Event: the company cooperated with the agent to participate in the bidding for the online twinning education system project of urban and rural schools of Hefei Bureau of Education, and recently signed a formal supply contract with a project amount of 8.18 million yuan.
Comments:
The breakthrough of the online classroom project has had a positive impact on performance. With Hefei Education Bureau as the center, the project has established an interactive teaching and research platform for online pairing of 65 schools. The platform supports the access of multimedia teaching platforms such as class computers and electronic whiteboards, and the Bureau of Education can organize any form of online real-time interactive classroom teaching, such as pair help, curriculum exchange, etc., and can also carry out various forms of online teaching and research activities. for example, heterogeneity in the same class, observation evaluation, theme exchange and so on. The project is expected to recognize revenue this year, which will have a positive impact on the company's performance.
The three links and two platforms open hundreds of billions of market space, bringing great development opportunities for the company. The Ten-year Development Plan of Educational Informatization proposes that governments at all levels should allocate educational informatization funds according to the proportion of not less than 8%. It can be estimated that there are hundreds of billions of market space for educational informatization in China, among which, the three links and two platforms are the focus of investment in our country at the present stage, while the online classroom is an important product at the school level. With the deepening of the construction of the three links and two platforms, various localities have begun to start the bidding process. Considering the strong competitiveness of the company's online course products, it will benefit significantly.
Accelerate the layout of new business and gradually enter the harvest period. The company has the world's leading comprehensive solution for video communications, and its products have the technical advantages of small bandwidth, multi-network operation and multi-function applications, with a wide range of application scenarios, in addition to online education, its technology also has opportunities to show its talents in smart medical care, smart home and other fields. at present, the company has set up Xiangsheng medical technology, forget network technology, Haoyin education technology and other subsidiaries, new business development is worth looking forward to.
Investment advice: in 2014, the company continued to make breakthroughs in smart home, telemedicine, online education and other emerging areas. These new businesses are in line with the industry trend and are expected to become important growth points in the future. It is estimated that the EPS from 2014 to 2016 will be 0.41,0.60 and 0.77 yuan respectively, maintaining the "buy-A" investment rating, with a six-month target price of 23 yuan.
Risk hint: the risk that the progress of the new business is not up to expectations, the risk of fluctuations in operating and financial conditions affected by major customers, and the risk of project payback.
