This report is read as follows:
Through the in-depth layout of the blind box business, the company is expected to benefit from the rapid development of the blind box industry and the dividend of strong spending power that Generation Z has gradually become the main consumer.
Main points of investment:
Maintain the target price of 75.48 yuan and maintain the overweight rating. Through the in-depth layout of the blind box business, the company is expected to fully benefit from the rapid development of the blind box industry and the strong spending power dividend that Generation Z has gradually become the main consumer. Maintain 2020-2022 EPS1.49/2.44/3.87 yuan, maintain the target price of 75.48 yuan, maintain the overweight rating.
Event: company announcement: 1) sign the acquisition intention agreement, intend to acquire Doll No. 1 Technology Co., Ltd., after the acquisition, Doll No. 1 will become a controlling subsidiary of the company; 2) sign an agreement with Guoguang Global and Zhao Yan to establish Guoguang Golden Transport Technology Co., Ltd., the company accounts for 70%.
Integrate doll one to enhance synergy, intelligent blind box APP and online celebrity live broadcast to broaden the company's ways of realization. 1) Doll No.1 launched IP blind box machine, which combines unmanned retail and trendy play, and has a wide distribution in commercial bodies across the country, opening up a new trend of blind box sales. If this acquisition is successful, the company will gain a controlling stake in Doll No.1, which will help the company to further integrate the upstream and downstream resources of the IP derivatives industry chain, coordinate the development of online and offline business, and expand the scale of the blind box industry.
2) the company has established a joint venture with Guoguang Global and Zhao Yan, mainly to develop an intelligent blind box online APP platform with live broadcast qualification and an unmanned retail machine with online celebrity live broadcast and advertising functions. The company already has the ability to provide hardware equipment and management software in the blind box industry chain, and this cooperation will enable the company to obtain live audio-visual license, expand and operate fans through new media such as network celebrity live broadcast, live program interaction, etc., so that the company's blind box business can be extended to the upstream IP operation and expand the scale of the blind box industry.
Catalyst: blind box industry consumer main body "Z era" consumption capacity rise, live broadcast industry rapid development, blind box second-hand market rapid development.
Risk hints: policy regulatory risks, IP introduction and traffic attraction are not up to expectations