Investment Rating - The investment rating for the company is "Buy" with a target price set above the current price of 0.73 HKD, maintaining the rating for the next six months [6]. Core Viewpoints - The strategic investment by Xiangyuan Holdings into Haichang Ocean Park is seen as a significant move to enhance the company's position in the cultural tourism industry, marking a potential milestone in the sector's development by 2025 [1]. - The partnership is expected to create synergistic effects, combining Xiangyuan's stable operations with Haichang's innovative IP resources, leading to a greater overall value [4]. - The report highlights the potential for Haichang to improve its financial situation through the capital raised from the share issuance, which is expected to alleviate funding pressures and enhance operational efficiency [5]. Summary by Sections Investment Overview - Haichang plans to issue 5.1 billion new shares at a price of 0.45 HKD per share, raising a total of 22.95 billion HKD, which represents 62.85% of the current issued share capital [1]. - The subscription price reflects a discount of 46.43% compared to the closing price on June 2, and a premium of 99.95% over the net asset value per share [1]. Company Strategy - Xiangyuan Holdings has established a presence in 14 provinces with over 40 cultural tourism projects, focusing on key tourist destination clusters [2]. - Haichang operates seven marine parks and is actively introducing international IPs like Ultraman and One Piece to enhance market engagement [3]. Financial Projections - The report projects a decline in profit forecasts due to the impact of the consumer environment, with expected net profits of 0.2 billion and 1.9 billion HKD for 2025 and 2026, respectively [5]. - The adjusted EBITDA for 2024 is anticipated to be 1.66 billion HKD, indicating a decrease from the previous year [9]. Synergy and Growth Potential - The collaboration is expected to enrich the tourism resource landscape, creating a comprehensive "land-sea-air" tourism ecosystem [9]. - The integration of IP resources from both companies is anticipated to enhance the storytelling aspect of their offerings, facilitating a more immersive experience for visitors [9].
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