Main points of investment:
China Sports Industry is the purest sports company in China, and the actual controller is the State General Administration of Sports.
China Sports Industry is the purest sports company in China. The company was founded in 1998, the main business is rooted in sports, focusing on the sports industry, adhering to the strategic orientation of becoming "the integrator of sports industry resources, the maker of rules and the builder of industrial platform". Strive to create a "sports + a variety of industry resources" business model, with efficient and flat management style as the guide, and gradually form a group management and control mode based on strategic control. At present, the State Administration of Sports is the controlling shareholder and actual controller of the company, with a total of 25.59% of the shares; as of 2018, the proportion of the top 10 shareholders of the company is 32.39%.
The business strength of the company's sports events, sports space and sports lottery is strong, and the competitiveness of the whole industry chain is outstanding.
China Sports Industry is the earliest listed company in China to take the development of sports industry as its Noumenon, relying on the resources and management accumulation of the State General Administration of Sports, relying on the development of the whole sports industry chain. The business model of "sports + multi-industry resources" mainly covers the following eight business modules: 1. Event organization, market development, sports marketing and sports brokerage, international sports exchange and cooperation and service trade. 2, sports space content and operation; 3, sports education and training; 4, sports science and technology and information service; 5, sports lottery professional service; 6, sports standardization service and certification inspection; 7, investment management; 8, sports real estate.
The comprehensive competitive advantage of the company's event operation and development, marketing business, sports brokerage, international sports exchange and cooperation business is obvious. The professional ability and experience of the sports event management and operation business of the Chinese sports industry is unique in the domestic industry. at present, the boutique events run include: Beijing Marathon, Wuhan Marathon and Guangzhou Marathon; four road cycling races around China, Qinling Mountains, Quanzhou Bay and Panzhihua; 2018 City Club International Sailing Race, National Fitness Thousand Mile Journey, etc. In the field of market development and sports marketing of sports events, the company is organizing and preparing for the market development of the Seventh CISM World Games in 2019, the 2021 Shaanxi National Games and the 2022 Beijing Winter Olympic Games; in the field of sports brokers, the company is the consulting service provider for the market development of the Beijing Organizing Committee for the Winter Olympic Games and the Hangzhou Asian Organizing Committee, providing the overall plan for market development. In addition, in 2018, the company provided sports marketing and consulting services for Yili, Bank of China Ltd., China Unicom and other well-known corporate clients, and provided market development agency services for well-known athletes such as National Sports General Administration training Bureau, National diving team, synchronized Swimming team, short track Speed Skating team, Winter Center, Wu Dajing, Liu Guoliang, Ye Shiwen and so on. In the field of international sports exchange and cooperation and service trade, the company mainly cooperates with the Ministry of Commerce to carry out the major diplomatic strategy of "Belt and Road Initiative". Sports training, event organization, complete sets of sports equipment and technology export and other sports service trade business.
The development potential of the company's sports space business is great. At present, in the operation of large-scale public stadiums and gymnasiums, the company mainly focuses on the business model of strengthening the provision of content and neglecting the operation of assets, as the venue operation service organization with the widest coverage in the country. manage Hefei, Jiujiang, Foshan, Baotou, Qinghai, Fuzhou, Tianjin, Chengdu, Anhui, Ningbo and other venues companies. In addition, the company conducted an in-depth investigation of sports complexes, sports towns, sports parks and other formats, and the resource integration, positioning planning, content introduction, product mix and operation system of sports space were initially formed, represented by China Sports City. it has laid a solid foundation for the establishment of a business model that can be replicated and promoted in the field of sports space.
The reorganization of sports lottery business is of great significance. In the field of professional service of sports lottery, the company currently operates the business of lottery terminal. The focus is that China Sports Lottery Technology, one of the major asset restructuring standards that has been launched, is the core system technology developer and operator of domestic sports lottery. The domestic competition barriers and business advantages are very obvious. If the reorganization is successful, the company will fully cover the R & D operation-equipment-printing links upstream of the sports lottery and become the absolute leader in the sports lottery industry.
Investment rating and profit Forecast
We believe that the company's three-dimensional layout of the sports industry and the management mode of business platform are clear, and when the integration of internal business resources is in progress, the absolute advantages in sports event operation, sports brokerage, sports complex development and operation, sports lottery business are obvious, at the same time, resource advantages have begun to be released continuously, and the flow effect of covering users can be organically combined with information technology, big data and other scientific and technological means. With the continuous improvement of its business status, it is an absolute platform leading company in the domestic sports industry. Looking forward to 2019, the company's biggest focus is that the commercial value of the sports event matrix will continue to be released, at the same time, the sports lottery business is expected to gain stronger competitiveness and operating capacity through asset restructuring, and the sports foreign aid business will continue to contribute to the performance; in addition, the potential energy of the company's layout in sports space will appear in the medium and long term. Therefore, on the whole, the development potential of the company's business is great, and the performance has the ability of sustainable growth. We give the company an investment rating of "increasing holdings". Without considering the adoption of the company's restructuring, the company's EPS is expected to be 0.14,0.20 and 0.26 yuan per share respectively from 2019 to 2021. Investors are advised to keep paying attention.
Risk hint
Sports industry policy risks, the company's business development is not up to expectations, major changes have taken place in business, and the real estate industry remains in the doldrums.
