For the first time, the target price is 75.48 yuan, increasing the 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. It is estimated that 2019-2021 EPS0.14/1.49/2.44 yuan, the target price of 75.48 yuan, the first time to cover, to give an overweight rating.
Relying on the traditional laser business to actively develop IP operation, the new retail + IP realization provides all-round realization. Through strategic transformation, the company focuses on the advantageous resources of "capital + system + technology + mechanism", and extends its business to relying on intelligent retail terminals and three-dimensional digital technology to create OMO (online and offline integration) new retail. In 2017, the company took the sale of IP derivatives as the business plan for the application breakthrough of intelligent unmanned retail terminals, invested 5% in "Doll 1" (which owns IP stations), has more than 700 IP brand licenses, including Sonny Angel, and set up more than 500 terminals in shopping malls, cinemas and around colleges and universities.
The blind box industry attracts Z-generation consumers by relying on the attributes of two-dimensional plus collection. Z generation entertainment consumption expenditure accounts for 28.9%, entertainment habits and the ability to pay for interests have been fully cultivated. In the list of post-95 players' chopping power released by Tmall, trendy players rank first in the money-burning index, making it the hottest and most expensive hobby among young people born after 1995. The company is expected to fully enjoy the rapid development of the blind box industry dividend.
Unmanned retail terminals help to create a new ecology of blind boxes. IP small station launched IP blind box machine, which combines unmanned retail and trendy play to provide convenience for fans to buy and open a new trend of blind box sales; through the joining mechanism, it can quickly form a value network and provide a solution for the integration of location, channel and operation for "city partners", so that consumer terminals and users can be seamlessly docked, quickly embedded in life retail, and can realize a virtuous circle of high-frequency consumption and high-speed return.
Risk hints: policy regulatory risks, IP introduction and traffic attraction are not up to expectations