传统图片版权业务仍在恢复中，音视频版权业务增长亮眼。2Q24 公司收入同比下降6%，我们判断主要是图片版权业务影响。根据公司公告，1H24 音视频业务销售总额占营收之比达32%，即1.28 亿元左右；1H23 占公司营收之比为5%，即1,900 万元左右。我们对应估计1H24 图片版权业务销售总额同比下降23%至2.71 亿元左右。从客户类型维度看，公司公告称1H24 中小企业客户贡献增量，1H24 公司于电商平台产生的交易额占营收之比达29.2%，同比增长13.6ppt，主要系公司旗下音视频业务的光厂创意和图片电商平台站veer.com 高效定向获取中小新客户。我们认为，音视频版权业务方面公司具备数据资产优势，有望顺应高速增长的市场需求持续实现收入增量；图片版权业务方面，主要关注外部宏观环境及广告主投放需求的变化。2Q24 results are in line with our expectations
The company announced 1H24 results: revenue of 0.399 billion yuan, up 7.6% year on year; net profit to mother of 50.85 million yuan, down 44.0% year on year; after deducting non-net profit of 49.13 million yuan, up 11.8% year on year. Among them, 2Q24 achieved revenue of 0.224 billion yuan, a year-on-year decrease of 6%; net profit to mother was 34.98 million yuan, an increase of 2.2% year over year; after deducting non-net profit of 32.91 million yuan, a year-on-year decrease of 6.9%. The 2Q24 results were in line with our expectations.
Development trends
The traditional image copyright business is still recovering, and the audio and video copyright business is growing rapidly. 2Q24 The company's revenue fell 6% year on year. We judge that it was mainly affected by the image copyright business. According to the company announcement, the total sales of 1H24 audio and video business accounted for 32% of revenue, or about 0.128 billion yuan; 1H23 accounted for 5% of the company's revenue, or about 19 million yuan. We should estimate that the total sales of the 1H24 image copyright business fell 23% year over year to around 0.271 billion yuan. Looking at the customer type dimension, the company announced that 1H24 SME customer contributions increased. The transaction volume generated by 1H24 on e-commerce platforms accounted for 29.2% of revenue, an increase of 13.6ppt over the previous year. It is mainly due to the company's audio and video business, Guangchang Creative and image e-commerce platform site veer.com, efficiently targeting small and medium-sized new customers. We believe that in the audio and video copyright business, the company has the advantage of data assets and is expected to continue to increase revenue in line with rapidly growing market demand; in the image copyright business, it mainly focuses on changes in the external macro environment and advertisers' advertising needs.
The gross margin continues to fluctuate due to the impact of the audio and video business, and cost control is excellent. In terms of gross margin, 2Q24 fell 5/9ppt to 43% month-on-month. The gross margin of the main audio and video business was lower than traditional image copyright. As the share of audio and video revenue increased, the company's gross margin fluctuated downward. In terms of expenses, the 2Q24 sales/management/R&D expense ratio decreased by 2/1/1ppt to 7%/10%/11%, respectively. We think the company's cost control is better.
Further expand 3D content assets; several AIGC strategic partnerships have been implemented. In terms of copyright assets, the company further expanded into 3D content. The company strategically invested in the leading domestic 3D content creator community and trading platform “CG Model Network”, bringing the company more than 1 million 3D model assets. On the AIGC side, the company reached a strategic cooperation with Aishida Technology on July 30, and its PixVerse subsidiary is an AI video generation platform; in addition, the intelligent PPT production platform “Aippt.cn” invested by the company reached a cooperation with Kimi in July.
We believe that the application of AIGC in the entire industry continues to deepen, and the company, as a high-quality copyright holder, can benefit from the increase in demand for images, audio and video materials under AIGC applications.
Profit forecasting and valuation
Maintaining profit forecasts, the current stock price is trading at 52/45 times 2024/2025 P/E. Maintain a neutral rating.
Considering that the audio and video business already collaborates well with the main business, the SOTP valuation method was switched to the P/E method of valuation. Considering the scarcity of the company's digital assets, the deepening application of AIGC is expected to better empower the company, giving 55 times the 2024 P/E, reducing the target price by 15% to 11.4 yuan, corresponding 47 times the 2025 P/E, and 5% potential upward space.
risks
Business recovery fell short of expectations, major models progressed less than expected, AIGC changed its service model and competitive landscape, and public opinion risks copyright disputes.
