\u3000\u3000 Bluefocus Intelligent Communications Group Co.Ltd(300058) (300058)
Lanbiao and Aland will share resources, create a subsidiary Lanyan technology and carry out in-depth cooperation. Bluefocus Intelligent Communications Group Co.Ltd(300058) and Aland, a world-famous nutrition and health solution service provider, jointly funded the establishment of a joint venture “Lan + tech of Lanyan technology”. Blue standard and Aland will cooperate in product selection and R & D, global supply chain, content and brand marketing, e-commerce operation, etc. Bluefocus Intelligent Communications Group Co.Ltd(300058) will be mainly responsible for the promotion of the new company’s Chinese market and overseas market, product packaging and positioning, content e-commerce, and real-time and rapid iteration of products based on consumer feedback. Aland is responsible for all parts of the supply chain. The cooperation will further explore a new model of brand investment management at home and abroad based on new e-commerce, and provide one-stop services for overseas brand DTC and international brand investment management while establishing “production to sales” private brand incubation operation and brand investment business.
Lanyan technology will innovate in operation, products and brands, and deeply cultivate the big health sector. The establishment of Lanyan technology will focus on supply chain R & D, content and brand marketing and new e-commerce operation, link up “supply, marketing and marketing”, and realize the rapid growth of its own brand and cooperative brand. The products will be supplied based on the new product research and development fed back by users and the global fast reaction supply chain. The functional skin care products of human vitality collagen are the starting focus of Lanyan technology business, and functional foods will be continuously explored and expanded in the later stage; In terms of brand, it will focus on the “evergreen brand” of young consumers and new e-commerce; In terms of e-commerce operation, we will build a “business” + “sales” system around the content of Koc.
The “marketing + marketing” strategy has taken the first step, and the change of business model is expected to provide a second growth curve in the future. The maturity of China’s supply chain and the development of online channels promote the company to intervene in the sales end. In 2021, Bluefocus Intelligent Communications Group Co.Ltd(300058) focused on the two strategies of business globalization and marketing intelligence, emphasized the transformation direction from marketing to marketing, from integrating the channels and content forms of different media to promoting, to going deep into the transaction end to help customers sell products, improve marketing efficiency, achieve commercial success, further integrate “marketing” and “marketing”, and promote the innovation of technology and content. Intervening in the sales process will reshape the company’s business model, improve the company’s gross profit margin and provide a second growth curve in the future.
Profit forecast and investment rating: the company divested its overseas business this year, and its revenue will be greatly affected in 2021. However, the company’s overseas advertising business will maintain a high growth rate in the next two years. Therefore, we maintain the original profit forecast. It is estimated that the company’s revenue from 2021 to 2023 will be 41.718 billion yuan, 58.717 billion yuan and 66.646 billion yuan, and EPS forecast will be 0.26, 0.32 and 0.38 yuan, The corresponding PE is 33.80/27.20/23.28 times respectively. The company is in the leading position in the field of advertising and marketing, with obvious business advantages and steady performance growth. It has made great efforts to layout the meta universe business and provide new growth space. The valuation still has room to improve in the future. We maintain the “buy” rating of the company.
Risk warning: the industry competition intensifies, the macro environment declines beyond expectations, the collection of accounts receivable is unfavorable, and the risk of goodwill impairment