Announce the reorganization of the merger and acquisition plan, strengthen the game and e-sports layout. The company plans to issue 87.94 million shares at 13.76 yuan and pay 990 million yuan in cash for the 100% equity purchase of Sky Interactive, which is mainly engaged in the integrated R & D, distribution and operation of mobile games. at present, it has a number of popular works, including "National Baby Series" and "three Kingdoms enhanced Edition Series". During the suspension period, the company also acquired a 60% stake in Yinchuan Holy Land through holding Mingheming.
The layout of the whole industry chain of digital entertainment, business linkage to create a scarce platform. The subsidiary of the company acquired the operation right of WCA by acquiring 60% stake in Yinchuan Holy Land, which is one of the biggest beneficiaries of the great-leap-forward development of e-sports industry in China. After the acquisition of Sky Interactive and Yinchuan Holy Land, the company has formed an embryonic form of the layout of the whole industry chain in the fields of research and development, publicity, platform operation, event operation, video media production and so on. Online and offline linkage and content platform collaboration will drive the company to achieve a positive cycle of traffic and realization, and become a rare comprehensive platform enterprise in the field of pan-home Internet.
Internet heavyweight boss or take over the helm, is expected to lead the company to usher in a new glory. He Yunpeng, founder of Sky Interactive, was a former vice president of 91 Wireless. He founded Sky Interactive after leaving 91, with a business income of more than 200 million yuan in only one year. He Yunpeng has nearly 20 years of experience in the fields of software and Internet, and has outstanding successful achievements, rich experience and extensive contacts. If he can be at the helm of Jinya Science and Technology, it is expected to invigorate many assets that Jinya has been actively arranging, and add more chances to the realization of the pan-family entertainment ecosystem.
Give a "highly recommended-A" investment rating. It is expected that the company's 2015 Sky Interactive commitment will reach 2.2,2.6 and 320 million yuan in net profit from 2015 to 17. The original business is expected to contribute 30 million net profit in 2015, and the combined exam preparation net profit will be 250 million yuan. Considering that the company's video game media and e-sports 's two businesses are still in the initial stage of great development and the company's own platform is scarce, we think the company still has more than 50% room. Give a "highly recommended-A" investment rating
Risk hint: the outbreak of price war in the industry may be a drag on the company's development.
