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【广发证券】浩丰科技:营销信息化领先供应商成长稳定,前景广阔

廣發證券 ·  Jan 12, 2015 00:00  · Researches

The company is a marketing information solution provider with independent intellectual property rights. The company is a leading provider of marketing informatization solutions in China, providing contact centers and unified communication platforms, marketing business and management platforms and related technical services through independent software development and system integration. The company's main business revenue and net profit have maintained steady growth since 2011. Revenue from 2011 to 2013 was 160 million yuan, 200 million yuan, and 250 million yuan respectively, with a compound growth rate of 22.7%; net profit was 38.14 million yuan, 46.96 million yuan, and 51.9 million yuan respectively, with a compound growth rate of 16.7%. The wave of marketing informatization has created opportunities for the company to grow. With the continuous deepening of industrial informatization, marketing informatization will be one of the rapidly developing fields in the enterprise informatization market. Currently, marketing informatization is at the stage of using large amounts of data and marketing models to carry out intelligent marketing. Bank intermediary business promotion, insurance companies' multi-insurance cross-selling, e-commerce online marketing companies, and business model transformation have all provided a large amount of market demand for this industry. The company has long focused on the field of marketing informatization, has become an industry leader with rich experience and leading technology, and has formed a stable customer base of a certain scale in the banking, insurance, manufacturing, commercial circulation and service, government and public utilities industries. The long-term accumulation of high-quality customers and the continuous increase in the number of major orders will provide a good guarantee for the company's future performance. Raise 270 million yuan to break the capital bottleneck and consolidate the competitiveness of the marketing informatization market. The company plans to raise capital this time mainly to invest in marketing information system upgrade projects and R&D center construction projects to deepen the application and functional expansion of existing marketing information-related solutions, so that they can adapt to the future development of the industry and meet the diversified needs of customers. At the same time, increase the company's market share and enhance the competitive advantage of products. Profit forecast. Based on the company's fund-raising projects and issuance expenses, we assume that 10.3 million shares will be issued. Under the premise that capital is in place in a timely manner and project progress is in line with expectations, we expect the company's revenue growth rates from 2014 to 2016 to 11.0%, 15.4%, and 15.1%, respectively, and net profit growth rates of 1.1%, 9.6%, and 23.4%, respectively. It is estimated that the EPS in 2014 will be 1.70 yuan, and the EPS in 2015 and 2016 after full dilution based on the additional share capital issued in the listing will be 1.40 and 1.73 yuan, respectively. Risk warning. Fund-raising project risk; risk of falling gross margin; market competition in this industry is fierce

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