Main points of investment:
The company recently launched a new mobile Internet product-"Yuntong", which is a typical O2O mobile Internet application, which provides convenient, honest and real-time logistics capacity trading platform services for both supply and demand of transport capacity. "Yuntong" aims to solve three stubborn problems in the field of logistics information: unable to find information, find false information, and find out-of-date information.
Yuntong products are based on the physical logistics park, bringing shippers, deliveries and government departments into the entire logistics trading platform. On the one hand, by collecting the location information and capacity information of each truck, the capacity distribution of the whole park can be shown to the customers in real time; on the other hand, the stowage company can release the source information in real time and quickly dock the trucks in the park to achieve the purpose of intelligent distribution. We believe that the function of the software is similar to that of "Didi Taxi", and the functions of the platform are expected to be enriched in the future, such as value-added services such as map navigation, weather and road conditions, and source recommendation.
The benchmarking project is expected to be completed, and the platform will be gradually promoted to other parks in the future. Relying on the physical logistics park, the platform has three major advantages and is expected to become a benchmarking project and gradually popularized. First, high honesty, the use of "park management real name certification, public security identity card certification, operator certification management" three major ways to ensure the authenticity and reliability of car and cargo information. Solve the most critical integrity problem in the logistics industry. Second, convenient and fast, through a smartphone, you can achieve "one-click to find a car", "one-click to find goods", "cross-city to find goods" and so on. Backstage is a location-based massive information matching scheme. Third, real-time response, real-time source information, real-time capacity information.
Competitive advantage is the deep understanding of the logistics industry and customer resources. First, the company's business involved in the field of road logistics, business income from Jiangsu, Shanghai, Beijing and other 15 provinces and cities, has accumulated a wealth of experience and achieved good results. Second, the company's main business covers commercial vehicles, agricultural machinery, public transport, warehousing, elevators, construction machinery and other fields, especially in the field of construction machinery and commercial vehicles has a high market share, which helps the company to promote its on-board software and hardware terminal products that provide location information and vehicle health information on the truck side. Third, the landing of the benchmarking park project, through the integration of logistics market, commercial vehicle factories and other related industry chain interests, so as to further enhance the company's competitiveness in the field of commercial vehicle networking.
(1) higher performance flexibility. Whether it is the cross-domain expansion of traditional products, or the cross-vendor expansion of smart warehouse and after-sales business, the future sales flexibility is greater, if the channel expansion exceeds expectations and can smoothly enter the quasi-preloading market and after-sales links of more manufacturers, it is expected to bring rich performance contributions to listed companies. (2) performance. Assuming that the company completes the business friend acquisition in 14 years, and the equity increases to 173 million and the second half of the year begins to merge, it is expected that the net profit in 14 and 15 years will be 45 million yuan and 88 million yuan respectively, with a year-on-year growth rate of 560.3% and 93.6% in 14 and 15 years, respectively, and the corresponding PE is 69 times and 35 times respectively, taking into account the company's strategic layout and greater performance flexibility in the field of car networking. And the current valuation is undervalued compared with its growth ability, giving a "buy" investment rating.