Home 夜生活Vision China (000681) 2019 Semi-annual Report Review: Starting After Adjustments, Performance Progress Improves Quarterly

Vision China (000681) 2019 Semi-annual Report Review: Starting After Adjustments, Performance Progress Improves Quarterly

Vision China (000681) 2019 Semi-annual Report Review: Starting After Adjustments, Performance Progress Improves Quarterly
Event: Visual China released its 2019 semi-annual report, and the company achieved revenue in the first half of the year4.02 million, a decrease of 16 per year.49%; net profit attributable to mothers1.33 ppm, a reduction of 3 per year.10%.Revenue from core visual content and services3.980,000 yuan, an increase of 0 in ten years.1%. Due to factors such as the 411 incident and asset divestiture, the company’s Q2 single-quarter revenue and profit changes.Vision China’s Q2 2019 quarterly revenue2.38 ‰, a decrease of 26 per year.97%; net profit attributable to mother is 0.75 ppm, a decrease of 22 per year.59%.It is mainly affected by the following two factors: (1) The company focuses on its core business and divested its Eunsun asset group at the end of 2018. At the same time, it sold its outstanding equity in Shanghai Q1 in 2019.Contributions and profits from non-main business decrease every year. (2) On April 11, 2019, Tianjin Internet Information Office conducted a case investigation on Hanhua Yimei, and the company took the initiative to temporarily shut down the website for rectification. On April 26, the company’s website was opened to some customers for testing; on May 12,With the consent of the relevant departments, the company’s website fully restored services to all customers.The main business was affected to some extent. The 411 incident affected the overall controllability, and the core business is expected to resume positive growth in Q3.The direct impact of the 411 incident on the company’s core 西安耍耍网 business was about one month, and it is now operating normally.The company further opportunities to optimize its business model and pay more attention to user service and experience.In the first half of the year, the core content of visual content and services realized revenue growth of zero.1%. In the second quarter, we expect a decrease of 12% -20%, which will affect the overall controllability. The core business will continue to grow positively in Q3. The number of contracted customers maintained rapid growth, and in-depth cooperation was promoted. In the future, intervention in marketing will be strengthened. In the first half of the year, the number of customers directly contracted with the company increased by 31%. Corporate customers, media, advertising marketing and services, and Internet platform revenue accounted for 杭州桑拿 37%, 30%, 18%, and 15%, respectively. The company has signed strategic cooperation agreements with large customers such as AVIC, fully reviewed and further strengthened comprehensive and in-depth cooperation with party and government agencies and mainstream media, and established an independent department. Consolidate cooperation with various Internet platforms.Through the connection and empowerment with the Internet platform, the depth and breadth of high-quality genuine content reaching customers has been enhanced, and the company’s ability as an “infrastructure” of the content ecosystem to extend and fully cover the market has been continuously enhanced.At present, the company has respectively accepted: search engines (Baidu, Sogou, 360), self-media platforms (Tencent, Baidu, Alibaba, Yidian, 360, Weibo Cloud Shear), online advertising platforms (Baidu, Ali, Tencent), creativeDesign platform (Cavans, Yi Qixiu) and other application scenarios. The company will strengthen its investment in marketing, open up key industries in a targeted manner, focus on large customers, focus on Internet platforms, and obtain business growth through quality services of “content + technology”. “Quality Content” + “Smart Services” two-wheel drive. Conform to market development trends and integrate premium content.The company has improved the content review system and process, established an independent content security review team, and established cooperation with People’s Daily, which has improved the company’s content quality and compliance service capabilities as a whole.Relying on the 500px photography community to expand the number and quality of contracted suppliers; maintain close cooperative relationships with 240 well-known content organizations or brands around the world, continue to increase investment in design materials, video, music, font business, supplement video in the first halfNearly 1,000 signing contributors have signed exclusive agency agreements with nearly 10 video, music, design, and font companies. Excellent technical development, the technical department was reorganized into an independent system.The data background aggregates a large amount of three types of data: content data, user behavior data, and content usage scenario data.Including: 1) more than 2 billion pictures, videos, music content data, 2.2 million structured tag library and knowledge map, content application tags more than 6 billion; 2) more than 20 million users (content contributors and users)70 million daily search, upload, download, collection, share and other user behavior data; 3) 30 million users / year of usage scene data.Lay the foundation for serving our customers in all products and all scenes. Earnings forecast and investment advice: We predict that Visual China will achieve 8 revenues in 2019-2021.6.9 billion, 10.6.5 billion, 12.59 trillion, a growth of -12 in ten years.02%, 22.50%, 18.30%; achieve net profit attributable to mother 3.4.2 billion, 4.1.3 billion, 4.86 ppm, a ten-year increase6.54%, 20.77%, 17.57%, the corresponding EPS is 0.49 yuan, 0.59 yuan and 0.69 yuan. Risk warning: policy and legal risks; C-side business development is less than expected; piracy risks; market risk appetite is down.