The 100-day countdown to the torch relay at the Tokyo Olympic Games sends a positive signal of sports recovery in 2021. On December 15, 2020, the official website of the Japan Olympic Organizing Committee announced the route of the torch relay. The torch relay is expected to kick off at the Fukushima J-Village National training Center on March 25, 2021, in 859 districts of 47 prefectures in Japan. The relay of the Olympic torch has once again laid a boost for the recovery of the sports industry. The sports industry has entered a business cycle since 2021, and 2 European Cups, 2 Olympic Games, 1 World Cup, 1 Asian Cup and other large-scale events will be held in 4 years. Catalyst intensive.
The company holds high-quality copyright and key resources, 2C platform continues to tap user value.
1) quality copyright and marketing resources: the company currently holds exclusive global commercial rights in all relevant AFC competitions in 2021-2028, new media exclusive rights and global sponsor rights in Uefa national team series in 2020-2022, and all-media rights in La Liga in 2019-2028 / 2029. In addition, the company has Neymar, Ross and other stars and national team and other sponsorship resources, in-depth help brand marketing.
2) 2C platform: the company has the operation and main control of iQIYI, Inc. sports platform. IQIYI, Inc. platform is an online sports platform established by contemporary stylistic cooperation with iQIYI, Inc., with a number of top sports events IP, and authorized iQIYI, Inc. to develop business rights and interests, and continue to dig C-end user value.
The rights and interests of the Asian Football Association (AFC) have started the realization cycle, and the signing of various contracts is progressing smoothly. The 2021-2024 AFC tournament cash cycle is just around the corner, and the company continues to sign contracts. At present, it has helped AFC to establish partnerships with 12 media around the world, so that the content of AFC matches will successfully cover East Asia, Central Asia, Southeast Asia, Eastern Europe, Nordic Europe, Southeast Europe and other regions. The first sale in China has been launched and a contract has been signed for Migu to entertain each other and reach a deep cooperation. In addition, AFC has successfully renewed its sponsorship contract with Horse Tire, which covers all AFC events from 2021 to 2024, and Horse will become the exclusive tire sponsor.
Investment suggestion: we expect the company's net profit from 2020 to 2022 to be-16.16, 282, 000,000,000, with a year-on-year growth rate of-1638.19%, 117.46%, 28.86%, 0.62 yuan, respectively. Corresponding to the 2020-2022 PE is-3-15-12 times, given a "buy" rating.
Risk hints: repeated risk of epidemic situation, risk of postponement of important events, risk of film and television policy.