Main points:
Event: Shijiazhuang Red Sun Theater, operated by a subsidiary of Red Sun Performing Arts, opened on the 27th.
The company announced that the Red Sun Theatre in Shijiazhuang, operated by the Red Sun Performing Arts in Shijiazhuang, officially opened on March 27, 2015. Shijiazhuang Red Sun Performing Arts is a wholly owned subsidiary of Red Sun Performing Arts Company, which is 38.30% owned by the company.
Shijiazhuang Red Sun Theatre, located on the fifth floor of Letai Center, a landmark complex in Shijiazhuang, is one of the more advanced theatres in Shijiazhuang so far, with a building area of 3501 square meters and 750seats. Red Sun Performing Arts dominates the engineering construction, stage layout and performing arts design of the Grand Theater.
Shijiazhuang subsidiary forecasts net profits of 5.25 million yuan (only 9 months in 15 years), 8.4 million yuan and 10.08 million yuan respectively in 15-17 years, with an annual growth rate of 20%, with the goal of becoming a 10 million yuan urban performing arts enterprise within three years.
Urban performing arts is the next city, integration and expansion to enjoy a huge industry space.
This acquisition once again reflects the strong executive power of the company and fulfills the company's vision of integrating the urban performing arts industry in the early stage. After the announcement of intervention in urban performing arts business in November last year, Changsha, Chenzhou and Shijiazhuang three projects were opened, and cross-provincial replication was realized, and the national territory first appeared.
In the future, the company will: 1) continue to create a "business + entertainment" collaborative development model, business to provide scenes, provide carriers, entertainment into the flow, increase stickiness. At the same time, grafting the application of Internet finance to improve the Haiyin ecosystem; 2) following the inter-provincial replication of entertainment business, the company will replicate + invest and acquire the enterprise development model, accelerate urban performing arts layout, integrate performing arts resources, and develop into "Oriental Broadway"; 3) this opening is another enrichment of offline performing arts resources, which will accelerate the transformation of "Internet +" and develop performing arts O2O in the future.
We believe that the urban performing arts industry has a space of about 45 billion yuan, and the net interest rate is as high as 40%. The prospect is considerable. The company's transformation is firm, and with its strong executive power in the future, it will accelerate the layout of the performing arts business and share the huge space of the industry.
The transformation has a strong executive power, overlaying the Internet layout, and creating a "business + entertainment + finance" Haiyin ecosystem.
The company is the leader in the operation of multi-format commercial properties in South China, with 16 commercial properties including theme shopping malls, shopping malls and wholesale markets, as well as an urban complex, "another City of Panyu". Its commercial property operation and real estate business accounted for 78% and 22% of the operating income respectively, and the gross profit accounted for 76.7% and 23.3%, respectively.
We believe that the company's main business is stable and there is the possibility of performance improvement, and we are mainly optimistic about the transformation of the company to the "business + entertainment + finance" model, superimposing the idea of "Internet +" to form an online and offline Haiyin ecosystem.
In terms of transformation, in addition to the entertainment field, which is mainly based on urban performing arts, the company also actively distributes the financial field. 1) the company has set up a 1.5 billion yuan strategic transformation investment fund and investment Qinpu fund to integrate the resources and projects of transformation mergers and acquisitions; 2) set up China Post Consumer Finance Company to explore supply chain finance and expand profit space. 3) by virtue of its cooperative relationship with UnionPay, Industry and Peasant Construction Bank and more than 30,000 merchant resources, holding Merchant Union pay develops P2P finance and professional market Internet finance business through Shang E-Bao, M-POS and other products.
"Internet +", in business, the company actively carries out O2O layout, and has achieved wifi coverage of all stores and electronic membership. Haiyin Life Circle cooperates with airlines, banks, operators, etc., to enhance consumer user experience, while conducting accurate marketing through data collection.
In terms of the layout of "finance + commerce", in the future, we may gradually get through O2O payment through Shanglian payment, or realize unified cashier through interconnection payment, grasp merchant data, credit status and financial needs, and promote P2P financial business.
In terms of entertainment, the company will accelerate the expansion of offline urban performing arts resources, while looking for online performing arts resources to open up the O2O performing arts interactive industry chain.
Profit forecast and rating
It is estimated that the fully diluted EPS of the company in 14-16 years is 0.4,0.45,0.51 yuan respectively, and the PE of the corresponding share price is 40 times, 36 times, 32 times, maintaining the "buy" rating.
Risk hint
The confirmation of real estate is uncertain; the performance of the main business is not as expected; the progress and effect of the transformation are not as expected.