World Show (600556): 23Q3 returns net profit YOY +42.76%, optimistic that the company will continue to explore the new ecology of the celebrity economy and industry chain upstream and downstream!

天風證券 · Oct 31, 2023 00:00

事件：

公司发布2023 年三季报，2023Q1-3 实现营收31.70 亿元，yoy+2.04%；归母净利1.13 亿元，yoy-44.79%，归母净利率3.55%，同减3.01pct；扣非后归母净利0.93 亿元，yoy-38.39%，扣非后归母净利率2.93%，同减1.92pct；2023Q3 实现营收10.61 亿元，yoy+4.21%；归母净利0.50 亿元，yoy+42.76%，归母净利率4.70%，同增1.27pct；扣非后归母净利0.44 亿元，yoy+32.68%，扣非后归母净利率4.12%，同增0.88pct。

财报重点：

1）Q3 营收同比+4.21%，归母净利润yoy+42.76%，主要系销售费用、管理费用及研发费用中人力成本减少所致。

2）费用率：23Q1-3 期间费用率为13.52%，同减2.95pct；23Q3 期间费用率为11.93%，同减4.74pct。23Q1-3 销售费用率为6.13%，同减1.57pct； 23Q3销售费用率为5.30%，同减2.26pct。23Q1-3 管理费用率为4.90%，同减0.37pct；23Q3 管理费用率为4.61%，同减2.00pct。

3）现金流：23Q1-3 公司经营活动产生的现金流净额为-0.24 亿，去年同期为0.33 亿；23Q1-3 投资活动产生的现金流净额0.43 亿元，去年同期为净流出2.99 亿元；截至2023Q1-3，货币资金为19.13 亿元。

公司不断完善数据化系统，优化客户结构，扩大红人和MCN 资源；同时面对Web3.0 演进，公司积极布局，探索Web3.0 路径下的内容创作者经济模式。

公司红人生态布局趋于完善，规模驱动下WEIQ 用户数量+去中心化红人生态结构奠定基本盘，同时随红人和MCN 机构数量不断上升，红人商业化价值不断显现。

投资建议：考虑到Q3 单季公司收入增长放缓，我们将公司23-25 年归母净利润预测由2.7/3.9/4.9 亿元下调至1.4/2.6/3.5 亿元，但基于公司未来将持续进行数据化产品和商业服务转化，不断夯实现有红人平台竞争力，上下游探索延伸新布局，拓展长期空间，维持“买入”评级。

风险提示：创新业务盈利方式存在不确定性、行业不稳定性增强、政策监管趋严

Events:

The company released three quarterly reports in 2023, 2023Q1-3 realized revenue of 3.17 billion yuan, yoy+2.04%; net profit of 113 million yuan, yoy-44.79%, net interest rate of 3.55%, same deduction of 3.01pct; deduction of non-return net profit of 93 million yuan, yoy-38.39%, deduction of non-return net interest rate of 2.93%, same deduction of 1.92pctscape 2023Q3 to achieve revenue of 1.061 billion yuan, yoy+4.21% The net profit of return to the mother is 50 million yuan, the net interest rate of yoy+42.76%, is 4.70%, the same increase is 1.27pct; the net profit of deducting non-return is 44 million yuan, and the net interest of yoy+32.68%, is 4.12%, which increases 0.88pct.

Key points of the financial report:

1) Q3 revenue is + 4.21% compared with the same period last year. The net profit yoy+42.76%, is mainly due to the reduction of labor costs in sales expenses, management expenses and R & D expenses.

2) expense rate: 13.52% for 23Q1-3 period, 11.93% for 2.95pctscape 23Q3 period, and also minus 4.74pct. The sales expense rate of 23Q1-3 is 6.13%, minus 1.57pct, and the sales expense rate of 23Q3 is 5.30%, which is the same as minus 2.26pct. The management fee rate of 23Q1-3 is 4.90%, and the same minus 0.37pctten 23Q3 management fee rate is 4.61%, which is the same as 2.00pct.

3) Cash flow: the net cash flow generated by the operating activities of 23Q1-3 is-24 million, compared with 33 million in the same period last year; the net cash flow generated by 23Q1-3 investment activities is 43 million yuan, compared with a net outflow of 299 million yuan in the same period last year; as of 2023Q1-3, monetary funds are 1.913 billion yuan.

The company continues to improve the data system, optimize customer structure, expand celebrity and MCN resources; at the same time, in the face of Web3.0 evolution, the company actively layout to explore the economic model of content creators under the Web3.0 path.

The ecological layout of the company's celebrities tends to be improved, and the scale-driven number of WEIQ users + decentralized ecological structure lays the foundation. At the same time, with the continuous increase in the number of celebrities and MCN institutions, the commercial value of celebrities continues to appear.

Investment advice: taking into account the slowdown in Q3 revenue growth in a single quarter, we have lowered the company's homing net profit forecast for the year 23-25 from 270.39 million yuan to 1.60 billion yuan, but based on the fact that the company will continue to transform its digital products and commercial services in the future, we will continue to consolidate the competitiveness of the existing popular platform, explore new layouts and expand long-term space in the upstream and downstream. Maintain a "buy" rating.

Risk hint: there is uncertainty in the profit way of innovative business, increased instability in the industry, and stricter policy supervision.

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天下秀(600556)：23Q3归母净利YOY+42.76% 看好公司持续上下游探索红人经济产业链新生态！

World Show (600556): 23Q3 returns net profit YOY +42.76%, optimistic that the company will continue to explore the new ecology of the celebrity economy and industry chain upstream and downstream!

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