浙数文化:营收高增长,政策催化下积极关注数字科技业务进展

（以下内容从天风国际证券《浙数文化:营收高增长,政策催化下积极关注数字科技业务进展》研报附件原文摘录）
　　Zhejiang Daily Digital Culture Group (600633 CH) 营收高增长，政策催化下积极关注数字科技业务进展 2022 revenue spike; we would watch data tech business growth on policy catalysts BUY (maintain) 投资要点/Investment Thesis 投资要点/Investment Thesis 事件：公司发布2022年报，2022年公司实现营业收入51.9亿元，同比增长69.3%；实现归母净利润4.9亿元，同比下降5.2%；扣非归母净利润5.9亿元，同比增长92.6%。营收大幅增长主要系在线社交业务贡献，2022年在线社交业务实现收入25.8亿元，同比2021年的3.1亿元增长显著。归母净利润有所下降主要系公司及子公司持有的交易性金融资产及其他非流动金融资产公允价值变动，减少归母净利润1.9亿元，以及子公司加大业务拓展，市场推广费增加，致销售费用同比提升153%，销售费用率同比增加8.92pct至26.9%。 2022 revenue spike boosted by online social media business; net profit decline Daily Digital Culture (DDC) generated revenue of RMB5.19bn in 2022, up 69.3% yoy; net profit came to RMB490m, down 5.2%, with ex-nonrecurring net profit at RMB590m, up 92.6%. The revenue spike was mainly fueled by online social media, which brought in revenue of RMB2.58bn last year, a huge jump from RMB310m in 2021. We attribute the net profit decline mainly to fair value changes in trading financial assets and other non-current financial assets held by the company and its subsidiaries, which reduced net profit by RMB190m. Add to that heavier marketing expenses due to a ramp-up in business expansion at its subsidiaries. As a result, sales expenses increased 153% and sales expense ratio rose 8.92ppt to 26.9%. 数字文化板块：深耕互联网休闲类游戏领域，贡献稳定收益 2022年公司数字娱乐核心板块边锋网络持续深耕互联网休闲类游戏领域，整体业务稳中有进，2022年在线游戏运营收入17.2亿元，同比下降5.3%，毛利率同比提升4.1pct至92.1%，我们判断系2022上半年游戏版号停发，游戏业务重点围绕存量游戏运营，对应成本开支或有减少。游戏储备方面，自游戏版号重启以来，截至2023年3月边锋网络已获得10个游戏版号，包括《造个方舟》《魔法连环消》《萌宠庄园》等休闲游戏。在线社交业务收入同增734%，而该项业务毛利率为44.6%，相对游戏（92.1%）、广告（85.4%）较低，收入结构调整下总体拉低边锋网络营业利润率和净利率。 Digital culture market: online leisure games stabilize revenue trend Subsidiary Bianfeng Network Technology, which is behind the core digital entertainment business, deepened its traction in online leisure games and business grew steadily on the whole. Operating income from online games came to RMB1.72bn in 2022, down 5.3%, but gross margin widened 4.1ppt to 92.1%. We attribute this to the suspension of game title approvals in 22H1, when the gaming business focused on stock games operations, which reduced costs and expenses. After the approval process resumed in China, 10 of Bianfeng’s game titles from its pipeline have obtained license numbers as of March 2023. They include leisure games Idle Ark, Vanishing Enchanted Circle and Puppy Town. Online social media revenue increased 734% last year with a 44.6% gross margin, lower than those of games (92.1%) and advertising (85.4%). A revenue restructure lowered Bianfeng’s operating margin and net margin. 数字科技板块：IDC业务稳步拓展，持续助力数据资源体系建设 2022年富春云科技实现营收3.6亿元，利润8,692万元，营收稳步增长，利润再创新高。杭州富阳数据中心运营良好；北京四季青数据中心项目已达到交付标准；杭州大江东富栖云数据中心进入全面筹建阶段。我们预计随着机柜的陆续投入使用，有望逐渐释放业绩。浙江大数据交易中心已协助温州、湖州、义乌等多地完成了数据要素市场化改革试点的申报工作。截至2022年12月底，浙江大数据交易中心会员达380名，数据产品总数达362个，主要应用在公共数据融合利用场景、金融科技场景、媒体营销场景。融媒体业务方面，2022年传播大脑实现营收3.7亿元，同比维稳，3月28日传播大脑召开“天目蓝云”发布会，与百度、阿里成立技术生态联盟，将基于大模型、AIGC技术展开全方位合作，开启融媒新生态。 Data technology: IDC expanded steadily, aiding data resource system buildup Subsidiary Fuchun Cloud Technology’s revenue grew steadily to RMB360m while profit hit a new high at RMB86.92m in 2022. The data center in Fuyang, Hangzhou is operating smoothly, the Beijing Sijiqing data center project has achieved the delivery level, and the Hangzhou Dajiangdong Fuqi cloud data center has entered the stage of comprehensive preparation. As the different parts of the business gain traction, we expect the company’s profitability will gradually rise. For instance, Zhejiang Big Data Trading Center has assisted Wenzhou, Huzhou, Yiwu and many other areas to finalise applications for a restructure of data element marketization pilot. As of end-December 2022, Zhejiang Big Data Trading Center has 380 members and 362 data products, which are mainly used in public data integration and utilization scenarios, financial technology scenarios and media marketing scenarios. In the financial media business, Commind Technology maintained steady revenue growth at RMB370m in 2022. Its press conference on Tianmu Blue Cloud on 28 March established a technology ecosystem alliance with Baidu and Alibaba, which involves all-round cooperation based on large language models and AIGC technology to create a new integrated media ecosystem. 投资建议/Investment Ideas 投资建议：考虑到公司在疫情下多业务展现韧性，同时积极探索新业务初显成效，数据科技业务有望逐渐释放业绩，我们预计公司2023E-2025E年收入为45.14/51.71/56.38亿元（23/24年前值为46.59/51.08亿元），同比变动-12.97%/+14.57%/+9.02%。2023E-2025E年归母净利润为6.65/7.75/8.09亿元（23/24年前值为6.71/7.61亿元），同比增长35.85%/16.46%/4.41%，对应4月14日收盘价，2023E-2025E年PE分别为27.5/23.6/22.6倍。 Valuation and risks Daily Digital Culture Group has demonstrated multiple-business resilience against the pandemic drag and its foray into new businesses is showing initial results. We expect its data technology business will add incremental growth. We revise our revenue forecast to RMB4.51bn/5.17bn/5.64bn in 2023/24/25E (having nudged down our previous 2023/24E numbers of RMB4.66bn/5.11bn), which implies changes of -12.97/ +14.57/ +9.02% yoy, and net profit to RMB665m/775m/809m (previously RMB671m/ 761m in 2023/24E), up 35.85/16.46/4.41%. As of the 14 April closing price, PE is at 27.5/23.6/ 22.6x for 2023/24/25E. 风险提示：政策监管具有不确定性，多领域布局管理难度加大，项目进度不及预期，并购公司业绩不及预期，股权激励业绩完成不及预期等。 Risks include: regulatory policy uncertainties; omni-market network management risks; slower-than-expected project progress; lower-than-expected M&A business performance; and weaker-than-expected performance driven by equity incentives. 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