[Anxin Securities] Beijing Tianli 2014 Annual report comments: clear strategy achievement Internet insurance leader

安信證券 ·  04/01/2015  · Researches

The performance is in line with expectations. In 2014, the company achieved operating income of 138 million yuan, down 29.85% from the same period last year, and net profit of 37.33 million yuan, down 18.17% from the same period last year.

Affected by the SMS rectification of operators and fee settlement agreement policy and other factors, the company's main business has declined. In 2014, the overall delivery volume of MAS business increased by 11.4% compared with the same period last year, but due to a major policy adjustment in the signing of the fee agreement, there was no settlement fee income in the provinces that did not complete the renewal of the fee agreement, resulting in a decline in MAS business revenue. On the other hand, the rectification of short messages by operators has had a certain impact on the company's ICT integrated services business. However, the company has accumulated a lot of resources in the financial field through the main business, laying a solid foundation for its innovative business.

Strategic layout of Internet insurance, strong executive ability of management. Since listing, the company has actively explored the innovative business of Internet insurance, demonstrating the strong executive ability of the senior management team through the acquisition of Shanghai's reputation, the launch of China's first car extension service platform, and the release of fixed growth plans. In the future, the company will continue to promote the landing of its business in the form of business innovation and extension expansion, and give sufficient incentives in talent construction, and its progress in Internet insurance business will continue to exceed expectations.

The first platform of Internet insurance is approaching. According to the previously released fixed increase plan, the company will invest 270 million yuan in the Internet insurance platform project, including three sub-units of collaborative interactive platform, marketing service center and big data center, fully combining data, products and scenes, and establishing a business model of "data / product / scene three-dimensional innovation". All kinds of simplified innovative products with small, massive, high-frequency and fragmented characteristics of the Internet, combined with specific scenarios, will form a huge market, the company will seize the market opportunity, and the leading position of Internet insurance will continue to strengthen.

Investment advice: the "barbaric growth" of the Internet in China has created a historic opportunity for Internet insurance. The company's strategy and layout are in the forefront of the industry, and we are very optimistic about its investment value as the first platform for Internet insurance. It is estimated that the EPS from 2015 to 2016 will be 0.57,0.78 yuan respectively, raising the target price for six months to 260 yuan.

Risk Tip: the progress of Internet insurance business is not as expected.

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