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紫天科技(300280):锻压业务与广告业务并驾齐驱

太平洋證券 ·  Feb 17, 2019 00:00  · Researches

The company has formed a dual business trend of the original forging industry and the modern advertising service industry. The company was founded in 2002 and listed on December 29, 2011. The company is one of the three leading enterprises in the domestic production of hydraulic presses. It specializes in R&D, production and sales of forging equipment, and provides customers with personalized, diversified and systematic metal and non-metal forming solutions. In July 2017, the company entered the advertising and marketing field through the acquisition of Shenzhen Olive Leaf Technology. In May 2018, the company acquired 70% of Beijing Yijia Jingshi Media Co., Ltd.'s shares for 924 million yuan, entering the commercial building elevator advertising field. In June 2018, the company issued an announcement stating that it plans to acquire 100% of Yunshi Advertising's shares. Currently, the advertising business has become the company's main source of profit. The company will adhere to the strategic development goals of forging equipment and modern advertising services. On the one hand, the original forging equipment industry structure will be adjusted, development prospects and less profitable assets will be optimized, and investment in product launch and development will be accelerated in relatively profitable business areas. On the other hand, we will vigorously expand the upstream and downstream industries of the modern advertising service industry, and accelerate business layout through investment and acquisition of high-quality target assets with industrial synergy effects. The rapid growth of the company's performance has benefited from the two-wheel drive of endogenous development and external mergers and acquisitions, and the company's performance is expected to increase significantly in 2018. The performance forecast shows that the company's net profit is expected to reach 75 million to 80 million in 2018, an increase of more than 15 times over the previous year. Risk warning. The risk that the advertising services business will be affected by increased expectations of the macroeconomic downturn; the risk of acquisition integration falling short of expectations; and the risk of impairment of goodwill.

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