营收及扣非归母净利润双增长，中期分红回馈投资者2024H1，公司实现营业收入3.99 亿元，同比+7.56%；实现归母净利润0.51亿元，同比-44.0%；实现扣非后归母净利润0.49 亿元，同比+11.8%，主要由于23H1 收购光厂创意导致对比期投资收益增加所致。上半年公司销售/管理/研发费用率分别为9.5%/14.2%/10.8%，同比变化-2.9/-1.6/-1.6pct。分季度看，24Q2 单季度实现营业收入2.24 亿元，同比-6.1%，环比+28.3%；归母净利润0.35 亿元，同比+2.2%，环比+120.4%。公司发布中期分红方案，计划每10 股派发现金红利0.08 元（含税）。Incidents:
The company published its 2024 semi-annual report.
Comment:
Both revenue and net profit after deduction increased. The mid-term dividend gave back to investors 2024H1. The company achieved operating income of 0.399 billion yuan, +7.56% year over year; realized net profit of 0.051 billion yuan, or -44.0% year over year; realized net profit without deducted back to mother 0.049 billion yuan, +11.8% year over year, mainly due to the increase in investment income over the period due to 23H1's acquisition of Guangchang Innovation. The company's sales/management/R&D expenses in the first half of the year were 9.5%/14.2%/10.8%, respectively, with year-on-year changes of -2.9/-1.6/-1.6pct. On a quarterly basis, 24Q2 achieved revenue of 0.224 billion yuan in a single quarter, -6.1% year-on-year, and +28.3% month-on-month; net profit to mother was 0.035 billion yuan, +2.2% year-on-year and +120.4% month-on-month. The company announced a mid-term dividend plan with a cash dividend of 0.08 yuan (tax included) for every 10 shares.
The audio and video business is growing rapidly, and the layout of 3D content is deepening
2024H1, the company focused on the expansion of audio and video content. The total volume of audio and video content materials exceeded 46 million. In the first half of the year, audio and video sales accounted for 31.99% of total revenue, an increase of 26.83 pcts over the same period last year. During the year, the company strategically invested in Jingzhi 3D, a leading 3D content manufacturing company, and its subsidiary to find her, the 3D creator community and trading platform CG Model Network to expand the company's copyright content library. From a customer development perspective, on the premise of maintaining the high stickiness of KA customers, the company's goal is to focus on small and medium-sized enterprises and the C-side market, providing an efficient, simple, and highly standardized e-commerce platform with a high degree of self-service. Platform sales increased 15.66% of total revenue to 29.21% in the same period last year, and its ability to serve SMEs was greatly improved.
The “AI+ content+scene” strategy progressed steadily. AIGC enabled the main business development company to establish an “AI+ content+scenario” strategy, which relies on its massive amount of high-quality compliance content data to provide compliance data services for AI big model companies. Its websites have successively launched AI search functions for images and videos to enhance the user interaction experience. The company's investment company Ai Design & AIPPT. Currently, Aippt.cn ranks first in the country in terms of monthly visits in the AIPPT field, exporting API capabilities to hundreds of customers and reaching ecological cooperation.
The company relies on its creator community to launch AIGC content customization services, cooperate with AI model trainers to train models for customized scenarios, and provide safe and compliant AIStudio creative customization services.
Investment advice and profit forecasting
The company has consolidated the core business of digital copyright business, the audio and video business has developed rapidly, and AI+ services are expected to continue to enable business monetization and new growth. We expect the company's net profit to be 0.147/0.176/0.202 billion yuan in 2024-2026, and EPS is 0.21/0.25/0.29 yuan, respectively, corresponding to PE53/44/39 times PE. Maintain an “Overweight” rating.
Risk warning
Policy and regulatory risks, risk of new business development falling short of expectations, and increased risk of industry competition.
