\u3000\u3000 Beijing Fengshangshiji Culture Media Co.Ltd(300860) (300860)
Based on creative design, build an overall service provider of the whole industrial chain
The company is the leader of China's cultural and creative industry. Its business covers large-scale cultural performance, cultural tourism performance, landscape art lighting, game and virtual pan entertainment business creativity, design and production services. He has participated in the production of national projects such as the opening and closing ceremony of the Beijing Olympic Games, the "Beijing 8 minutes" of the Pyeongchang Winter Olympic Games in South Korea, the G20 Hangzhou summit concert "Hangzhou is the most remembered" and the Spring Festival Gala of China Central Television for many years. Form a good brand effect in the industry, accumulate rich experience in major projects and high-quality customer resources, and provide a strong competitive advantage for subsequent market development and business expansion.
Rich project experience creates brand advantages and actively expands the commercial performance market
Backed by the rich experience of national projects, in 2022, in addition to undertaking large-scale national projects such as the 19th Asian Games in Hangzhou, the 2022 Winter Olympic Games and the winter Paralympic Games in Beijing, the company will further open up the sinking market, actively expand the commercial performance market for head e-commerce platform and head satellite TV's New Year activities, and create replicable and portable brand products, Enhance the diversification of customer sources and improve business stability.
Give full play to the advantages of cross-border linkage and resource integration, and extend the tourism performance business to the TOC end
Relying on the experience of large-scale event projects and core creative ability, the company actively expands the cultural tourism performance business. The main customers of cultural tourism business are scenic spots at end B, and the acceptance cycle is relatively long. In order to broaden the business scope, stabilize the project income and shorten the payback period, the company began to explore the C-end business in July 20 and set up a joint venture to build Shanghai Tianshi and Xi'an machine space projects.
Overweight virtual performance business and explore digital dance beauty
In February 2021, the company established a subsidiary, Fengshang mutual entertainment, to layout the virtual performing arts ecology. At present, it mainly includes four businesses: virtual performance cloud platform, production and operation of virtual artists, virtual performance rules and virtual reality experience hall. Through the technical layout of illusory engine and real-time rendering technology, the digital content and scene construction are completed, which lays the first mover advantage of virtual performance production and is expected to bring business increment in the future.
Investment advice and profit forecast
The company takes creative design as the core, uses rich project experience as endorsement, establishes brand advantages, integrates upstream and downstream resources, and creates an overall service provider of the whole industrial chain. In terms of cultural performance business, further open the sinking market and actively expand the commercial performance market. Cultural Tourism Performing Arts business actively explores TOC end business to improve business stability. With the gradual weakening of the impact of the epidemic, the company's orders for projects in hand gradually recovered. We expect the company to realize a net profit attributable to the parent company of 99 / 3.17/407 million yuan from 2021 to 2023, with eps0.5 billion yuan 73 / 2.31/2.97 yuan / share, corresponding to pe87x / 27x / 21x, with "overweight" rating for the first time.
Risk tips
Repeated epidemic risks, implementation risks of major national projects, lack of high-end creative talents, loss of core personnel, etc.
