This report is read as follows:
OCW Holdings, the company gradually completed management changes and business structure reshaping, the company's stock price is expected to usher in a dual boost of performance and valuation.
Main points of investment:
The target price in 2019 is 9.06 yuan, increasing the rating. The corporate governance of overseas Chinese Town has been greatly improved since it entered Yunnan tourism in 2017. In 2019, the company plans to integrate culture and travel technology to build a global tourism integrated service provider. Business synergy is expected to be reflected gradually, raising the profit forecast 2019-2021EPS to 0.10 (+ 0.04) / 0.12 (+ 0.04) / 0.15 (+ 0.06) yuan. If Wenlun Technology is injected, the 2019-2021 return net profit is 300 million / 400.00 million Yuan, maintaining the target price of 9.06 yuan, corresponding to the 2019 valuation of 90.6 xPE, corresponding to the exam preparation performance valuation of 30.5 xPE, the valuation premium is due to the high certainty of resource integration and Wenxu Technology injection, and the maintenance of overweight rating.
Corporate governance has greatly improved. When the overseas Chinese Town entered Yunnan tourism in 2017, the first general manager of Baodai background took office, and carried out a more radical reform of the employee salary system.
Proposed acquisition of Culture and Travel Technology, high growth, strong competitiveness and scarce target. ① We judge that by 2025, the total investment in China's theme parks will be at least 204.5 billion yuan, of which 30.7 billion will be invested in amusement equipment, representing a compound growth rate of more than 14%. ② Culture Travel attaches equal importance to technology and content, and has sufficient orders on hand. It is expected to generate more than 1.5 billion revenue in the next two years, which will greatly exceed the performance commitment of 180 million / 198 million in 2019-2021.
Yunnan Province to renovate the tourism ecology, the whole industry chain development imagination space. In 2017, ① has achieved remarkable results in rectifying tourism chaos in Yunnan, which is beneficial to the tourism industry. ② takes tourism integrated business as the center, culture and tourism science and technology and garden and horticulture business as an important support, and gradually integrates flow and resources to build a global tourism integrated service provider.
Risk factors: the risk of accounts receivable, project settlement schedule is not up to expectations, macroeconomic factors affect travel willingness, natural disasters and other force majeure factors.
