Event
Fengyuzhu released the announcement of the third quarterly report of 2023: total revenue and total operating cost of the company in the first three quarters of 2023 were 18.4% and 1.52 billion yuan (year-on-year growth rate + 44%, + 34.4%). Sales, management, R & D expenses 0.9,0.7, 60 million yuan (year-on-year growth rate + 18.3%, + 8.6%, + 16.4%), homing profit 209 million yuan (year-on-year growth rate + 1597.5%, low base effect) Deduct 145 million yuan from non-profit (turn loss into profit) In a single quarter, the company's revenue in the third quarter of 2023 was 910 million yuan (year-on-year increase of + 25.87%), and the return and deduction of non-profit was 0.95 yuan and 81 million yuan (year-on-year increase of + 11% and + 23.7%). Based on the principle of accounting prudence, the company set aside 56.62 million yuan for asset impairment in the third quarter of 2023.
Main points of investment
In the third quarter of 2023, homing profits increased by 35% compared with the previous quarter. Quarterly revenue profits reached a new high, and the main industry continued to pick up.
In the main business, the company's revenue from the first to the third quarter of 2023 was 4.22,5.09 and 910 million yuan, the return profit was 0.44,0.70 and 95 million yuan, and the non-profit was 0.42,0.23 and 81 million yuan.
In the third quarter of 2023, the company's revenue increased by + 25.87%, + 78.84%, R & D expenses by + 53.24% and + 10.36%, and homed profit by + 11% and + 35%. Deducting the same month-on-month growth rate of non-profit + 23.7% and + 254%, the revenue and profits of the main business reached new highs in a single quarter. With the recovery of offline experience economy, the consumer demand of literature and tourism is gradually released. The company is also actively seizing the new opportunities of urban renewal, digital travel and exhibition content development, promoting the steady promotion of the main industry, and the company continues to increase its R & D investment.
Looking outward, the vitality and demand of the offline experience economy will continue to recover in 2023, and inward, the company's operating efficiency and operating performance are expected to steadily improve and improve, and continue to strengthen the management of accounts receivable. Continue to increase project audit settlement and recovery of receivables, and the main business is expected to continue to improve in 2023.
New orders for enabling the real economy to continue in the second half of 2023
As a leading enterprise in the application field of digital technology in China, the company has strong strength in digital new media technology research and development, content production, distribution and management, and is also reshaping the new scene of cultural digitization, bringing new experience value of enabling entities. On October 23, 2023, the company won the bid of 176 million yuan for the Cultural Power Pavilion in Nankang District, Ganzhou City. This bid is a new space for smart tourism immersive experience developed by the company around the national cultural digitization strategy. The company will take the Chinese cultural story and animation IP as the origin, and create an online and offline immersive experience through digital technologies such as VR/AR, hologram, naked eye 3D/AI, etc. Provide citizens and tourists with cultural experience and consumption situation in the new era. A single project is like the value of a single business card, and each order, delivery and approval by the G\ B\ C side lays a good foundation for the subsequent acquisition of the new order.
2023 new starting point is expected, the company's main business is expected to repair the superimposed new increment and continue to empower the main business. New technologies need new application scenarios to release productivity, and companies need science and technology and creativity to complete their projects. The application scenario projects on hand are more conducive to the landing and enabling of new technologies, thus improving efficiency. Promote digital experience business products, standardization and large-scale, from the exhibition, new technology application, content matrix, consolidate the main business, practice the integration of virtual and real culture digitization.
Profit forecast
It is predicted that the company's income from 2023 to 2025 will be 20.34,24.01,2.809 billion yuan respectively, the return profit will be 3.12,4.11,559 million yuan respectively, the EPS will be 0.53,0.69,0.94 yuan respectively, and the current stock price corresponding to PE will be 22.2,16.9,12.4 times respectively. Based on the company's long-term steady development, strengthening the management of accounts receivable and continuously helping to increase new orders on hand, the recovery of the main business is expected to continue. New technology, new scenarios and new increments are expected to continue to empower the main business and maintain the "buy" investment rating.
Risk hint
The risk aggravated by market competition; the risk of impairment of accounts receivable and credit assets; the risk of project cost control and the management risk of project implementation; the risk that innovative business expansion is not as expected; the risk that the application of new technology is not as expected; the risk of macroeconomic fluctuations.