Main points of investment
Events:
The company issued a draft major asset restructuring plan, which intends to issue 52.64 million shares at 33.37 yuan per share and pay 3.244 billion yuan in cash for 5 billion yuan to acquire 100% equity in Beijing Feiliu Jiutian Technology Co., Ltd. at the same time, the matching fund raised by a non-public offering of 33.37 yuan per share shall not exceed 3.644 billion yuan, which will be used to pay the cash consideration for the reorganization.
The leader of plastic packaging industry of electronic products enters the field of mobile games
The company's traditional packaging business is subject to the prosperity of the downstream electronic consumer industry, and the big customer Foxconn accounts for a single customer structure. The penetration of mobile terminals such as mobile phones and the improvement of mobile network coverage lay the foundation for the rapid development of the mobile online game and mobile advertising industry. The company's entry into the mobile game field is expected to open up growth space.
Feiliu Nine days focuses on mobile Internet games and mobile Internet advertising business
Relying on excellent game theme screening ability and professional operation and management team, Feiliu Jiutian has become a leading mobile game distribution operator in China, and has successfully released and operated a number of classic popular games. In terms of mobile Internet marketing, it has many online and offline media resources and is committed to providing customers with efficient multi-channel promotion services.
Game business and mobile marketing business cooperate with each other and have strong competition barriers.
Feiliu Jiutian is one of the few companies in the game industry that have both R & D, distribution operation and mobile marketing service capabilities, with strong independent research and development capabilities, and cater to players' preferences with the help of excellent mobile marketing service genes. improve the success rate of game distribution and operation and market competitiveness, strong sustainable profitability, with industry competition barriers.
Profit forecast and valuation:
Without considering the dilution effect of SEO, it is estimated that from 2016 to 2018, the company's operating income will be 448 million yuan, 464 million yuan and 487 million yuan respectively, the net profit attributed to the parent company will be 28 million yuan, 29 million yuan and 31 million yuan, and the EPS will be 0.35,0.37 yuan and 0.40 yuan respectively, and the corresponding PE for 2016-2018 will be 118.77 times, 112.69 times and 104.19 times, respectively. Cover for the first time, giving the company a "recommended" rating.
Risk hint: the more-than-expected decline in electronic consumption affects the demand for plastic packaging materials.