
The revenue scale of digital life marketing business has declined, and the gross profit margin has further increased. In the first half of the year, the company's digital life marketing business achieved operating income of 352 million yuan, down 24.35% from the same period last year, and the gross profit margin was 24.71%, an increase of 3.35% over the same period last year. The company made great efforts to expand the market in the first half of the year, signed a series of new sales contracts one after another, continued to strengthen the enabling effect of platform technology capabilities on business, continued to optimize technology system platforms such as iterative business platform, operation platform and SaaS platform, and further built platform operation, technology and comprehensive solution capabilities.
Innovative business continues to incubate, and digital RMB and digital government services come to the fore. In terms of digital RMB, the company continues to expand the coverage of 2-tier and 2.5-tier banks, and United Bank promotes the landing of a number of digital RMB red packet projects to create a comprehensive solution of digital RMB "scene + payment". In the aspect of digital government affairs, we continue to deepen the cooperation of government affairs platforms in cities such as Yancheng and Yangzhou, and take Yancheng consumption coupons as a benchmark case, continue to expand the landing of consumption voucher projects in provinces and cities around East China, and continue to expand the cooperation of government mobile platforms in East China and core cities in the central and western regions, and establish scene-based solutions that can be replicated quickly.
Investment advice: we adjust the profit forecast according to the China report. It is estimated that the company's operating income in 2023-2025 will be 1.273 shock 1.469 billion yuan respectively, and its net profit will be 0.15 shock 0.4 / 73 million yuan respectively, corresponding to 0.02 shock 0.06 shock 0.11 yuan, and maintaining a "buy" rating corresponding to PE278.51/101.48/56.61X.
Risk hint: innovation business development is not as fast as expected, profit forecast and valuation are not as expected.
