[Anxin Securities] Jingtianli Exchange Summary: clear strategy, firmly open up the blue sea of Internet insurance

安信證券 ·  02/04/2015  · Researches

Focus on Internet insurance. Scenario + data + product is the core of Internet insurance. The company's extended car insurance is one of the best scenarios for Internet insurance; the main mobile information service provides strong big data capabilities; and the acquired Shanghai Yuehao is very creative in product design and accounts for 50 per cent of domestic aviation delay insurance. We are very optimistic about the prospect of the company expanding its Internet insurance business.

There is a lot of room for the Internet insurance industry. According to iResearch, the premium income of China's Internet insurance was 8.9 billion yuan in 2014, an increase of 124.6% over the same period last year, but the penetration rate was only 0.5%. The compound growth rate from 2013 to 2017 is expected to be as high as 92.4%, and the industry is in a period of rapid growth. In addition, from the perspective of the development direction of the industry, insurance types and channel innovation continue. Small, massive and high-frequency simplified insurance, such as return insurance, are very consistent with the characteristics of the Internet and have great prospects for development.

Clear strategy and strong execution. The company set up an extended insurance department last year, and almost all of the funds raised after listing were used to acquire Shanghai reputation, and the car extension service, "Cha Le Youyou", will soon be launched, reflecting its determination to open up the Internet insurance market. The strategic plan of the senior management team is clear and clear, and the follow-up will continue to show strong executive power to the market!

Investment advice: in the super blue ocean of Internet insurance, the company's comprehensive ability is in the lead, strategy and layout are also in the forefront of the industry, we are very optimistic about its prospect as the first stock of Internet insurance! Continue to strongly recommend the target price of 90 yuan in 3 months. For a detailed analysis, please refer to our company's in-depth report "the rise of Internet Insurance" released over the weekend.

Risk tips: Internet insurance business expansion is not as expected; systemic risk.

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