Company profile:

The company mainly provides customers with all kinds of multimedia information system industry application solutions and services, mainly using computers to comprehensively process voice, video, data, web pages, text, graphics, images, animation and other information. combined with information technology, to provide customers with a complete one-stop service. The company mainly includes multimedia conference system, emergency command center system, science and technology court system and other industry multimedia information system and its industry solutions.

The controlling shareholder and actual control of the company is Jin Guopei, which holds 39.89% of the shares before the issuance of the company.

The present situation and prospect of the industry. In order to achieve the national long-term goal of energy conservation and emission reduction and build a resource-saving and environment-friendly society as soon as possible, the state has issued a series of policies to support and promote the information process of the whole society. Multimedia system solutions are located in the middle of the industry chain. Multimedia system solution providers have rich application experience and technical personnel in the industry, as well as the comprehensive ability to integrate different hardware platforms and software systems. upstream enterprises generally focus on a single field, so it is difficult to provide solutions for end-users.

The market concentration is not high, and the demonstration effect of typical projects is obvious. At present, there are a large number of enterprises in China's multimedia information system industry, the market concentration is not high, and the competition is more fierce. The personalized functional requirements of the multimedia information system are very obvious, and users in different industries have different requirements for the design of the system. For users in the same industry, the design requirements for the system are more or less the same. when they are ready to build multimedia information systems, they tend to choose enterprises with rich successful project experience in the industry to provide solutions. By establishing a good market reputation in a specific industry, we have a number of successful typical project experience, and the demonstration effect of these typical projects to drive business development has also become one of the main business models of multimedia information system solution manufacturers.

Highlights of the company:

Industry-leading technological advantage. Since its establishment, the company has persisted in R & D and innovation, and has mastered a number of leading professional technologies in the industry through independent research and development, including: seamless splicing technology of large screen multi-projector, synchronous control technology of multi-venue, real-time transmission technology of picture and text, automatic switching technology of voice incentive picture, distributed combination system technology of IP architecture, etc. The company has relatively strong technical strength in the domestic multimedia information system application industry, is a high-tech enterprise and Shanghai star software enterprise, has undertaken or participated in a number of major national and provincial and municipal technology research and development projects. The company has 44 software copyrights, 37 software products and 1 utility model patent.

Brand advantages driven by typical projects. The company has implemented more than 2000 information engineering projects, including many typical projects with great influence and demonstration effect in the industry. The successful implementation of typical projects has accumulated rich practical experience for the company, trained a large number of technical personnel, established a good company brand and reputation, and led to the expansion of related business.

Fund-raising project

1. It is proposed to raise 41 million yuan for the development project of the multimedia conference system platform.

2. It is proposed to use 29 million yuan to raise funds for the emergency command center system support platform development project.

3. It is proposed to use 28 million yuan to raise funds for the development project of the science and technology court system platform.

4. It is proposed to use 27 million yuan to raise funds for the construction project of the technology center.

5. It is proposed to use 25 million yuan to raise funds for marketing and service system construction projects.

6. It is proposed to use the raised funds of 21 million yuan to repay bank loans.

Main potential risks

1. The risk of intensified market competition. China's multimedia information system industry is a fully competitive market with low concentration and fierce competition. With the strong support of the national industrial policy and the continuous optimism of the industry development prospect, many domestic enterprises have expanded the multimedia information system industry solution business, and the company is facing the market risk that the industry competition may be further intensified. if the company can not adapt to the changes of market competition, its competitive advantage may be weakened, thus facing the risk of reducing its market share.

2. The risk of large balance of accounts receivable. From 2012 to the end of 2014, the book value of accounts receivable accounted for 36.29%, 35.02% and 40.68% of the total assets, respectively. If the scale of accounts receivable continues to grow, the company will face the risk of insufficient liquidity leading to an increase in financial costs and a slowdown in business growth.

Valuation

The issuer works in software and information technology services. As of May 14, 2015, the average static price-to-earnings ratio for the latest month released by the CSI was 143.54 times. It is estimated that the company's earnings per share in 2015 and 2016 are 0.49 yuan and 0.57 yuan respectively. Combined with the current market situation, combined with the company's issue price of 9.50 yuan (corresponding to 22.99 times 2014 diluted price-earnings ratio), the initial pressure of the company is expected to be 40 yuan-47 yuan.