Company profile:
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 banking, insurance, manufacturing, commercial circulation and services, government and public utilities and other industries or fields. including contact center and unified communication platform, marketing business and management platform and related technical services. At present, the company has mastered softswitch, multimedia communication, CTI, workflow, business rule engine, knowledge discovery, application server and other related, systematic core technologies, and has 74 computer software copyrights. It can provide enterprises in various industries with innovative marketing information solutions, including contact center and unified communication platform, marketing business and management platform. The company's controlling shares and actual control are Sun Chengwen, who directly holds 35% of the shares of the company.
Current situation and prospect of the industry
The marketing information industry has great potential. Marketing informatization is the application of database technology, communication technology and other information technology means to manage and support the marketing functions of enterprises, such as market, sales and service. At present, marketing informatization has become the core component of enterprise informatization construction. In the industrial chain, it includes two main links: application software design and development, system solution implementation and operation and maintenance services. the upstream suppliers include hardware equipment and system software suppliers, and the downstream is the final customer of marketing information. The information level and market prosperity of the downstream industry directly determine the development of the industry. In recent years, China's overall information investment has maintained rapid growth, as the core component of enterprise informatization, banking, insurance, manufacturing, commercial circulation and services, government and public utilities and other industries are steadily realizing marketing informatization in accordance with industry business norms. Technology becomes the driving force for the development of the industry. The revolutionary progress of IT technology has a profound impact on the development of marketing informatization. NGN, mobile Internet, metadata, SOA, cloud computing and other new technologies will change the business model of enterprises, and information technology has become one of the driving forces to promote enterprise change.
Highlights of the company:
Focus on marketing information, technology and product advantages are obvious. The company is a leading domestic marketing information solution provider, since its inception has always focused on technological innovation, adhere to independent intellectual property rights as the core competitiveness, in many domestic enterprises engaged in similar business to show strong technological research and development capabilities and business innovation capabilities. Up to now, the company has mastered 35 core technologies related to softswitch, multimedia communication, CTI, workflow, business rule engine, knowledge discovery, application server and other technical fields. Based on the above core technologies, the company has obtained 74 computer software copyrights and is one of the few domestic marketing information solution providers that can provide a full range of independent property rights products. High quality customer base. The company's marketing information solutions have been successfully deployed in banking, insurance, manufacturing, commercial circulation and services, government and public utilities and other industries or fields, forming a customer base of a certain scale, and has achieved a leading position in the customer base.
Fund-raising project
1. It is proposed to raise 68 million yuan for the marketing information system upgrade project.
2. It is proposed to raise 18 million yuan for the R & D center construction project.
3. It is proposed to raise 181 million yuan to supplement the working capital.
Main potential risks
1. The risk of an increase in the balance of accounts receivable. The company's accounts receivable balance from 2011 to the end of 2013 accounted for 34.34%, 34.60% and 35.70% of the current operating income, respectively. With the expansion of the company's business scale, the balance of accounts receivable may further increase.
2. The risk of tax preference and government subsidy policy change. From 2011 to the end of 2013, the combined proportion of corporate tax incentives and government subsidies to the current net profit is 25.45%, 27.49% and 20.64%, respectively. If the above-mentioned tax incentives and government subsidy policies change in the future, it will have a certain impact on the company's operating results.
Valuation
The issuer works in the software and information technology services industry, and as of January 12, 2015, the average static price-to-earnings ratio for the latest month released by the CSI was 72.48 times. It is estimated that the company's earnings per share in 2014, 2015 and 2016 are 1.30,1.56 and 1.87 yuan respectively. Considering the current market conditions, combined with the company's issue price of 28.81 yuan (corresponding to 22.94 times diluted price-to-earnings ratio in 2013), it is estimated that the core fluctuation range of the company's stock price within 10 trading days is 65 yuan-75 yuan.