Summary of the event: the company issued an acquisition announcement. Kulami Holdings (Hong Kong) Co., Ltd., a wholly-owned subsidiary of Haichang Ocean Park Holdings Co., Ltd., signed an equity transfer agreement with the shareholders of Beibei bottle (Beijing) Technology Co., Ltd. to acquire 100% of Beibei bottle. Upon completion of the acquisition, Haichang will hold a 100% stake in Beibei bottle, which will become a wholly-owned secondary subsidiary of Haichang.
Beibei bottle introduction: founded in June 2017, Beibei bottle is a unicorn enterprise in the ice product subdivision industry, with industry-wide coverage from design, research and development, production, logistics, promotion, operation and sales, with annual sales of more than 1100 creative ice cream. Old Summer Palace "Gulian", the first cultural ice cream, was born in 2019, and then cooperated with the West Lake and Terracotta Warriors, known as the phenomenal product of literature and tourism integration, and was reported by CCTV that Beibei bottle has signed a total of 310 + (as of October 22). Including Old Summer Palace, West Lake, Songcheng, Haichang and so on, Beibei bottle products have been highly recognized by the market.
The rich product line of the leading industry + three core advantages to effectively meet the needs of customers and consumers.
1) production advantages: leading production technology and experience, cutting-edge development concepts, one-stop service from design to production and distribution; 2) Creative advantages: product design capabilities are ahead of peers and difficult to be copied, and products can be achieved. 3) advantages of mode: C side adopts IP+ mode to launch high-quality products such as Altman ice cream, while B side adopts product + service mode to provide terminal construction, service and product incubation support.
Impact of the acquisition: after the completion of the acquisition, the company will strive to create a new business platform based on the company channel and IP resources, and integrate other related industrial resources to implement unified operation, management and output. In the future, through continuous cooperation with influential offline consumption scenes around the world, the commercialization of IP will be integrated with offline consumption and entertainment scenes such as theme parks, scenic spots, Lifestyle Hotel and commercial properties, and transform private traffic through IP's unique stickiness and drainage effect, forming a new consumption blueprint with IP consumption scene, private flow, IP commodity export and supply chain services as the moat.
Altman theme Pavilion landed at the end of July, and the strong synergy effect between IP strategy and theme park is beginning to show.
On July 30, 22, Shanghai Park officially landed the world's first Altman theme entertainment area. after the introduction of Altman, the average number of people entering the park on a single day at the end of August 22 in Shanghai Park was about 20,000. The average daily turnover of Altman theme museum consumption-related products is about 370000 yuan. Altman theme Pavilion successfully confirms the strong operation and management ability of the company. In the future, with the expansion of the influence and partners of IP, the number of Haichang-themed goods will continue to increase. There are tens of thousands of new-themed commodities in the United States and Tokyo Walt Disney Company in one year, and IP has great influence potential in the future.
Recent update: according to Shanghai Haichang Ocean Park, more than 160000 visitors entered the park during the National Day period, an increase of 15% over the same period in 2021, and has returned to 90% in the same period in 2019, of which 70% are local tourists. The average number of room bookings reached 85% 10 days in advance, and all rooms were full during the National Day period.
Profit forecast and investment advice: the company controls rare marine living resources, has the ability to operate full-process services, successfully built IP in the short term, expansion + price increase in the first phase of the Shanghai project, is optimistic about the opening of the second phase of Shanghai + light asset expansion to bring income increment, long-term look forward to IP new consumption to increase income performance space; the acquisition of Wenchuang ice cream "Unicorn" Beibei bottle to promote the commercialization of IP and synergy with theme park and hotel business. We expect the company to return to its mother with a net profit of-1.5 billion $0.15 billion, with the current share price corresponding to a 24-year PE of 45X, maintaining a "buy" rating.
Risk hint: the recovery of the epidemic is less than the expected risk, the unit price of the second consumer in the park is lower than the expected risk, and the opening of the new project is not as good as the expected risk.
