36 Krypton won the first coverage of Societe Generale Securities: be optimistic about the leading position of the company's new economic platform, and the prospect of diversified realization is expected.

On September 29th, Societe Generale Securities covered Nasdaq listed company 36Kr Holdings Holdings (stock code: KRKR) for the first time, gave it a prudent "overweight" rating, and issued a research report "36Kr Holdings KRKR: the leader of the new economic content platform, diversified realizable period". According to the report, 36Kr Holdings is a media leader in the field of the new economy, with business extending to Enterprise Services in an all-round way; the establishment of the Beijing Stock Exchange has opened up growth space for 36Kr Holdings, an enterprise service platform that has accumulated a large number of resources of small and medium-sized new economy companies. At present, the valuation of the comparable company is about 11 times PS corresponding to 22 years' revenue, but 36Kr Holdings's current PS is only 1.1 times. The company is listed in the United States, and local institutional investors have limited understanding of 36Kr Holdings's influence. However, as the influence of the company's content is gradually recognized by the market and gradually diversified based on high-quality flow, it is covered for the first time, giving a prudent "overweight" rating.

In this report, Societe Generale Securities aims at 36Kr Holdings's investment points, pointing out that 36Kr Holdings has been deeply engaged in high-quality content creation for a long time and has considerable flow and influence in the same industry. In 2020, 36Kr Holdings produced a total of 108000 articles, the original content system covers science and technology, business, venture capital and other fields. It has 36Kr Holdings, 36Kr Holdings pro, 36Kr Holdings Research Institute, Future Automobile Daily, Superman Evaluation, 36Kr Holdings going to Sea, Houlang Research Institute and other picture and text content account matrix, and laid channels in a number of three-party media platforms. It is understood that the number of 36Kr Holdings fans on the whole network and platform has exceeded 2000w. According to the previous financial report of Q2 in fiscal year 2021, as of June 30, 2021, the average monthly PV of 36Kr Holdings was as high as 846 million, and the monthly PV data of the whole network had achieved 13 consecutive quarters of continuous growth.

The report also points out that with the diversification of 36Kr Holdings's advertising forms and product matrix, the unit price of advertisers is expected to rise. In the past two years, 36Kr Holdings began to focus on short video business and live broadcast business, based on his own unique advantages in the pan-commercial field for more than a decade, combined with hot spot in-depth analysis of industry events and keen insight into the psychology of users to produce knowledge-sharing video and has been commercialized, enriching the forms and channels of advertising.

Enterprise service has also become the company's second growth curve. The revenue of 36Kr Holdings's enterprise service category mainly comes from offline activities, integrated marketing, consulting and the developing enterprise service review platform. According to the 2021Q2 financial report released by 36Kr Holdings, the income from value-added services is 14.3 million yuan, and the total transaction volume (Gross Transaction Value) under the comparable caliber is 57.93 million yuan, an increase of 36% year-on-year and 107% month-on-month. 36Kr Holdings's key business service review platform in 2020, as of 2021Q2, has included more than 4000 business service applications, covering 15 major industries and 200 sub-industries. With the gradual commercialization of the enterprise service review platform, it will serve more enterprises with digital transformation and upgrading needs in the future, and it will once again raise 36Kr Holdings's revenue ceiling and become the company's second growth curve.

In addition, the establishment of the Beijing Stock Exchange will also bring historic business opportunities for 36Kr Holdings. The Beijing Stock Exchange is an important measure taken by the central government to support innovation and development, deepen the reform of the new third board market and create a platform for small and medium-sized business owners with innovative services. As a platform for ploughing the new economy for many years, 36Kr Holdings has accumulated a huge amount of corporate customer resources and has a strong influence in the field of venture capital. with the support of the policies of the Beijing Stock Exchange, he will provide services for more "specialized and special" enterprises, further enhance the influence of the company, and bring new growth opportunities for 36Kr Holdings.

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