China Sports Industry Group Co.Ltd(600158) (600158)
Events: in December 16th, the 3D digital collection of China's ice and snow mascot, "ice doll and snow EVA", was released on the Alipay platform by the joint China winter sports center. The number is the first digital collection project in China.
comment:
The first water test of 3D digital collection of China sports and mathematics joint winter sports center. On the Alipay platform, the Chinese Academy of Physical Sciences released 4 digital collections of the mascot of the Winter Olympic Games, namely, "ice baby curling", "ice skating, short track speed skating", "ice skating" figure skating "and" snow skiing "Alpine skiing. The four products are restricted to 8000 copies, each selling at 19.9 yuan, and sold out in seconds.
We have long been optimistic that NFT is expected to be a value carrier in the decentralized meta universe system. We believe that most NFT projects are not scarce in the sense of investment, the overall development dividend period is limited, and the projects with more sustainable economic ecology behind them will have longer-term development. DAO accelerated to the first mock exam, expanded the new scene of NFT, and explored the way of building NFT ecosystem in Yuan universe. The recent collection of digital digital products and the rapid development of virtual property all marked the deepening of NFT application exploration. We think this mode or the important development direction of the future stage is worth paying attention to.
As the only listed company controlled by the State General Administration of sports, the company is rich in scarce sports resources and IP. The combination of powerful sports resources and digital collections is expected to stimulate unlimited possibilities in the future. China Sports Industry Group Co.Ltd(600158) is the earliest listed company in China with the development of sports industry as the noumenon, laying out the whole sports industry chain. Referring to the American star card trading market, the industry leader currently estimates that the physical value of Panini will reach US $3 billion or more. As a sports year in 2022, we judge that in addition to the Winter Olympics, the company is expected to continue to stimulate the potential of sports resources in the world cup, Asian Games, World Club Cup and other projects in the future.
Investment suggestions:
As the only listed company in China to layout the whole sports industry chain, the company has rich sports resources and complete sports business ecology. With the opening of relevant sports events in recent two years, we continue to be optimistic about the performance of the company's rich sports resources combined with digital collections. In addition, after the completion of asset restructuring, the lottery business has become a new growth point of the company's performance, helping the company better seize the opportunity of policy dividend landing and industry development optimization, and bring sustainable growth. Considering the impact of the recent repeated epidemic on the company's lottery and other businesses, we adjusted the company's profit forecast from 2021 to 2023 to RMB 0.8/1.2/180 million (the previous value was RMB 150 / 2.4/270 million) and maintained the "buy" rating.
Risk tips: epidemic impact risk, policy risk, event operation risk, operation risk, and new projects fail to meet expectations
