Main points of investment:
Maintain the "overweight" rating and adjust the target price to 30 yuan. Aowei was shortlisted in the "material Purchasing and supplier Depot of a military region" and won an order from a military academy for the first time, indicating that Aowei's long-term efforts to open up the military industrial communications market have achieved results and will become a new performance growth point. Maintain the 2015-2017 EPS of 0.19, 0.23 and 0.27 yuan (if the combination of snow carp is completed, the EPS is 0.33), adjust the target price to 30 yuan (- 28%) due to the recent huge market volatility, and maintain the "overweight" rating.
He was shortlisted for the "material Purchasing and supplier Depot of a military region" and obtained an order from a military academy for the first time. Aowei announced that the company received a "notice" issued by the Logistics Department of a military region, agreeing to join the "material procurement supplier warehouse of a military region." At the same time, Aowei received a "bid winning notice" issued by a military academy, and the company won the bid in an invitation to a battlefield information training system, with a winning amount of 3.295 million yuan and a construction period of six months. We believe that this is a sequel to the military industrial project that the company won in cooperation with a military academy in June, indicating that the company's military industrial business is advancing rapidly and is expected to grow into a new growth point for the company. In the next few years, national defense informatization will become an important tuyere in the communications industry, and the military communication system will play an important role in the future battlefield. Aowei Communications, as a scarce communications high-tech enterprise in the three northeastern provinces, has three military industrial qualifications (confidentiality, weapons and equipment contracting, scientific research license), and is expected to become a key local support enterprise.
Mobile Internet + military industrial communications, Aowei Xintian performance growth twin engines. In addition to the main business of network optimization, the mobile Internet and military communications businesses that Ovie focuses on will provide a strong driving force for the company's performance growth. Through the acquisition of top game access platform Shang Xue Carp, the company has entered the mobile Internet gaming platform business, and by providing CP with application release, agent payment and other services, the company has accumulated huge amount of user data, laying a solid foundation for game distribution and precision marketing business in the future.
Catalyst: carry out military projects in cooperation with military academies; strengthen mobile Internet and industrial communications.
Risk hints: the competition in the main business network market is intensified, and the pension business is a drag on performance.