The company is the first A-share experience marketing service provider listed independently. The main business is interactive display, retail terminal management, brand communication and other marketing activities planning, implementation, monitoring, feedback services. After years of accumulation, it has formed long-term and stable cooperation with Wrigley, Nestle, Katzilan, FAW, Guangzhou Automobile, Buick and other brands, and has a marketing scene execution network covering nearly 300 prefecture-level cities across the country. With the help of the core advantages of interactive display business, the company extends diversified income generation upstream and downstream, expanding brand communication services upward on the one hand, and infiltrating sales business to the lower end on the other hand, effectively supporting the company's future performance growth.
Has the national implementation network, the power line accurate marketing. Offline regional characteristics are remarkable, and adjusting measures to local conditions is the core competence of marketers. The company has 268 roadshow lines, covering more than 300 prefecture-level cities and nearly 1200 county cities, and has a local supplier network, which can respond to demand quickly. Based on the resource network, the company actively arranges offline digitization to improve accurate marketing capabilities: 1) apply intelligent systems to quantify marketing effects in offline scenes, such as promoters' voice interactive intelligent learning system, etc.; 2) with the help of retail, help brands sink channels, precipitate distribution data, and improve the ability of accurate insight into offline users.
Investment suggestion: the company ploughs scene experience marketing, has stable customer resources and an executive network covering the whole country, and has the potential for continuous upgrading in the field of offline precision marketing. We expect the company's net profit from 2019 to 2021 to be 258 million yuan, 338 million yuan and 439 million yuan respectively, corresponding to 0.61,0.80,1.04yuan for EPS. In view of the scarcity of experience marketing and the nature of new shares, we give it 50-60 times PE in 19 years, corresponding to the target price of 30.5-36.6yuan.
Risk tips: the risk of economic downside brand shrinking budget, competition aggravating the risk of customer loss, cross-regional expansion is not as expected, and the improvement of technical capability is not as expected.
