【上海证券】京天利:专业的移动信息应用 服务商

上海證券 ·  09/18/2014  · Researches

A professional mobile information application overall solution provider company is a professional mobile information application overall solution provider. It mainly cooperates with telecom operators to provide industry mobile information services and personal mobile information services. The company is the designated business operation support unit and group business integrator (SI) of China Mobile, and is also a long-term partner of China Unicom and China Telecom. The group customers served by the company are widely distributed in the fields of finance, transportation, e-commerce, retail trade, cultural media, and public services. The company has a leading edge in the financial industry market. The company has a high market share in the mobile information service market in the financial industry. As one of the two main operating support points for China's mobile MAS business, in 2013, the number of group customers served by the company was 65, accounting for 57% of the 114 large group customers connected to China's mobile MAS business headquarters; in particular, in the field of mobile information services in the securities industry, according to data from the Securities Industry Association, 18 of the top 20 largest securities companies in the securities industry in terms of revenue in 2013 became corporate customers. Profit predicts that the company's operating income and net profit will maintain rapid growth from 2009 to 2012, but in 2013, due to adjustments in China's mobile settlement policy, the company's revenue and net profit declined rapidly. The company's performance will fluctuate over the next few years, with revenue growth rates of -31.51% and 19.88% in 2014 and 2015, respectively. Net profit was 45.46 million yuan and 52.86 million yuan, respectively, with growth rates of -0.35% and 16.29%, respectively. The valuation conclusion takes into account the issuance volume of 20 million shares. At the same time, the old shareholders do not sell shares. The company has a total share capital of 80 million shares after issuance. The total cost of the current issuance was 53.95 million yuan. At the same time, the capital raised was 170 million yuan, and the company's issue price was 11.20 yuan. The diluted EPS in 2014 was 0.57 yuan. Considering that the PE in the industry in 2014 was 45-54 times, the company's reasonable valuation range was 25.65-30.78 yuan.

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