唐德影视:22年经营逆势增长,积极探索“AIGC+IP”的产业落地

（以下内容从天风国际证券《唐德影视:22年经营逆势增长,积极探索“AIGC+IP”的产业落地》研报附件原文摘录）
　　Zhejiang Talent Television and Film (300426 CH) 22年经营逆势增长，积极探索“AIGC+IP”的产业落地 Initiating coverage: 2022 net profit growth bucks the trend; exploring AIGC-aided IP industrial implementation BUY (Initiation) 投资要点/Investment Thesis 投资要点/Investment Thesis 影视剧赛道老将，加大多元内容的精耕细作，新业务业绩可期 公司以影视剧投资、制作、发行为核心业务，推动电影、直播电商、影视广告制作及影视剧后期制作等相关业务。公司影视主业继续保持稳健发展，先后出品电视剧《永不消逝的电波》、《武媚娘传奇》、《东宫》和电影《绝地逃亡》等；参与出品了年度热门电视剧《那年花开月正圆》、《急诊科医生》和电影《心花路放》、《我不是药神》等。同时，公司继续深化与实际控制人浙江广播电视集团的协同联动，强化战略统筹。根据公司发布2022年年度报告，2022年实现营业收入4.10亿元，同比下降13.9%；归母净利润为0.31亿元，同比增长63.7%，实现逆势增长。 Film and TV veteran steps up content diversity and enters new businesses Comprehensive coverage: Talent Television and Film regards the investment, production and distribution of movies and TV dramas as its core business. It is also pushing into related markets like film and livestream ecommerce, film and TV advertising production, and post-production of film and TV dramas. Talent’s film and TV business is showing stable growth. Its production portfolio includes TV series The Eternal Wave, The Empress of China, Goodbye My Princess, and the movie, Skiptrace. It took part in the production of this year’s hit TV series, Nothing Gold Can Stay and Emergency Department Doctors, and the movies Breakup Buddies and Dying to Survive. To strengthen strategic plans, Talent continues to build synergy with controlling shareholder Zhejiang Radio and Television Group. The company raked in RMB410m revenue in 2022, down 13.9%, its annual report shows, while net profit came to RMB31m, bucking the industry trend with 63.7% growth. 2022年度，公司投资制作的重大革命历史题材电视剧《香山叶正红》获得第33届中国电视剧“飞天奖”优秀电视剧奖;承制的网络视频平台定制剧《我的卡路里男孩》在腾讯视频、爱奇艺联合播出，获评国家广播电视总局2022年度优秀网络视听作品;参与投资的电视剧《我们的日子》于2023年2月6日在中央电视台综合频道首播，首播收视率达到2.865%，播出期间平均收视位居全部上星频道晚间电视剧的榜首;重点投资的电视剧《无间》于2023年3月30日在江苏卫视和东方卫视首播，并在腾讯视频同步播出，截至2023年4月24日，腾讯热度值破27,000。 Top works ·Xiang Shan Ye Zhenghong (literally, Truly Red Fragrant Mountain Leaves), a 2022 revolution era TV drama that Talent invested into and produced, won the Excellent TV Series Award at the 33rd Chinese TV Flying Apsaras Awards. ·My Calorie Boy, a video platform web drama produced by Talent under a custom contract, was broadcast on both Tencent Video and iQiyi, and awarded the 2022 Excellent Online Audiovisual Work by the Radio and TV State Administration. ·Our Ordinary Days, a TV series in which Talent was an investor, premiered on CCTV’s general channel on 6 Feb 2023 to 2.865% ratings at the first broadcast. Its average rating during the broadcast period took top spot among all-star TV channel evening dramas. ·The Infernal Affairs TV series, a key investment project for the company, premiered on Jiangsu Satellite TV and Dragon TV on 30 March 2023, and was simultaneously broadcast on Tencent Video. As of 24 April 2023, its user popularity on Tencent exceeded 27,000. 此外，公司直播服务等新业务亦取得良好开端，为公司贡献稳定毛利和现金流。天猫汽车618“闪光的派对”直播、长城哈弗汽车618直播、一汽奔腾直播等项目直播服务贡献收入约0.12亿元，同比提升1201.17%。 