bestiosgamestoearncrypto| Guojin Securities: Give Visual China a buy rating
Chen Zimin, Guojin Securities Co., Ltd.BestiosgamestoearncryptoLu Yi recently conducted research on visual China and released it.BestiosgamestoearncryptoThe research report "the main business is sound, optimistic about AI, 3D layout", this report gives a buy rating to Vision China, and the current stock price is 13.Bestiosgamestoearncrypto.02 yuan.
Visual China (000681)
On April 25, the company disclosed its 23 annual report and 24 quarterly report, the annual revenue increased by 11.9%, the net profit of return to mother increased by 150 million, the net profit of non-return to mother increased by 12.2%, and the proposed cash dividend for 23 years was 0.021 yuan per share.Bestiosgamestoearncrypto1Q24 revenue 170 million / same increase 32.4%, return net profit 16 million / same drop 72.0%, deduct non-return mother 16 million / same increase 88.4%.
Business analysis
Income: the main business is sound, and the creativity of the light factory brings increment. 1) in 23 years, revenue increased by 11.9%, of which revenue from visual content and services increased by 12.2% to 780 million yuan, a large number of high-quality materials (500 million pictures, 3 million audio and video messages / 800000 hours) ensured a steady increase in performance, audio and video business and small and medium-sized enterprises continued to make breakthroughs. Audio and video sales accounted for 26% of total revenue from 6% in 22 years. The share of e-commerce platform sales increased from 1% in 22 years to 23% in 23 years. 2) 1Q24 revenue also increased by 32.4%, and the increase was mainly due to the creativity of the light factory. Profit: increased investment in research and development, light factory creativity and table to make a certain change in the profit structure. 1) the 23-year return net interest rate is 18.7% / the same increase in 4.4pct, and the non-net interest rate is 14.0%, which is the same as the same period last year. Gross profit margin is 51.2% per 2.7pct, which is expected to be mainly due to changes in income structure; sales / management / R & D rates are year-on-year-3.8/-1.5/+1.1pct, mainly due to optimization of organizational structure, reduced staff salaries and increased investment in R & D; investment income also increased by 89.3%, mainly due to changes in the fair value of the original equity after the creativity of the holding light factory. 2) the net interest rate of 1Q24 is 9.1% / the same drop of 33.8%, and the deduction of non-net interest rate of 9.3% / the same increase in 2.8pct. Gross profit margin 51.7% / same drop 4.9pct, expected to be mainly light factory creative table, revenue structure changes; sales / management / R & D rates year-on-year-5.4/-3.9/-2.7pct, the absolute value of little change, the reduction of rates is mainly due to the increase in income scale, operating efficiency improvement The year-on-year decline in the home net interest rate is mainly due to the change in the fair value of the original equity of the light factory, and the company's profit level as a whole has risen steadily. Looking forward to the follow-up: actively embrace the new direction of AI and 3D, which is expected to empower the main business and bring increment. 1) in 23 years, with "AI+ content + scene" as the core strategy, the company actively embraced AI and empowered the main industry by launching tools such as AI intelligent search, strategic investment in love design (launching AiPPT) and other enterprises, launching visual digital asset solutions driven by AI large models, and cooperating with Huawei to develop vertical large models. 2) 3D has been the focus of the company for 24 years, and has been strategically invested in Jingjing 3D and its subsidiaries for 24 years, which is expected to cut into the 3D digital asset service market and open a new growth curve.
Earnings forecast, valuation and rating
We estimate that the 24-26 year return net profit of the company will be 1.7 PE 2.0 / 230 million yuan, corresponding to 52.4 Compact 45.2 Unix 39.7X, maintaining the "Buy" rating.
Risk hint
Downstream demand is lower than expected; 3D business progress is not as expected; AI enabling is not as expected, aggravating competition risk; policy regulatory risk.
According to the calculation of the securities star data center based on the research data released in the past three years, China International Capital Corporation Yu Yingyao's research team has studied the stock more deeply, with an average forecast accuracy of 75.93% in the past three years. Its forecast net profit is 146 million in 2024, and the forecast PE is 62 based on the current price.
Details of the latest profit forecasts are as follows:
A total of four agencies have rated the stock in the last 90 days, including three buying ratings and one overweight rating; the average agency target price has been 15.88 in the past 90 days.
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