Jinqiao Information is a professional multimedia information system solution provider, the main products include multimedia conference system, emergency command center system and science and technology court system. The company has successfully implemented a number of typical projects with great influence in the industry, bringing good demonstration effects and brand advantages. The funds raised by the company are invested in the main products in its solution to further enhance the technical content. The company's IPO price is low, so it is recommended to actively apply for it.
The chairman of the board of directors has strong control over the company, and the sponsors of other companies hold a small number of shares. Jin Guopei, chairman and general manager of the company, holds 39.9% of the shares before the issuance of the company, which is the largest shareholder and actual controller of the company. No other shareholders hold more than 5% of the shares of the company, and there is no relationship among the shareholders of the company.
The development of multimedia information system industry is accelerating, and the overall profit level of the industry is on the rise. The use of multimedia information system to improve the office efficiency of government departments and promote energy conservation and environmental protection has become an important measure for governments at all levels to enhance their ruling ability. the construction of emergency command system and science and technology court are important scientific and technological means for the informatization of government departments. In addition, more professional and personalized multimedia information system application solutions will bring the improvement of the added value of products and services, and the overall profit level of the industry is on the rise.
The company is a professional multimedia information system solution provider, and the successful demonstration effect of typical projects is obvious. The multimedia information system products provided by the company have a broad market in various application industries, and have successfully undertaken a number of typical projects with great influence, such as the information centralized control center system of the Supreme people's Court, the joint command information system of civil air defense in the capital, the multimedia conference and command system of the Shanghai Municipal CPC Committee, and the super-large-scale digital conference system of the Shanghai World Expo Center, which have established a good demonstration effect.
Analysis of the company's fund-raising projects. The company plans to raise about 170 million yuan to invest in multimedia conference system platform development projects, emergency command center system support platform development projects and science and technology court system platform development projects. After the completion of the project, the technical content of the company's solution will be further enhanced.
The issue price is low, so it is recommended to apply for it. We predict that from 2015 to 2017, the net profit of shareholders of listed companies will be 41.26 million yuan, 48.92 million yuan and 55.18 million yuan respectively, and the EPS will be 0.47,0.56 yuan and 0.63 yuan respectively, with a compound growth rate of about 13% in the next three years. The company's offering price is 9.50 yuan, corresponding to a price-to-earnings ratio of about 20 times earnings in 2015. Considering that the company has the ability of steady growth and the recent market enthusiasm for investing in new shares, we believe that the reasonable valuation of the company is 60 times the dynamic price-to-earnings ratio in 2015, and the target price is 28.20 yuan. Investors are advised to actively apply for the purchase.
Risk tips: customer concentration risk; income seasonal fluctuation risk; tax preference policy change risk.