The earliest listed company in China to develop sports industry as the main body
The company is the earliest listed company in China to develop the sports industry, and it has been focusing on the sports industry for 20 years. In the future, the company will aim to become the national team and industry benchmark of China's sports industry, aggregate the "head resources" of the sports industry, optimize the business layout, and create a business model of "sports plus a variety of industry resources".
Lottery business: promote the reorganization of major assets and enhance the competitiveness of lottery business the company is promoting the acquisition of China Sports Lottery Technology and the main business of China Sports Lottery Printing belongs to the upstream and middle reaches of sports lottery services. it has a strong competitive advantage in the field of sports lottery, in which China Sports Lottery is the only technical service provider that can provide sports lottery issuance and management platform and lottery sports lottery products. If the acquisition is successfully completed in the future, the company will not only cut into the upper reaches of the lottery industry chain and expand its business layout, comprehensive service capacity and sports business competitiveness in the lottery industry and sports industry, but also help listed companies to further expand their development space and enhance their profitability and sustainable development ability in the future.
Sports service: the industry has entered an acceleration period, and the advantage of resource endowment is significantly accompanied by the rapid development of China's sports industry. The sports service industry is expected to benefit from the steady growth of the industry and the improvement of industrial structure to achieve rapid development in recent years. At present, relying on the resource support of shareholders and many years of operation experience, the company maintains a long-term cooperative relationship with a number of sports organizations, and successfully serves a number of well-known sports events and excellent sports teams and athletes, with a comprehensive sports IP commercial ability.
Sports Space: content and Operation as the Core Competitiveness
Centering on the development of sports space, the company will build a platform model with content and operation as the core, and promote the development of public stadiums, sports towns, sports complexes, sports parks, sports industrial parks and other forms of business through pre-planning, positioning, planning and the introduction of sports industry in the later stage, so as to promote the transformation and upgrading of the company's overall business, and realize the best integration of "sports consumption + high-quality IP" and sports space.
The company's operating income in 2019-2021 is expected to be 16.41,19.15 and 2.155 billion yuan, the net profit belonging to the shareholders of the parent company is 1.06,1.46 and 196 million yuan respectively, EPS is 0.13,0.17,0.23 yuan per share, and the corresponding PE is 74,54,40 times. We are optimistic about the competitiveness of the company's lottery business after asset restructuring and its own rich upstream sports IP resources, covering the "overweight" rating for the first time.
Risk hints: the project of asset restructuring is not as expected, and the development of China's sports industry is not as expected.
