\u3000\u3000 Beijing Yuanlong Yato Culture Dissemination Co.Ltd(002878) (002878)
Event: according to public information, the "opening commemorative gold and silver bar" produced by the company has sold more than 100 million since it was launched in the official franchise channel on January 4, 2022. In addition, many licensed commodities in the official flagship store of the Winter Olympic Games have been out of stock. According to the regulations of the Olympic Committee, the licensed commodities of the Winter Olympic Games will continue to be sold until September.
The company is a licensed manufacturer and retailer for the 2022 Beijing Winter Olympics. The company has submitted more than 600 self-designed Winter Olympic commemorative products to the Olympic Organizing Committee, which are very rich in categories, including precious metals; Badges, key chains and other non precious metal products; Plush and other materials toys are three popular categories. At the same time, the company will supply licensed goods to the venues during the Winter Olympic Games. Previously, the company has successively obtained the franchise rights of large-scale international top games such as Beijing Olympic Games, Shanghai World Expo, Nanjing Youth Olympic Games and Beijing World Garden Expo.
The company is the absolute leader in gift and new media / we media marketing. Creative design ability, licensing and high-end IP authorization are the core competitiveness of the company. The company is a Beijing advanced industrial design center recognized by Beijing Municipal Commission of economy and information technology. Its independent creative design has won many international top design awards - German if design award and red dot design award, as well as China Design Red Star Award representing the highest award of China's industrial design, as well as a number of new media advertising creative industry awards. In addition to the licensing products of all the top international competitions, the company has signed the high-end IP licensing in the long term according to the market hot spots, including HelloKitty, Dora A dream, NBA, etc., and signed several world-renowned movie IP of Universal Studios on the eve of the opening of Universal Studios in Beijing. "Bafanglaihe" high-end gift wine designed and produced with the elements of the Forbidden City exclusively developed for Wuliangye Yibin Co.Ltd(000858) group in 2020.
The company became one of the first members of the yuan universe Industry Committee and actively arranged the yuan universe. China Mobile Communications Federation yuancosmos industry committee is the first yuancosmos organization in China. It is directly under China Mobile Communications Federation (under the business guidance of the Ministry of industry and information technology). The company has become one of the first 65 member units / 8 listed companies; At the same time, the company is also a member of the digital element universe Working Committee of China Broadcasting Association. On January 4, the company launched the digital collection of "divine beast and Wuchang", which is organically combined with the physical object of Wuliangye Yibin Co.Ltd(000858) "bafanglaihe" cultural wine in the form of blind box, trying to get through Wuxi Online Offline Communication Information Technology Co.Ltd(300959)
Maintain the "buy" rating. As a unique company that can provide full scene marketing services including gifts, new media / we media marketing, licensing and high-end IP licensing, digital SaaS services, digital collection development and Wuxi Online Offline Communication Information Technology Co.Ltd(300959) connection, the company enjoys a huge market space. In recent years, the company has continuously strengthened the core competence of design and R & D, relying on the advantages of capital and upstream supply chain, and has extended its business to the field of joint product development and operation with downstream customers. It has laid a foundation for the follow-up company to expand its own brand and 2C business. In 2021, due to the expansion of design and R & D personnel and the business changes of Huawei and other major customers caused by the epidemic and China US relations, the performance may decline. However, benefiting from the Winter Olympics may greatly improve the performance of the company in 2022. It is estimated that the net profit attributable to the parent company in 2021-23 will be 120 / 198 / 231 million yuan, corresponding to 36 / 21 / 18 times of PE respectively, maintaining the "buy" rating.
Risk warning: the risk that the sales of Winter Olympic licensed goods do not meet the expectations, etc.
