Beijing Fengshangshiji Culture Media Co.Ltd(300860) cultural performance leader, virtual performance and 2C cultural tourism business have been promoted rapidly

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Dance beauty is a creative leader and is determined to become an all-round overall service provider in the whole industrial chain of culture, tourism and performing arts

The company was founded in 2002, with Sha Xiaolan as the chairman and chief designer. Its main business takes cultural creativity as the core, covering large-scale cultural performance activities, cultural tourism performance activities and landscape art lighting and interpretation business. Since its establishment, the company has accumulated rich experience in the production of national large-scale projects. Representative works include: lighting design and production of the opening and closing ceremonies of the 2008 Beijing Olympic Games, eight minutes of Beijing for the 2018 Pingchang Winter Olympic Games, and the chief production of the most remembered Hangzhou of the Hangzhou G20 summit. The talent reserve, technical qualification and project resources accumulated by the company for many years make it a leading enterprise in the industry.

Set up a subsidiary, Fengshang mutual entertainment, and create a shocking Online Music Carnival with virtual reality technology

Set up a wholly-owned subsidiary Fengshang mutual entertainment to layout the virtual performance platform business. Yuancosmos leads a new round of technological revolution and content ecological reconstruction. Virtual reality technology has a wide range of application scenarios. It is the first to see the commercialization landing. Fengshang mutual entertainment, as an online virtual entertainment ecosystem relying on virtual reality and mobile capture technology, is expected to open the business space of the company. On January 28, 2022, the "light gathering night" hosted by Fengshang mutual entertainment allowed the two-dimensional virtual stars to share the stage with the three-dimensional guests, successfully creating a shocking Online Music Carnival.

ToC Wen travel business is advancing rapidly, and the Shanghai central project is landing operation.

In October 2021, the company and Xi'an Qujiang Datang sleepless city established a joint venture subsidiary of Xi'an cyberspace, with Beijing Fengshangshiji Culture Media Co.Ltd(300860) holding 60% to realize the operation of the "cyberspace" project of Xi'an Datang sleepless city, marking the transformation of the company's cultural and tourism business to TOC mode. In November, the company joined the Shanghai Center Tower Business Operation Co., Ltd. under the Shanghai center to establish a joint venture with "front 632" and Beijing Fengshangshiji Culture Media Co.Ltd(300860) holding 60%. The cooperation and strong cooperation, the "summit art space" at the top of Shanghai Center Tower in the first high-rise building in China, has created Sky632's interactive technology of immersive and interactive technology. It has become the first truly interactive experience in China. The project was officially put into operation on January 1, 2022. In the future, the company will take "Fengshang 632" as the core, deeply cultivate the Yangtze River Delta and comprehensively layout interactive and diversified businesses.

Adopt active sales strategy, with sufficient orders on hand and sufficient cash to ensure high-quality project operation

The company has set up a special sales department, and the active sales strategy has achieved initial results. As of 2021h1, the orders in hand were 929 million yuan, superimposed with a series of sports events such as the 2022 Beijing Winter Olympic Games and the Hangzhou Asian Games. The company is expected to benefit from such celebration events and make sufficient preparations for its business performance in the past two years. In addition, with sufficient cash, the normal operation of high-quality projects in the future can be guaranteed through mergers and acquisitions and the establishment of subsidiaries.

Profit forecast and investment rating

We estimate that the operating revenue of the company from 2021 to 2023 will be RMB 474 million, RMB 1280 million and RMB 1510 million respectively, and the net profit attributable to the parent company will be RMB 94 million, RMB 305 million and RMB 410 million respectively. The PE relative valuation method of comparable companies is adopted to evaluate the company. The PE of the company in 2022 is 30 times, and the target price is 66.6 yuan. It is covered for the first time and given a "buy" rating.

Risk warning: implementation risk of national major projects; Risk of project quality and cycle extension; The risk of cancellation or substantial reduction of individual large projects; The risk of postponement or cancellation of cultural and performing arts activities caused by repeated epidemics; There are great uncertainties in the implementation progress and profitability of virtual performers / artists.

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