[northeast Securities] Jingtianli IPO pricing report: value-added extension of business chain based on mobile information application

東北證券 ·  10/08/2014  · Researches

The company is a professional value-added service provider for mobile information applications, mainly cooperating with telecom operators to provide industry mobile information services and personal mobile information services. Industry mobile information services mainly provide overall solutions of mobile information applications for domestic large and medium-sized group customers, covering customized development, business integration, operation support and customer relationship management services. Personal mobile information services are mainly mobile securities business.

At present, the main income mainly comes from MAS business, ICT integrated services platform business, mobile financial products and application services, and personal mobile information services, accounting for 52.43%, 30.26%, 10.48% and 6.83%, respectively.

In the future, the company will take the integrated service platform products as the core, continue to innovate and upgrade products around the two major directions of industry mobile information services and personal mobile information services, and plan to rely on the accumulation of experience and technology in the financial industry for a long time. Extend the business chain with automobile extension as a business entry point.

From 2011 to January to June 2014, the operating income of the company was 145 million yuan, 221 million yuan, 197 million yuan and 67.6 million yuan respectively, and the net profit attributable to the shareholders of the parent company was 53.65 million yuan, 65.38 million yuan, 45.62 million yuan and 20.31 million yuan, respectively. The performance has declined in recent years, mainly due to the rectification of the short message market by the Ministry of Industry and Information Technology, the change in the settlement method between China Mobile Limited and the company, and the influence of communication methods such as Wechat on the short message market.

The funds raised will be mainly invested in four projects: the new generation industry mobile information service platform, the personal mobile financial information service platform, the marketing network system construction project and the R & D center construction project.

From 2014 to 2016, we estimate that the diluted earnings per share of the total equity after issuance will be 0.56 × 0.68 × 0.81 yuan. With reference to the valuation level of the comparable company, we believe that the reasonable price-to-earnings ratio of the company in 2014 is 35-40 times, and the corresponding reasonable valuation range is 19.6-22.4 yuan.

Risk tips: large fluctuations in performance, unfavorable development of new business, etc.

The translation is provided by third-party software.

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