Main points of investment
Event: the company announced that Suqian Sanfu Jinding Investment Management Center intends to invest in Beijing Leen Jiaye Sports Development Co., Ltd. in the form of cash increase, with an investment amount of 10.15 million yuan. After the completion of the investment, Sanfu Jinding Investment will hold a 17.50% stake in Lejia Sports. Recently, Sanfu Jinding Investment signed a "capital increase agreement" with Lejia Sports.
Comments:
Lejia Sports is a leading professional orienteering enterprise in China, an integrated organization integrating event promotion, base construction and base operation, and a comprehensive strategic partner of the China Orienteering Association of the State General Administration of Sports. Since 2004, he has participated in the organization and mapping of various large-scale orienteering events (National Sports Congress, World qualifying Championships, National Championships and Championships, etc.); at the same time, a number of orienteering bases and parks have been established in more than 20 provinces, cities and autonomous regions to provide orienteering professional services and venues for orienteering activities.
Join hands with Lejia Sports to build the whole industry chain of outdoor sports. The company works carefully at the business level, such as online and offline chain sales platform, events and travel adventure activities, comprehensive outdoor camp design, construction and operation, as well as youth outdoor camp education, which fits with the main business of Lejia Sports. It has a high degree of fit and continuous cooperation in the construction of comprehensive outdoor camps and professional orienteering parks, the organization of a series of international and domestic orienteering activities and events, as well as youth outdoor experience training, and practices the layout of the outdoor industry chain.
Orienteering, which originated in Europe, is a sport known internationally as "chess + marathon". It uses a map and a compass to visit the points indicated on the map in order to reach all the points in the shortest time. Orienteering is a fashionable outdoor sports project which integrates innovative sports tourism, leisure fitness and youth education, which has developed vigorously in China in recent years.
Profit forecast and investment rating: after nearly 20 years of development, the company has become a leading enterprise in the operation of outdoor supplies and events in China, relying on the company's rich event activities and loyal membership system. Actively expand the camp + training, retail + experience integrated operation center and other projects, and has been recognized by the relevant government Since listing, the company has gradually realized the national layout by relying on the capital market, and established a M & A fund in cooperation with Jinding Investment to realize the rapid expansion of the outdoor industry, realize the layout of the outdoor industry chain, and establish the industry leading edge. At the same time, the company has been on the market for less than one month and launched the employee equity incentive plan, including 61 employees such as management, middle-level and backbone employees who have worked for 12 years. The exercise price is 31.48 yuan. The lock will be unlocked in 4 years (25% per year), and the performance in the next 4 years will be guaranteed (an increase of 15%, 33%, 53% and 75% respectively over 15 years), and give full play to the incentive advantages of private enterprises, regardless of the impact of fixed increment for the time being. It is estimated that the company's EPS for 16-18 years will be 0.55 shock 0.64 shock 0.75 yuan respectively, maintaining the "over-holding" rating.
Risk hint: the expansion of remote projects is lower than expected; events are held; the impact of Haitao exceeds expectations.