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【安信证券】浩丰科技:国内领先的营销信息化解决方案提供商

安信證券 ·  Jan 11, 2015 00:00  · Researches

Leading domestic marketing information solution provider: The company focuses on providing marketing information solutions with independent intellectual property rights to industries or fields such as banking, insurance, manufacturing, commercial circulation and services, government and public services. Its main business includes contact centers and unified communication platforms, marketing business and management platforms and related technical services. The company's main business maintained rapid growth. In 2013, revenue was 248 million yuan, an increase of 25.8% over the previous year, and achieved net profit of 51.89 million yuan, an increase of 10.50%. The marketing informatization industry has huge potential: marketing informatization will maintain relatively rapid growth in the future. Industries such as banks, insurance, manufacturing, commercial circulation and services, government and public utilities are steadily implementing marketing informatization in accordance with industry business standards, while enterprises with e-commerce as their main business model have achieved remarkable results through bold experiments, becoming a model for marketing informatization applications. Using this as a reference, a large number of traditional enterprises are eager to try it out, forming a huge potential market. Technical advantages, product advantages, and a high-quality customer base are the company's competitive advantages: since its establishment, the company has always focused on technological innovation, insisted on independent intellectual property rights as its core competitiveness, and demonstrated strong technological research and development capabilities and business innovation capabilities among many domestic enterprises engaged in similar business. After more than ten years of market development, the company has accumulated a number of high-quality and influential customers in industries or fields such as banking, insurance, manufacturing, commercial circulation and services, government and public services, etc. The recommended inquiry range is 24.5-33.1 yuan. The estimated operating income of the company in 2014-2017 is 293 million yuan, 374 million yuan, 484 million yuan and 627 million yuan respectively, net profit of 56 million yuan, 69 million yuan, 90 million yuan and 115 million yuan, respectively, and EPS is 1.807 yuan, 1.670 yuan, 2.179 yuan and 2799 yuan respectively. We comprehensively consider the policy and market environment of this issuance, the total amount of capital raised this time, and the issued share capital. The recommended price range is 24.5-33.1 yuan; according to the average PE of the same industry in the secondary market, the recommended pricing range is 40.2-57.6 yuan. Risk warning: risk of low market capacity for marketing informatization; risk of bad debts; risk of declining gross margin due to increased competition.

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