On July 11, the company announced that it plans to issue 2.0547 million shares at 1,097 yuan/share and pay 180 million yuan in cash to acquire 100% of the shares of the New Line China Vision at a transaction price of 400 million yuan; at the same time, it plans to raise no more than 192.5 million yuan in supporting capital from Northern Investment, Yingtan Contemporary, and Southern Investment to pay no more than 192.5 million yuan in cash consideration and related expenses. Since all of the participating investors are the controlling shareholders acting in unison, the actual controller Wang Chunfang's shareholding ratio will increase to 30.23% after the transaction is completed. Trading of the company's shares will resume from the opening of the market on August 5. The target company has a full range of advertising service capabilities. Established in 2013, the new line of China Vision is a production company engaged in early shooting, new media packaging, video special effects, and mobile terminal development. The company's main business and profit model include: ① advertising business; ② strategic creative business; ③ in the future, it will try to expand new business models centered on IP operations, brand customer service, and e-sports industry services. The company's main business continued to be pressured and forced to transform, and the acquisition of new lines improved the layout of the e-sports industry. ① In recent years, the company has continued to obtain investment income through asset sales to maintain profit. After establishing strategic transformation goals in 2015, the focus was adjusted to the sports and entertainment industry. ② After the acquisition of Xinyuan Zhongshi, the company's business scope was extended to the Internet advertising and marketing business. After acquiring Xinjian's customer and channel resources, it helped the company produce and monetize content in the field of culture, sports and entertainment. At present, the company has obtained the right to host the e-sports carnival for 16-18 years. In the future, it will connect with new resources related to the game field. It is expected that it will play a synergistic effect in content delivery and commercial development in the future e-sports field, and profitability will gradually be highlighted. The initial coverage placed a heavy profit burden on the main business of the “increased holdings” rating company. The cultural, sports and entertainment business was not yet mature during the transition period, and profit feedback will still take some time. At the same time, the restructuring plan still needs to be implemented over a long period of time. Overall, it is difficult for the company to have strong performance support in the short term. However, considering that the company's strategic transformation goals are clear and that it continues to integrate upstream and downstream resources in the cultural and sports industry chain through epitaxial expansion, we will pay close attention to the subsequent process to improve the company's long-term profitability. Regardless of this acquisition, the EPS for 16-18 is expected to be 0.04/0.07/0.11, covering it for the first time, giving it an “increase in holdings” rating. Risks suggest that the acquisition is progressing less than expected. After the restructuring, the two teams had a run-in period for too long, and the profitability of the target target fell short of expectations.
国旅联合(600358)复牌点评:切入互联网营销领域 全面转型仍需时间验证
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This page is machine-translated. Futubull tries to improve but does not guarantee the accuracy and reliability of the translation, and will not be liable for any loss or damage caused by any inaccuracy or omission of the translation.