Main points of investment:
The company issues a non-public offering plan. The company intends to issue no more than 37.8 million shares (accounting for no more than 30 per cent of the total share capital) to no more than 35 specific targets that meet the regulations of the CSRC, the capital to be raised shall not exceed 740 million yuan, and the issue price shall not be less than 80 per cent of the average price for the 20 trading days before the pricing benchmark.
The main goal of Dingzeng is to establish a manufacturing, promotion and R & D system around IP derivatives. This increase mainly invests in four projects: 1) IP derivatives new retail promotion project (accounting for 63.5%), the company aims to build 80 offline trendy play experience stores, 8000 IP derivatives unmanned retail terminals and build Jinyun laser new media live e-commerce operation center in large and medium-sized business circles nationwide, covering online and offline, point-to-face sales network across the country. Through online celebrity live broadcast, short video promotion and other ways to increase the interactive experience, expand the user base, and enhance the company's market share. The project is expected to reach production in 4 years, and the internal rate of return (after income tax) is 43.8%. 2) the production expansion project of automatic laser processing equipment and supporting services (21.2%), which mainly expands the company's production capacity by developing and increasing mobile laser cladding services, laser pipe-cutting machines and laser flexible cutting machines. improve the competitiveness and quality of the company's laser processing services. The project is expected to reach production in 2 years, and the internal rate of return (after income tax) is 20.7%. 3) IP derivatives flexible intelligent manufacturing plant project (11.5%), the company applies unmanned workshop central control system to create all-digital production of IP derivatives, realize digital production process, on-site operation and quality control, improve the stability and reliability of the company's products, and ensure the competitiveness of the company's IP derivatives products. 4) the construction project of blockchain application R & D center based on IP derivatives (3.8%), the company applies blockchain technology to the whole process of production, logistics, sales and market circulation of IP derivatives by implanting chips to strengthen the traceability and tracking of products to ensure the authenticity of products.
The reply letter mainly defines the licenses and IP resources that can be obtained in cooperation with Guoguang Global, and the resource endowment is further blessed. In the early stage, Guoguang Financial Transportation business will mainly focus on online and offline diversion to create a closed loop of the ecosystem. Qualifications + technology + resources contribute to the development of Guoguang Financial Games. Guoguang Global, which participates in the investment, helps to provide formal live broadcast business qualifications, listed companies provide technical resources and operational capabilities, and another investor, Zhao Yan, helps to design Internet marketing solutions. to help enhance the influence of Jinyun products. We believe that this cooperation can complement each other with the strong offline promotion and operation capabilities of Doll No.1, and the acquisition of Doll No.1 will also help to improve the integrity of the layout of the whole industry chain.
Maintain earnings forecasts and buy ratings. The company will fully develop the blind box business in the past 20 years, operating through both online and offline channels. Its IP station is one of the top three players in the blind box industry, expanding the market scale online through live broadcast and APP channels. After Pop Mart International's prospectus was made public, the Blind Box track entered a stage of rapid growth, and the company's future performance growth has a high degree of certainty. Due to the uncertainty of the price and quantity of the company's fixed increase, the profit forecast does not consider the fixed increase for the time being. It is estimated that the net profit for 2020-2022 will be 1.9777 RMB 840 million, corresponding to EPS 1.56, 3.79, 6.67 per share, and 35X/14X/8X, corresponding to PE, maintaining the buy rating.
Risk hint: offline blind box vending machine can not be laid on time and quantity; IP development and operation is not as expected