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【国信证券】任子行:监管和舆情行业化,网络协议及数据处理技术领先

國信證券 ·  Sep 4, 2012 00:00  · Researches

Industrialization of supervision and public opinion products, public security, radio, television, communications, and military, Internet content supervision is gradually being refined from the national level to the provincial and municipal levels. Demand for companies' regulatory products is increasing. In addition to traditional public security systems, companies are also expanding regulatory products on a large scale in radio, television, communications, military and other industries; radio and television systems need to include Internet audio and video, while various forms of audio and video such as UGC and P2P have increased the difficulty of supervision. The communications industry continues in various areas such as ICP service provider registration, IP resource management, and operator IDC content supervision Regulatory requirements, while the trend of the Internet entering the military and the military's high-level regulatory requirements will create a larger regulatory market. The company's public opinion business also followed the path of industrialization. The company first started with audio and video public opinion content for radio and television, and has accumulated a lot in terms of technology. It will provide comprehensive products and applications in the future. The company recently launched a SaaS online public opinion service and a public opinion management system for microblogging, maintaining strong competitiveness in the huge market of public opinion management. Strong technical advantages in Internet protocols and massive unstructured data processing As a leading manufacturer in the field of Internet security auditing and supervision, the company's strongest technical advantage is reflected in the depth and breadth of Internet protocol analysis, supporting the analysis and restoration of more than 1,000 network protocols; in terms of processing the province's Internet logs, the analysis of audio and video programs within the province, and IP traceability throughout the country, it shows the company's strong ability to process massive unstructured data; in terms of location tracking of various networks such as wired, Wi-Fi, 3G, etc., the company can maintain speed and accuracy Leading the way. The Internet cafe market has great potential to be deeply cultivated. The low penetration rate of non-operating venues will rapidly increase the company's products to cover about 33% of Internet cafe terminals nationwide, reaching 54,000 Internet cafes and 5.2 million computers. Subsequent value-added business development has great market potential; the installation rate of security audit products in non-operating places such as hotels and cafes is less than 10%. The penetration rate of security audit products in non-operating places such as hotels and cafes will increase rapidly with mandatory installation requirements of the public security; the company's miniaturized products integrate router and firewall functions, and are expected to quickly occupy the market. The risk suggests there is a risk that regulated products will reduce a company's profit margin. Business barriers are high, growth is good, and products given “recommended” ratings to companies have high technical and customer barriers. The EPS for 12-14 is expected to be 0.71/0.97/1.21 yuan, an increase of 30%, 36%, and 25% over the previous year; the company's growth is good, and the current valuation is low, giving it a “recommended” rating.

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