The company recently issued an announcement announcing a split of shares from a par value of US $0.0001 per share to two shares of US $0.00005 each, which came into effect on November 10. The move shows the company's full confidence in future performance and is expected to attract more levels of investors and enhance stock liquidity. The business of all sectors of the company is advancing steadily, the growth potential is expected, and the overweight rating is maintained.
Support the main points of rating
The share split shows business confidence, and the shareholder base continues to expand. Since November 10, the company has subdivided the original shares of US $0.0001 each into 2 shares of US $0.00005 each and 8.114 billion shares outstanding after the split. This move is expected to reduce the volatility of share prices, increase the liquidity of shares, attract more levels of investors, and fully reflect the company's confidence in future performance. Since September, the company's shares have been included in the Hang Seng Composite Index and included in the MSCI China Index, which will take effect after the close on November 30, which is expected to further expand the shareholder base and fully demonstrate the market's recognition of the company's prospects.
The popularity of the theme park has rebounded and the performance of the flagship project is gratifying. During the National Day holiday, Shanghai Haichang Ocean Park received more than 160000 visitors, returning to 90 per cent of the same period in 19 years, according to the company. Flying Pig data show that as of November 8, there have been more than 300000 orders for popular style goods in popular theme parks in Shanghai, Beijing and other cities, and theme parks have once again become a popular tourism product option.
Actively promote transformation and expand the territory of IP's new retail business. The company announced in October that its wholly-owned subsidiary Coolami Holdings had acquired a 100% stake in Beibei bottle. The latter has the ability to cover the whole industry chain of ice design, research and development, production, logistics, promotion, operation and sales. It is a unicorn enterprise in the field of ice products, covering more than 310 scenic spots and selling more than 11 million creative ice creams a year. With the help of Beibei bottle's leading design capability and extensive channel layout, the company is expected to deepen the offline scene of IP retail and broaden the territory of new consumer business.
Valuation
The company has significant barriers to industrial resources in the deep ploughing industry for many years, and its leading position is stable. After the flagship project epidemic, passenger flow rebounded rapidly and continuously enriched the supply of products, the light assets business expanded steadily, and IP and new retail businesses empowered the stock business and created new growth poles. We maintain the previous forecast that the company is expected to achieve revenue of 11.9,33.3 and 4.51 billion yuan from 2022 to 2024, corresponding to 24.2,8.6,6.3 times of Pamp S, respectively.
Main risks faced by rating
Repeated risks of the epidemic, the progress of new projects is not as expected, and the expansion of light assets projects is not as expected.