A leader in domestic high-tech enterprises. Adhering to the “incubator” development model, after years of development, the company has formed more than ten business segments of computers, digital cities, the Internet of Things, microelectronics and core components, multimedia, semiconductors and lighting, military, digital television, energy saving, and security, covering almost all current emerging strategic industries and hot topics. It is a leading enterprise with a complete industrial chain of information security, the Internet (finance), smart cities, and energy saving and environmental protection.
There are good prospects for the development of businesses such as chips, intelligent rail transit, security, and energy saving. The company has many businesses, both mature businesses and many promising emerging businesses. In terms of the chip business, there has been substantial progress in the expansion of non-communication smart cards such as finance and health. It is expected to break through in 2015. The special centralized circuit market potential is huge, and the company's market share is high; domestic rail transit construction is developing rapidly. The company's integrated monitoring software platform has covered 32 rail transit lines such as Beijing and Guangzhou, breaking the long-term software monopoly of the three major foreign platforms; in terms of security systems, the company has core technology, large-scale container inspection systems have the highest global market share, and small security inspection equipment also achieved a good record, exporting 602 to 26 countries in 2014 Taiwan and its two products have obtained TSA certification, which has the conditions to enter the US market; the LED industry is developing rapidly, and the LED lighting business has formed a complete industrial chain for materials, epitaxial chips, chips, packaging, optical design and application.
The reform of university enterprises favors the development of companies. The reform of university enterprises is imminent. In 2014, relevant departments approved the comprehensive reform plans of Tsinghua University, Peking University, and Shanghai Jiao Tong University, marking that the comprehensive reforms of the three universities have entered the implementation stage. Recently, the State-owned Assets Administration Commission published a report from the media “State-owned Xiaoxin” covering the reform of university enterprises. This may mean that the reform of university enterprises is expected to accelerate. At the same time, not only will many of the company's participating companies be IPOs soon, but there may also be subsidiaries listed on the New Third Board.
Profit forecast and investment rating: We expect the company's revenue in 2015-2017 to be 29.221 billion yuan, 32.577 billion yuan and 36.222 billion yuan respectively, up 12.4%, 11.5% and 11.2%, respectively, and net profit attributable to shareholders of listed companies was 1,075 billion yuan, 1,399 million yuan and 1,713 billion yuan respectively. According to the latest share capital calculation, the 2015-2017 EPS was 0.36 yuan, 0.47 yuan and 0.58 yuan respectively. PE corresponding to the latest stock price It was 74 times, 57 times, and 46 times, respectively. It was covered for the first time and gave an investment rating of “increased holdings”.
Stock price catalysts: reform of university enterprises, listing of participating companies, new IPO policies, mergers and acquisitions of new enterprises.
Risk factors: The progress of university enterprise reform is seriously lagging behind, the listing of participating companies falls short of expectations, and profits fluctuate greatly.
