Core ideas:
Major shareholder buyback real estate project
The company announced yesterday that it intends to sell all its shares in Tonghe Real Estate and Zhuzhu Industries to Guangsha Holdings, the company's controlling shareholder. The transfer company will divest five real estate projects, including Huacheng and Goya apartments on the south bank, which have entered the final stage, as well as three Yirong projects and Tongyi projects involving a total unsettled area of 566000 square meters. The major shareholder buys back the real estate project of the listed company, which is in line with the company's strategic direction of withdrawing from the real estate industry in the next three years.
Start a new stage of transformation
Through the project buyback of major shareholders, listed companies have received a total of 770 million yuan in cash rebates, and the company will focus more on optimizing the asset structure in the future. do a good job and strengthen the cultural industry while actively exploring new industries in line with the company's future development direction to create new profit growth points for listed companies.
Film and television cultural business, speed up landing
Since entering the cultural industry for 14 years, the main business has focused on the production and distribution of TV dramas and movies. With the acceleration of transformation and development, the company will continue to expand the film and television culture industry in the future, including expanding the upstream and downstream assets related to the existing film and television business. such as all kinds of directors, screenwriters, actor studios, actor agencies, post-production, film and television drama promotion and network marketing, film and television content animation and game production and all kinds of film and television drama derivatives industry and so on.
The EPS for 15-16 is expected to be 0.12 and 0.16 respectively, maintaining a "buy" rating.
We believe that the repurchase of the real estate project has a strong instructive significance for the company's future transformation and accelerated development. through the financial support of major shareholders, we will replace the real estate project assets into film and television cultural industry assets and achieve great-leap-forward development on the road of transformation. The development and layout of the company in the coming period of time is worthy of attention.
Risk hint
There is pressure on the performance growth of the main business, and there is some uncertainty in the transformation and expansion.
