Main points of investment:
For the first time, the target price is 21.51 yuan, and the rating of "overweight" is given. The company's main business is distribution network equipment business and securities investment business. After this equity transfer, it is expected to inject high-quality sports assets of the controlling shareholder Xinzhongli Group, and will continue to enjoy the development dividend of the sports industry in the future. It is predicted that the EPS for 2016-2018 will be 0.14 / 0.15 / 0.16 yuan respectively, with a growth rate of 1.0% 2.0% and 3.0% respectively.
The domestic sports industry will usher in a golden decade of development. Benefiting from three major factors, such as policy deregulation, consumption upgrading and external stimulus, the compound growth rate of the domestic sports industry will reach 24.6% in the next decade. Especially in the field of events, venues and equipment, the contradiction between supply and demand gives rise to huge investment opportunities, and the original low starting point will also bring more room for development.
Controlling shareholder Xinzhongli Group, listed on the new third board, is one of the earliest independent institutions engaged in venture capital and private equity investment in China. The group was founded by Mr. Wang Chaoyong, an investment banker in the United States, and its main business includes equity investment business with its own funds, private equity fund management business and investment value-added services. In the key investment industry, closely around the "three high, three big three new" layout, there are immediate movement, easy cloud news, sports, Bo Rui data and other typical cases.
The group company has a comprehensive layout in the sports field, and it is strongly expected that its assets will be injected into listed companies in the future. The sports investment of the group company involves sports media, event operation, Internet fitness and other big culture, big health field. After the equity transfer, the controlling shareholders are expected to inject their high-quality sports assets into listed companies, so as to gradually realize the transformation to sports business and enjoy the outbreak of dividends in the sports industry.
Risk tips: the development of the sports industry, the company's sports business is not up to expectations.