[Anxin Securities] Jingtianli's Quarterly report 2015 comments: performance in line with expectations, comprehensively open up a new scene of Internet insurance

安信證券 ·  04/17/2015  · Researches

The performance is in line with expectations. In the first quarter of 2015, the company achieved operating income of 37.8225 million yuan, down 7.23% from the same period last year; net profit attributed to the owner of the parent company was 10.8637 million yuan, down 12.64% from the same period last year; and earnings per share was 0.14 yuan, in line with expectations.

The decline in traditional business revenue is mainly due to the impact of tighter controls on MAS services by operators. In the first quarter of 2015, the company's main business was basically normal, but due to the strict control of channel resource allocation by major domestic telecom operators, as well as settlement delays and contract renewal, MAS business revenue decreased by 60.37% compared with the same period last year.

The high valuation of Zhongan Insurance highlights the great prospect of Internet insurance business. As the only company in China with an Internet insurance business license, Zhongan Insurance achieved an income of 790 million yuan and a net profit of 33 million yuan in 2014, with a current valuation of 64 billion yuan. The ultra-high price-to-earnings ratio of Zhongan Insurance highlights the broad prospects of Internet insurance: first, Zhongan Insurance is extremely rare in the traditional insurance industry after it has been established for only more than one year; second, Zhongan Insurance is growing rapidly every quarter, and premiums for existing products are expected to increase by more than 220% in 2015.

Join hands with to take the first step in comprehensively developing the Internet insurance scene. Recently, Shanghai, the company's subsidiary, praised the cooperation with, China's largest catering O2O platform, to launch the first food safety insurance in the takeout industry-"takeout insurance", taking the first step in comprehensively developing the Internet insurance scene. It is estimated that the total order volume of in 2015 is nearly 1 billion, and there is a huge market space for the application scenario of Internet takeout food safety escort alone. "Internet +" has penetrated into all aspects of our lives. As an inevitable way to endorse the "barbaric growth" of the Internet in China, Internet insurance will continue to innovate vertical insurance services combined with all kinds of scenarios. At the same time, the company itself has been deeply cultivated in the mobile information service industry for many years, has accumulated a large number of high-quality customers and valuable data, and has established close ties with major insurance companies, relying on its advantages in insurance scene design, is moving towards the goal of the first platform of domestic Internet insurance.

Investment suggestion: since listing, the company has actively laid out the Internet insurance business, demonstrating the strong executive ability of the senior management team through the acquisition of Shanghai's reputation, the launch of the first domestic automobile extension service platform, and the release of fixed growth plans. The company's strategy and layout in the field of Internet insurance are in the forefront of the industry, and we are very optimistic about its investment value as the first platform of Internet insurance. From 2015 to 2016, the EPS is expected to be 0.57,0.78 yuan respectively, maintaining the "buy-A" investment rating, with a six-month target price of 300 yuan.

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

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