\u3000\u3000 Beijing Yuanlong Yato Culture Dissemination Co.Ltd(002878) (002878)
Event: Bing dwen dwen was popular in Beijing on February 4th, when the Winter Olympics in y] opened. Bing dwen dwen Bing dwen dwen, “ice pier pier” sell goods, “in short supply”, “order to end March” and other news constantly. It is consistent with the prediction heat of our winter Olympics: Carnival from domestic sports brands to franchised goods, the most comprehensive point of the Winter Olympics previously released by us.
Comments:
Gifts are the absolute leader, accounting for nearly 60% of the revenue of gifts. Beijing Yuanlong Yato Culture Dissemination Co.Ltd(002878) is a leader in China’s integrated marketing service industry, serving customers including the world’s top 500 and well-known Chinese enterprises. The company achieved an operating revenue of 931 million yuan in 21h1, a year-on-year increase of 9.81%; Among them, the revenue from gift supply and promotion services totaled 551 million yuan, a year-on-year decrease of 4.14%, accounting for 59.16%, which is the main source of revenue of the company; The marketing revenue of new media was 309 million yuan, a year-on-year increase of 40.07%; The revenue from licensed souvenirs and precious metals of Beijing Winter Olympic Games was 70.7384 million yuan, a year-on-year increase of 35.96%.
The Bing dwen dwen has a core advantage in the production and sale of the franchise. Beijing Yuanlong Yato Culture Dissemination Co.Ltd(002878) was awarded the qualification of licensed retailer and manufacturer of 2022 Winter Olympic Games by the Olympic Organizing Committee. The company has submitted more than 600 self-designed Winter Olympic commemorative products to the Olympic Organizing Committee, and the product categories are very rich. Shuey Rhon Rhon Bing dwen dwen, the Bing dwen dwen, the crystal ball, and the blind boxes, badges (mascot motion modeling series, countdown series, folk custom Series), precious metals (opening ceremony countdown gold and silver bars, etc.) are all designed, manufactured and sold by the company. We think that Bing dwen dwen, Beijing Yuanlong Yato Culture Dissemination Co.Ltd(002878) ‘s only listed company in the 3 companies that are allowed to produce plush and other toys, will benefit from hot selling products such as stuffed toys, blind boxes and so on. According to the data obtained from tmall platform, driven by the Winter Olympics, the sales of the Olympic flagship store began to soar in early February, reaching the highest value of 11.5994 million yuan on the day of the opening ceremony on February 4, with a sales volume of 106700 goods. Later, due to the fact that most products were sold out, the sales and the number of goods sold fell sharply. We believe that licensed commodity manufacturers are stepping up production and replenishment, which is expected to recover in mid and late February. Some products are still sold out in advance until April 30. We continue to be optimistic about the sales increment and 22-year performance elasticity of Winter Olympic popular commodities produced by Beijing Yuanlong Yato Culture Dissemination Co.Ltd(002878) and other companies.
Investment suggestion: Bing dwen dwen is hard to find. The Winter Olympic Games will meet the expectations of relevant industries. This confirms China’s first published market and 70 page sports industry in-depth report on the investment logic of “sports strong China strong”. According to Bing dwen dwen, Beijing Yuanlong Yato Culture Dissemination Co.Ltd(002878) securities department’s sales volume, almost all of the sales volume of the first two years has been up to the sales volume of the ice pier after the opening of the Winter Olympic Games. 21h1 company has achieved revenue of 70.7384 million yuan from Beijing Winter Olympic Games licensed souvenirs and precious metals, and 59.1795 million yuan from Beijing Winter Olympic Games franchise business in 2020. It is expected that the sales volume will exceed 200 million yuan in 20-21 years. It is expected that the performance of 22q1 is flexible, and the revenue growth is expected to double, with the revenue base of 21q1 being 445 million yuan. The overall net interest rate of the company is about 7%, and it is expected that the net interest rate will also double, with a net profit base of 28.32 million in 21q1. It is suggested to focus on.
Risk factors: the heat drops too fast; Sales are less than expected; The epidemic situation affects sales; Risks such as uncontrollable reduction of shareholders’ holdings.
