Event: on the evening of September 14, the company issued a notice on the acquisition of land use rights by wholly-owned subsidiaries. Tonglu Rainda, a wholly owned subsidiary of the company, successfully won the right to use two pieces of state-owned construction land in Tonglu County with a total price of 192.4 million yuan. The land will be mainly used for the construction of Tonglu International Football Town, the company's first sports town, with a total planned investment of 2 billion yuan.
Main points of investment
Two plots of land will be used for the construction of Tonglu international football town project. Tonglu International Football Town is the company's first sports town project, the first phase of planning land of about 250 mu, including "one stadium", that is, the construction of large stadiums, comprehensive stadiums and comprehensive training bases. Among them, the gymnasium will serve as a training base for the company's Ryinda women's football team, Zhejiang women's ice hockey and curling teams, as well as host international and national football, ice hockey and curling events. At the same time, combined with the unique natural ecological characteristics of Tonglu, the town will create all kinds of experiential, participatory, novel and pollution-free deep leisure and sports tourism vacation projects on the basis of protecting the existing ecological environment. Layout of sports tourism industry.
The Tonglu sports town project is progressing steadily, and the first phase of the sports town project has set an example. After successfully winning the land, the company will continue its comprehensive operation and management through the purchase of services by the government and market-oriented operation, so as to build the project into a Rhine sports town with two-axis drive of ice and snow sports base and international football base. and make it a model of a sports town with the coexistence of production, ecology and life. The company is expected to further improve the volume of sports space, speed up the landing and development of follow-up sports town projects, and enhance the company's market share and brand influence in the sports town industry.
The company has reserved several sports town projects and is expected to rise abruptly based on its accumulated strength. The company has reserved five characteristic town projects of Huangshan, Tonglu, Puyang, Yiwu and Pengzhou, which are distributed in the Yangtze River Delta and southwest region, with a total scale of 19 billion yuan. In recent years, the company has actively promoted business transformation and upgrading, continued to increase the size of sports business, focused on the layout of sports town projects, and actively obtained high-quality IP in the three major sports areas of "football, basketball, ice and snow", forming the core business model of "physical space + sports IP". 2017H1 sports business income of 28 million yuan (+ 1002.69%), the future is expected to continue to expand, accumulate abruptly.
Profit forecast and investment advice: the company's wholly-owned subsidiary successfully won two pieces of land use rights, marking the official landing of the first phase of Tonglu International Football Town, the first sports town project, which will continue to advance in the future. The company positioned Tonglu town as a model of sports town with the coexistence of production, ecology and life, which is expected to speed up the landing and development of other small town projects. Optimistic about the company's sports business "physical space + sports IP" business model, the continuous reserve of sports town projects is expected to rise abruptly based on accumulated strength. It is estimated that from 2017 to 2019, the EPS will be 0.08 EPS 0.12 EPS 0.16 yuan respectively, and the current stock price corresponding to PE will be 0.16 times that of 85-57-43, maintaining the "overweight" rating.
Risk hint: the progress of the sports town project is not as expected.