Leyard(SZ:300296)2022-12-06 05:36Group 1: Company Strategy and Performance - The company has achieved its "four-wheel drive" strategy from 2013 to 2015, and from 2016 to 2018, it will integrate its four business areas: display, lighting, integration, and culture into a new three-year strategic plan focused on "cultural technology + finance" to build "happy cities" [3][4]. - In 2016, the company achieved a revenue of 4.376 billion CNY and a net profit of 669 million CNY, exceeding its initial targets; net profit has doubled for three consecutive years, and market capitalization surpassed 30 billion CNY [4][9]. Group 2: Happy City Construction - The "Happy City" initiative includes five sectors: night economy, cultural tourism, smart display, VR experience, and sports activities, tailored to the development plans and goals of various cities [3][4]. - The construction phase of the "Happy City" runs from 2016 to 2018, followed by an operational phase starting in 2019 [4]. Group 3: Night Economy - The demand for night economy construction has surged, with the industry scale reaching hundreds of billions CNY; if each county-level city invests 50 million CNY, the national market could reach this scale [5]. - The industry is expected to grow at over 50% from 2017 to 2019 due to government support and successful examples from cities like Wuhan and Hangzhou [5][6]. Group 4: Cultural Tourism - Cultural tourism demand is categorized into three types: urban renovation, enhancement of existing tourist attractions, and development of new tourism resources [7]. - The company adopts an integrated model of "design services + investment operation" to provide customized tourism solutions for cities [7]. Group 5: Smart Display and VR Experience - The smart display business focuses on various display products, including LED small-pitch TVs and creative displays, with a shift towards a distribution model for mid-range products [8]. - The company began laying out its VR industry in 2016, acquiring a 100% stake in NATURALPOINT, a leader in 3D optical motion capture technology [8]. Group 6: International Revenue and Market Penetration - In 2016, international revenue accounted for 41.46% of total revenue, with the company achieving 1.381 billion CNY in revenue from its U.S. subsidiary, exceeding performance targets [9]. - The integration of the U.S. subsidiary significantly improved its net profit, with operational profits growing by over 100% compared to 2015 [9].