Hailan House (600398): The tide brand black whale joins hands with “Glory of the King” cross-border social marketing to ignite the e-sports soul
Event: The company participated in the tide brand black whale HLAJEANS and reached an official cooperation with the King Glory Professional League to provide official competition clothing.
The 2019 King Glory Professional League (KPL) Spring Conference launch event was announced, and the Black Whale brand was announced as the official partner of KPL, which will provide KPL teams with uniforms.
The King of Glory Pro League is the highest-spec professional tournament of the “Glory of the King” game. Similar to the traditional sports league, it has a complete competition system and evaluation system, and a stable audience.
According to official website data, the content of the King Glory professional tournament system in 2018 exceeded 17 billion, with a continuous increase of 65%; the number of single-day live views of the KPL Autumn Finals exceeded 300 million, an increase of 26%, both hitting a record high.
“Glory of the King” is a leading mobile game player with social attributes and strong traffic introduction ability.
1) The download volume of mobile games is at the top.
“Glory of the King” is a heroic competitive mobile game independently developed by Tencent. According to Tencent Encyclopedia, the game ranks first in the total revenue of various app stores in China; according to Qimai data, its application tops the list of game app downloads.Bit; according to Aurora Big Data, “Glory of the King” penetrated and replaced 17 in late 2018.
36% ranked first in mobile game apps; according to iResearch data, as of January 2019, the number of monthly independent devices for the game is 1 in all channels.
500 million units.
2) Strong social function and wide audience coverage.
The convenience of the mobile device of the game has attracted the original MOBA game crowd to join the personal computer; at the same time, the rhythm of the mobile terminal is accelerated to meet the needs of office workers and the fragmented entertainment of the student group.
The game’s “five blacks” cooperative game mode can bring a lot of recommended traffic and continue to stimulate player activity.
The black whale brand is positioned as a tide brand, with the glory of the king igniting the new generation of competitive tide souls.
1) Young people have high coincidence.
Black Whale HLAJEANS is a youth apparel brand launched by the company in 2017. It forms a differentiated consumer group coverage with the main brand of Hailan House. We expect the number of stores to exceed 200.
According to iResearch data, nearly 40% of the users of “Glory of the King” are younger than 24 years old, and 32% of the users are 25-30 years old. They are very branded with the black whale brand consumer group.
2) Chao Chao cultural property fits.
KPL fans have a strong sense of identification with the competition team and competitive players, showing a confident and bold, 武汉夜生活网 unwilling mediocre fighting spirit, and the black whale brand with an “uncompromising” brand attitude, and further strengthen the brand new generation tide group label.
3) The company is actively attempting cross-border marketing of e-sports events.
The company has experience in new marketing.In 2018, the main brand launched a cross-border cooperation with the game “ Jesus Survival ”, integrated game elements into Hailan House men’s clothing, and launched internal gift packages including joint limited edition T-shirts, which were well received by users.
“Glory of the King” is based on the positioning of the national game, covering a large group of young people. The 15 team’s exclusive uniforms are put on the line and try to set off a wave of attention again.
The development of emerging brands and emerging markets 南京龙凤网 is accelerating, and the strategic layout of the multi-brand management group is clear.
We expect the company’s number of emerging brand expansion stores in 2019 is expected to exceed 200, of which: 1) Hailan’s preferred home and lifestyle brand benchmarked the Chinese version of “Muji”, and the shopping mall channels in the second and third tier markets have developed smoothly to meet the cost-effective experienceNew consumer trends.
2) Light luxury brands have successfully covered the first- and second-tier markets, and women’s clothing brands have continued to open stores faster than expected, creating a “feel of high-end effort”.
3) Overseas stores are in full bloom, and Guochao has entered the markets of Malaysia, Thailand, Singapore, Vietnam and other countries. It is expected that the number of overseas stores will exceed 30. It is expected to further enter Indonesia, the Philippines and other markets in the future.
The company is a leader in the apparel industry. New brands and new marketing have been rolled out to maintain the “buy” level.
We believe that the company belongs to the new brand with rapid expansion of store opening, comprehensive expansion of channel outlets, and active promotion of cross-border marketing activities.
We maintain our highest profit forecast, with EPS expected to be zero in 18-20.
89 yuan, corresponding to 13/12/11 times the PE.
Considering: 1) According to the Shanghai Securities Journal, the company is a large-cap stock of MSCI.
The company’s total market value and liquidity are at the forefront of the industry. Since its listing in 2014, the company has accumulated dividends of more than 7 billion U.S. dollars, and it is expected to obtain a premium price with the increase in acquisition allocation.
2) As the industry leader, the PE of 12 times in 2019 is far lower than the industry’s average valuation level, and it should deserve a certain estimated premium; 3) The company launched a five-year dividend plan and the total amount of the first phase of repurchase 6
98 trillion, full confidence in long-term development.
We give the company a target of 18 times PE this year, corresponding to a target price of 14.
9 yuan, 48% more space than the current one, maintain the “Buy” rating.