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天娱数科(002354):业绩扭亏为盈 核心业务持续稳健

Tianyu Mathematics (002354): Performance turns losses into profits, core business continues to be steady

銀河證券 ·  Aug 18, 2023 00:00

The event company released its mid-2023 report: the company's operating income in the first half of the year was 1.002 billion yuan, up 17.66% from the same period last year; the net profit belonging to shareholders of listed companies was 12.5062 million yuan, up 177.82% from the same period last year; and 990800 yuan was deducted from non-parent net profit, up 104.98% from the same period last year.

Of this total, the operating income of 23Q2 Company reached 528 million yuan, up 49.06% from the same period last year and 11.31% from the previous year; the net profit belonging to shareholders of listed companies was 2.2776 million yuan, up 109.04% from the same period last year; and the net profit from non-return was 3.6838 million yuan, up 124.02% from the same period last year.

The traffic business has increased steadily, and digital people may start a new growth reporting period, the company's data and traffic business income is 960 million yuan (YoY+14.48%), accounting for 95.87% of the company's total revenue, and the core business is growing steadily. The company has created the first national-style virtual digital human in China to go abroad, with nearly 5.5 million fans, more than 400 million video views, nearly 30 million Douyin points and 1 billion related topics. The number of business orders related to digital people is also increasing rapidly, and the ability to generate income is constantly strengthening. it has successively endorsed "Qianru Ghost" mobile games, Jidu Motor, Zhou Dasheng and so on, which is expected to become a new performance growth point of the company.

The Shanxi data flow Ecological Park, which attracts industrial agglomeration and innovative mode enables the company to invest and operate, is the first digital economic park in China characterized by data elements: to build a data flow price depression by means of marketization and industrialization, drive cross-regional agglomeration of enterprises on the industrial chain, and build a highland for the development of digital industry. Since the ecological park was put into operation, more than 570 enterprises have entered the park, the circulation and transaction scale of data elements has exceeded 3.3 billion yuan, and the cumulative revenue of the enterprises entering the park has reached 19.5 billion yuan. The "park + platform + finance" model explored by the park uses data flow to drive the integration and infiltration of capital flow, talent flow, technology flow, transaction flow and information flow, promote the integration of digital economy and real economy, and constantly realize the value transformation of data elements.

Investment advice companies in the business restructuring, the core traffic business growth is steady, while digital people are expected to create new performance growth. We estimate that the company's net profit attributable to shareholders of listed companies from 2023 to 2025 will reach 0.46, 0.92 billion yuan, an increase of 116.35%, 98.41%, 67.35%, corresponding to an EPS of 0.03, 0.06, 0.09, respectively, with a "recommended" rating for the first time.

The risk indicates that the digital man business is less than expected risk, the industry supervision policy risk, the market competition aggravates the risk, the company cost controls the risk.

The translation is provided by third-party software.


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