一、看点1：二季度利润快速恢复，影视版权运营受益于电影院线消费复苏。2023H1，公司营收同比下降13.47%至14.88 亿元，归母净利润同比下降12.7%至3.52 亿元。公司第二季度营收8.18 亿元，同比增长11.79%，环比增长22.14%；归母净利润1.94 亿元，同比增长70.79%，环比增长23.15%。由于公司主营业务影视版权运营与电影院线发展具有相关性，随着二季度电影院线消费逐渐恢复，公司业务随之出现复苏态势，有望持续发展。Performance summary:
On August 30, the company released interim results for 2023, with revenue down 13.47% year-on-year to 1.488 billion yuan and net profit down 12.7% year-on-year to 352 million yuan.
Core points:
First, focus 1: profits recovered rapidly in the second quarter, and film and television copyright operations benefited from the recovery of cinema consumption. 2023H1, the company's revenue fell 13.47% year-on-year to 1.488 billion yuan, and home net profit fell 12.7% to 352 million yuan. The company's second-quarter revenue was 818 million yuan, an increase of 11.79% over the same period last year and 22.14% month-on-month; the net profit returned to its mother was 194 million yuan, up 70.79% from the same period last year and 23.15% from the previous year. Due to the correlation between the film and television copyright operation of the company's main business and the development of the cinema line, with the gradual recovery of cinema consumption in the second quarter, the company's business is expected to continue to develop.
Second, 2:AR/VR/AI and digital human cosmos are advanced in technology and have broad space for development. On April 20, 2023, Shiyou Technology released AI digital human product "Shiyou BOTA". At present, the company has real-time drive digital human, AI digital human, 2.5D digital human, kneading person and other full stack digital human product technology system, which has been widely used in radio and television media, brand marketing, e-commerce live / short video, government travel, education and entertainment and other scenes. With the support of policies and the gradual penetration of Internet technology in various industries, digital human technology has a broad space for development.
Third, focus 3: in-depth development of AIGC technology to promote the new development of film and television copyright operation. On July 8, the company signed a cooperation agreement with Huawei Pangu to carry out in-depth cooperation in the field of AIGC to jointly explore the application and innovation of AI model in the field of film and television content production. The company is committed to promoting the in-depth application of AIGC-related technology in content creativity, film and TV drama content production, short video creation and other fields, improve the company's film and television drama shooting and related film and television content secondary creation efficiency, and enable film and television copyright operation technology upgrading.
Profit forecast: we forecast that the company's operating income in 41-45-50 will be RMB 100 million, net profit will be RMB 1.04 billion, and the corresponding profit margin will be 17.7%, 20.0%, 21.0%, respectively. For the first time, the company will be given a "recommended" rating.
Risk hint: copyright cooperation change risk; payback speed is not as expected; Shiyou science and technology advance is not as expected.
