Tianyu Group(002354) 太平洋·2024-05-08 05:30Investment Rating - The report maintains a "Buy" rating for Tianyu Digital Technology (002354) [1][6] Core Views - The company's digital platforms are driving steady growth in digital marketing business [5][6] - Data Valley has gathered 16 major digital application scenarios, providing rich resources for digital and intelligent business [17] - Three major digital platforms serve over 2000 clients daily, with 400 million+ video materials and 260TB of video/image data accumulated [18] Financial Performance - 2023 revenue reached 1.761 billion yuan, up 1.07% YoY, with net profit of -1.087 billion yuan [4] - Q1 2024 revenue was 370 million yuan, down 22% YoY, but net profit grew 30.09% to 13.31 million yuan [4] - Forecasted 2024-2026 revenue: 2.079/2.439/2.843 billion yuan, with growth rates of 18.01%/17.35%/16.56% [6] - Expected net profit for 2024-2026: 69/90/119 million yuan, with growth rates of 30.04%/33.30% [6] Business Development - Data Valley has attracted about 750 enterprises, forming 16 major digital application scenarios [17] - Three major digital platforms: 1) MetaSurfing-Yuanxiang Intelligent Cloud Platform with self-developed AI digital human model [18] 2) Magic Cube Mix Intelligent Marketing Cloud Platform with AI creative script production [18] 3) Mobile application intelligent distribution platform with 312 million registered users [18] Industry Analysis - The company is positioned in the media internet sector, focusing on digital marketing and game development [30] - Digital effect traffic business is shifting to high-value business, improving gross margin [30]