Summary of the report:
The company is a leading provider of marketing information solutions in China, and its main business is to provide marketing information solutions with independent intellectual property rights to industries or fields such as banking, insurance, manufacturing, commercial circulation and services, government and public utilities, including contact center and unified communication platform, marketing business and management platform and related technical services.
The contact center and the unified communication platform are the basic communication platform, and the marketing business and management platform is the marketing business application platform based on this basic communication platform. The company's technical service business provides guarantee for the operation of the marketing information system.
From 2011 to 2013, the operating income of the company was 164 million, 197 million and 248 million respectively, with a growth rate of 41.97%, 19.76% and 25.80% respectively, and the net profit belonging to the shareholders of the parent company was 38.1384 million yuan, 46.9637 million yuan and 51.8953 million yuan respectively, with a growth rate of 42.38%, 23.14% and 10.50%, respectively.
From 2011 to 2013, the gross profit margin was 37.86%, 36.30% and 31.67% respectively, and the gross profit margin gradually declined, on the one hand, affected by the intensification of market competition and macroeconomic cycle, on the other hand, it is constrained by the growth of business income of contact centers and unified communications platforms with a large proportion of income but low gross profit margin.
From January to September 2014, the operating income was 199 million yuan, and the net profit belonging to the shareholders of the parent company was 35.349 million yuan, and the net profit for the whole year is expected to remain stable.
The company issued 10.3 million A-shares and actually raised 296.743 million yuan. The investment project is the upgrading project of marketing information system, the construction of R & D center and supplementary liquidity.
From 2014 to 2016, the operating income is expected to increase by 11%, 20% and 22% respectively, and the net profit attributable to the shareholders of the parent company will increase by 6%, 22% and 19% respectively. According to the fully diluted EPS after the issue, the EPS is 1.33,1.63,1.93 yuan respectively, with a reasonable valuation range of 53-60 yuan, corresponding to 45 times of PE40 in 2014.
Risk hint: the prosperity of the industry, the speed of business development and the rate of business growth are lower than expected.