[Changjiang Securities] Hengbao shares: the fixed increase has been examined and approved by the Securities Regulatory Commission, and the Internet financial strategy has been steadily advanced.

長江證券 · Mar 2, 2016 00:00 · Researches

事件描述

2016年3月2日,恒宝股份发布公告称,中国证监会发行审核委员会对公司非公开发行股票申请进行了审核,根据会议审核结果,公司本次非公开发行股票申请获得通过。

事件评论

非公开发行取得积极进展,互联网金融业务稳步推进:2015年12月,公司修正了定增预案,拟定增募资10.8亿元,分别投资6.5亿元、1.5亿元、2亿元用于中小微商户服务网络和系统建设、收购深圳一卡易51%股权、mPOS整体解决方案研发与产业化。此次公司非公开发行股票获得证监会发审委审核通过,显示公司中小微商户服务体系建设稳步推进。此外,2015年12月,公司下属上海恒毓投资拟使用1500万元参股瀚思安信获得其8.333%的股权,以强化信息安全业务,旨在进一步完善其云宝金服业务生态圈布局。可以预见,随着公司定增项目持续落地,公司互联网金融业务前景将值得期待。

智能卡行业维持高景气,支撑公司业绩延续高速增长:我们重申,中国智能卡行业依然维持高景气,足以支撑公司业绩维持高增长趋势,具体而言:1、金融IC卡新增发卡量快速增长的同时,传统磁条卡向金融IC卡替换的替代需求开始加速释放,支撑公司金融IC卡发卡量维持快速增长;2、随着NFC受理环境日渐完善、Applepay正式入华培育用户消费习惯,中国NFC移动支付进入加速发展期,受竞争驱动,以中国移动为代表的运营商已然开始加大NFC移动支付卡的补贴力度,后续运营商NFC移动支付卡集采将会给公司NFC移动支付卡创造大量市场需求;3、随着后续政府加大居民健康卡采购力度,公司居民健康卡业务有望迎来高速增长。

新产品稳步拓展,奠定公司长期成长基石:公司在立足主营智能卡业务的基础上,新产品产业化进程持续推进,具体而言:1、“营改增”背景下,公司税控盘发货量爆发增长,已然成为公司新的收入业绩增长点;2、公司围绕移动支付产业,开发移动支付综合管理平台及安全解决方案、TSM调试和商用,此外,其蓝牙二代USBKey已经进入市场推广期,IC卡互联网支付终端已经实现批量出货。此外,公司后续继续加大新产品研发和推广力度,有助于确保公司长期成长。

投资建议:我们看好公司未来发展前景,预计公司2016-2017年全面摊薄EPS为0.68元、0.85元,重申对公司“买入”评级。

风险提示:

1、金融IC卡降价幅度可能高于预期;

2、移动支付卡出货量可能低于预期;

3、公司互联网金融业务进展可能低于预期;

若发生以上预期外的情况,均有可能导致实际情况与我们的判断产生偏差。

Event description

On March 2, 2016, Hengbao announced that the issuance Review Committee of the China Securities Regulatory Commission examined the company's application for non-public offering of shares. According to the results of the meeting, the company's application for non-public offering of shares was approved.

Event comment

The non-public offering has made positive progress, and the Internet financial business has progressed steadily: in December 2015, the company revised the fixed increase plan and proposed to raise an additional 1.08 billion yuan, investing 650 million yuan, 150 million yuan and 200 million yuan respectively in the construction of the service network and system of small and medium-sized micro-businesses, the acquisition of 51% equity in Shenzhen Yika Yi, and the R & D and industrialization of the overall solution of mPOS. The company's non-public offering of shares was examined and approved by the Development and Review Commission of the Securities Regulatory Commission, indicating that the construction of the company's small and medium-sized merchants service system is making steady progress. In addition, in December 2015, the company's Shanghai Hengyi Investment plans to use 15 million yuan to participate in Hanson to acquire its 8.333% stake in order to strengthen its information security business and further improve the ecological layout of its Yunbao Financial Services business. It can be predicted that as the company's additional projects continue to land, the prospect of the company's Internet financial business will be worth looking forward to.

The smart card industry maintains a high economy, supporting the company's continued rapid growth: we reiterate that China's smart card industry remains high enough to support the company's performance to maintain a high growth trend. specifically: 1. While the number of new financial IC cards issued is growing rapidly, the replacement demand from traditional magnetic stripe cards to financial IC cards begins to be released at an accelerated pace, supporting the rapid growth of financial IC card issuance by companies. 2. With the improvement of the NFC acceptance environment and the formal entry of Applepay into China to cultivate users' consumption habits, China's NFC mobile payment has entered a period of accelerated development. Driven by competition, operators represented by China Mobile Limited have begun to increase subsidies for NFC mobile payment cards. Follow-up operator NFC mobile payment card collection will create a lot of market demand for the company's NFC mobile payment card. 3, with the follow-up government to increase the procurement of resident health cards, the company's resident health card business is expected to usher in rapid growth.

Steady expansion of new products, laying the cornerstone of the company's long-term growth: on the basis of the main smart card business, the industrialization of new products continues to advance, specifically: 1. Under the background of "business change", the company's tax control panel shipments have exploded, which has become a new revenue growth point for the company. 2. Around the mobile payment industry, the company develops an integrated mobile payment management platform and security solutions, TSM debugging and commercial use. In addition, its Bluetooth second-generation USBKey has entered the market promotion period, and IC card Internet payment terminals have achieved batch shipments. In addition, the company continues to strengthen the development and promotion of new products, which will help to ensure the long-term growth of the company.

Investment suggestion: we are optimistic about the future development of the company. We expect the company to have a diluted EPS of 0.68 yuan and 0.85 yuan in 2016-2017, and reiterate the "buy" rating of the company.

Risk Tips:

1. The price reduction of financial IC card may be higher than expected

2. Mobile payment card shipments may be lower than expected

3. The progress of the company's Internet financial business may be lower than expected.

If the above unexpected circumstances occur, it may lead to a deviation between the actual situation and our judgment.

The translation is provided by third-party software.

The above content is for informational or educational purposes only and does not constitute any investment advice related to Futu. Although we strive to ensure the truthfulness, accuracy, and originality of all such content, we cannot guarantee it.

【长江证券】恒宝股份:定增事项获得证监会审核通过,互联网金融战略稳步推进

[Changjiang Securities] Hengbao shares: the fixed increase has been examined and approved by the Securities Regulatory Commission, and the Internet financial strategy has been steadily advanced.

Risk Disclaimer

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