On January 18, 2022, Tiandi Online (002995) announced that Southwest Securities Gou Yurui, Kaiyuan Securities Wang Shuo, and Huaxia Fund Peng Haiwei investigated our company on January 17, 2022.
The main contents of this survey are:
Q: Please introduce the specific business model of the old rice bone invested by the company, and what is the company's plan for cooperation with it?
A: In 2020, the company invested in the "Old Rice Bone" brand company Xia Entropy, holding 9.892% of its equity, for specific information, please refer to the "Announcement on Overseas Investment and Related Party Transactions" issued by the company on October 29, 2020. "Old Rice Bone" is committed to bringing the master feast to the ordinary family table, launching kuaishou dishes, pre-made dishes and other products, at present, the old rice bone has launched a "little lion's head, secret chicken, chrysanthemum golden soup sauerkraut fish, onion oil diced fried sauce, Buddha jumping wall, etc." multi-course pre-made dishes, and recently launched a variety Chinese New Year's Eve of pre-made dish gift boxes such as "Feast For Home" and "Carrying Beijing Transport 2.0" on WeChat Mini Program, Tmall, Douyin, and Jingdong platforms. In terms of business cooperation, the company gives full play to its own business advantages and service capabilities, based on media platforms such as Douyin, Taobao, tencent, etc., to help "Old Rice Bones" innovate and break through in multi-business sectors such as brand content IP creation, content e-commerce operations, IP commercialization value-added, and new consumer brand incubation, empower IP with high-quality digital services, realize the upgrading of the brand's commercial value in the Internet 3.0 era, promote the in-depth development of old rice bones in the field of prepared dishes, and precipitate the company's global full-link marketing solutions in the field of prepared dishes.
Q: What was the reason for the decline in the company's net profit in the third quarter?
A: On the one hand, the company's new business investment has increased, and on the other hand, there is also the impact of the manufacturer's confirmation policy.
Q: At present, the proportion of the company's SaaS business revenue is relatively small, will the proportion of this business gradually expand in the future? What does the planning look like?
A: The company's basic enterprise SaaS marketing service business is mainly to provide customers with enterprise-level SaaS tools using training services, such as enterprise QQ, enterprise WeChat, etc. In the process of providing advertising services, through the agency's SaaS tools, we help customers improve the efficiency of internal sales and operation management. At present, this business is an increase in our comprehensive marketing service system, and the proportion of revenue is relatively small. In the future, the company will take Nebulas Astar as a breakthrough in our SaaS business, and will focus on the company's own SaaS construction and integration services. With the upgrading of tools and the optimization of business modules, the company's overall business structure and revenue model will gradually be divided into business links dominated by its own products.
Q: Please introduce the cooperation model of the company's Roundabout Project.
A: The company's cooperation "Flying Theater Around the World Giant Screen" project landed in Beijing Longfu Temple Cultural Scenic Spot, the project is mainly composed of three parts: flying theater area, immersive roaming experience area, trend consumption area, of which "flying theater" is a collection of 8K real-life shooting films, 20-meter spherical enveloping giant screen, six degrees of freedom suspended seats, simulating natural wind, water, clouds, smell and other physical sensory technologies to create a giant screen 6-axis immersive theater, through the realization of naked-eye full-sensory virtual reality. Give consumers an immersive movie-going experience. As a key project in Dongcheng District of Beijing, the project has rich world-class IP resources and industrial chains. In the immersive experience consumption scene of chemical, technology, art and trend business, the cooperative company will carry out a global marketing layout for the project by building a "loud volume" media matrix, providing a comprehensive marketing strategy, establishing a brand, creating IP, e-commerce operations and other multi-faceted services, creating a full-link marketing scheme based on "product", "effect" and "sales", effectively promoting the comprehensive upgrading of the project, and realizing the comprehensive integration of the offline immersion experience and the content traffic platform.
Q: Will the gradual compression of gross profit in the advertising industry continue? Follow-up planning for the advertising business?
A: The cooperation policy of each platform for public domain advertising will be adjusted every year, the gross profit of traditional advertising business has tended to be stable, with the acceleration of the construction process of mobile Internet, the gradual enrichment of application scenarios has made the value point of enterprise customers' operational needs for integration more and more prominent, and then it will test the core capabilities of service providers. In the future, the company will focus on the digital transformation in the post-mobile Internet era, continuously deepen the construction of the layout of the private domain ecology and the link ecology after landing, and create a global full-link digital marketing model through the empowerment of the public domain traffic front link + the hosting of the private domain traffic post link. Build a service industry ecology with "traffic + technology + content + tools" as the core, and comprehensively improve the company's operational efficiency and competitive strength.
Q: What is the company's operating model and layout in the virtual digital content business?
A: With the continuous upgrading of 5G, software technology, and hardware equipment, the application scenarios of content are gradually diversified, and consumers and industries have driven brands and enterprises to upgrade their demand for content services again. In the Internet 3.0 era, in addition to the company's layout in the incubation of original virtual assets, we will continue to give full play to the service advantages of the original business, relying on professional-level software and hardware facilities and content creation teams, to help enterprises/brands create virtual digital images and derivative assets in the new traffic era, and build brand commercialization infrastructure. The operation team will provide innovative content operation and commercialization solutions suitable for multi-dimensional application scenarios based on customer needs, so that the brand and its derivative assets can enter the consumer vision in the new traffic era and eventually settle into the brand traffic pool. Finally, through the integration of diversified content production, full-dimensional media coverage, and multi-scenario content operation, we will create a closed-loop commercial service ecosystem that integrates virtual digital asset creation, commercial application, asset management, asset appreciation, etc., which can be seamlessly linked in all scenarios and virtual + real space, and build a full-link empowerment system that helps brand value upgrade in the new traffic era.
The main business of Tiandi Online: Provides full-case service solutions and enterprise-level SaaS services for Internet comprehensive marketing around customer needs. Deeply understand the customer's business and brand development strategy, provide customers with Internet marketing, brand operation, communication content planning, brand promotion and other full-case service content, form a full-link comprehensive service strategy suggestion, and provide business owners with digital services that continue to increase efficiency throughout the region.
According to the third quarterly report of Tiandi Online in 2021, the company's main revenue was 3.19 billion yuan, up 46.28% year-on-year; the net profit attributable to the mother was 69.1589 million yuan, down 3.75% year-on-year; the deduction of non-net profit was 61.132 million yuan, down 12.17% year-on-year; among them, in the third quarter of 2021, the company's single-quarter main revenue was 1.038 billion yuan, up 7.38% year-on-year; the single-quarter net profit attributable to the mother was 27.1364 million yuan, down 29.35% year-on-year. In the single quarter, the non-net profit was 24.7877 million yuan, down 34.46% year-on-year; the debt ratio was 35.26%, the investment income was 4.7079 million yuan, the financial expense was -3.2019 million yuan, and the gross profit margin was 5.28%.
A total of 1 institution has given a rating and an overweight rating in the last 90 days; the average target price of the institution in the past 90 days is 45.4; the Valuation Analysis Tool of The Star of Securities shows that the good company rating of Tiandi Online (002995) is 3 stars, the good price rating is 2 stars, and the valuation comprehensive rating is 2.5 stars. (Rating Range: 1 ~ 5 stars, maximum 5 stars)
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