Livestream business: Talent’s livestream services have made a good start in its foray into related business areas, contributing to stable gross profit and cash flow for the company. Tmall Cars’ 618 Flash Party livestream, Great Wall Haval Motors’ 618 livestream, the FAW Pentium livestream and other livestream projects contributed about RMB12m to revenue, a yoy increase of 1,201.17%. IP及行业人才储备丰富，积极探索“AIGC+IP”的产业落地 公司深耕影视市场10余年，拥有国内一流的创作团队和影视IP资源，具有深厚的行业资源和丰富的资本运作经验。我们认为，通过以影视剧制作和发行为核心、影视相关其他业务环节共同推进的一体化产业链，公司有望进一步发挥电视剧和电影业务之间IP叠加效应，以提高经营效率、降低生产成本，从而提升了盈利能力。此外，公司正在积极布局虚拟人制作、运营、算力为一体的业务，NFT数字收藏业务，AI换脸以及“AIGC+IP”，加速“影视+科技”落地，有望进一步提升公司主营业务的全流程效率。 IP and industry talent resources; AIGC+IP industrial processes An industry player of more than a decade’s standing, Talent has built a top-class creative team for the Chinese market. It has rich film and TV IP resources, along with industry resources and capital operation experience. Its integrated value chain coverage centers on film and drama production and distribution, as well as joint promotions in related businesses. We expect Talent will leverage its IP synergy across film and TV to raise operating efficiency and reduce production costs, thereby increasing profitability. To accelerate the incorporation of technology into film production, it is entering into the business of virtual human production, operating and computing power, NFT digital database, AI face swapping and AIGC+IP, which we expect will improve the overall process efficiency of its main business. 投资建议/Investment Ideas 投资建议：我们预计23-25年公司营收分别为4.19/4.69/5.37亿元，同比增长2.16%/11.85%/14.57%；归母净利润分别为0.32/0.36/0.41亿元，同比增长4.1%/12.26%/13.19%。首次覆盖给予“买入”评级。 Forecast and risks We forecast revenue of RMB419m/469m/537m in 2023/24/25E, up 2.16/11.85/14.57%; and net profit of RMB32m/36m/ 41m, up 4.1/12.26/13.19%. We initiate coverage with a BUY rating. 风险提示：宏观经济风险；市场恢复不及预期风险；行业竞争加剧；产品适销性风险；流通市值较小，股价波动较大；新技术对业绩影响不确定性风险；资产负债率较高、应收账款减值导致的财务风险；涉及多项未决诉讼等纠纷对公司利润影响风险等。 Risks include: macroeconomic risks; market recovery falling below expectations; intensifying competition; product marketability risks; share price volatility of small caps; uncertainties of new technologies affecting business performance; financial risks related to high gearing and accounts receivable impairments; and any disputes in pending lawsuits impacting profits. Email: equity@tfisec.com TFI research report website: (pls scan the QR code) 本文件由天风国际资产管理有限公司（证监会中央编号：ASF056）编制，所载资料可能以若干假设为基础，仅供专业投资者作非商业用途及参考之用途，会因经济、市场及其他情况而随时更改而毋须另行通知。任何媒体、网站或个人未经授权不得转载、链接、转贴或以其他方式复制发表本文件及任何内容。已获授权者，在使用本文件或任何内容时必须注明稿件来源于天风国际集团，并承诺遵守相关法例及一切使用的国际惯例，不为任何非法目的或以任何非法方式使用本文件，违者将依法追究相关法律责任。本文件所引用之数据或资料可能得自第三方，天风国际集团将尽可能确认资料来源之可靠性，但天风国际集团并不对第三方所提供数据或资料之准确性负责。且天风国际集团不会就本文件所载任何资料、预测及／或意见的公平性、准确性、时限性、完整性或正确性，以及任何该等预测及／或意见所依据的基准作出任何明文或暗示的保证、陈述、担保或承诺而负责或承担任何法律责任。本文件中如有类似前瞻性陈述之内容，此等内容或陈述不得视为对任何将来表现之保证，且应注意实际情况或发展可能与该等陈述有重大落差。本文件并非及不应被视为邀约、招揽、邀请、建议买卖任何投资产品或投资决策之依据，亦不应被诠释为专业意见。阅览本文件的人士或在作出任何投资决策前，应完全了解其风险以及有关法律、赋税及会计的特点及后果，并根据个人的情况决定投资是否切合个人的投资目标，以及能否承担有关风险，必要时应寻求适当的专业意见。投资涉及风险。敬请投资者注意，证券及投资的价值可升亦可跌，过往的表现不一定可以预示日后的表现。在若干国家，传阅及分派本文件的方式可能受法律或规例所限制。获取本文件的人士须知悉及遵守该等限制。

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