Main points of the report
With the rapid growth of the industry, the company's pre-SaaS investment has been basically completed. The company mainly provides cloud computing SaaS services, including enterprise mailbox, OA office system, customer management system and other cloud office products. After nearly 10 years of development in China, cloud computing services are mainly invested in the IaaS level such as data center construction. In recent years, the national data center construction has initially formed a scale, and the cloud computing service model has been gradually accepted by enterprises, especially for small and medium-sized enterprises, cloud services can greatly reduce the cost of corporate information systems. Under the call of "mass entrepreneurship and mass innovation", the demand for SaaS will show explosive growth, and the industry will grow by more than 40%. It can be said that 2016 is the first year of SaaS development.
The company's early large-scale investment in cloud services has been basically completed, and most of the related products have been put into use.
The customer base is strong, take the intelligent telephone as the carrier, integrates the company SaaS service entire product line. The company has worked in the field of cloud services for many years and has a very strong customer base. At present, there are 6-100000 small and medium-sized enterprises using the company's SaaS service, and the size of most enterprises is about 50 people. On average, each enterprise uses about 20-30 people. It is conservatively estimated that there are more than 1 million SaaS users. With an average fee of 50-100 yuan per person per year, the annual income of the business can exceed 100 million yuan. In 2016, the company independently developed a smart phone, which integrates the functions of PAD+ phone, which can realize the storage and management of marketing information, instant messaging, intelligent dialing and other marketing functions. The product is expected to be launched and promoted in the next two months. Smart phones mainly get revenue from phone charges. As a virtual operator, the company's gross profit margin can reach about 40%. Phones and cloud products are used free of charge, with an average monthly telephone fee of 200-300 yuan per person. Assuming that 10% of the company's users use the smart phone business, the business will also contribute considerable performance growth to the company.
Double-main business development, aimed at creating a movie game linkage big IP. The company acquired Daoxi Technology, a gaming company, in 2015 and incorporated it into a consolidated statement in September 2015, thickening the company's profits. At present, the game developed by Daoxi Technology has a long life cycle, and the monthly recharge reaches 50 million yuan and remains stable. The company is optimistic about the development of the concept of big IP and the new market space brought by the linkage of video games. In the future, the company will mainly develop the dual main business of SaaS+ games, and actively look for opportunities for extension expansion to deepen, expand and strengthen the company's double main business.
Valuation and investment advice. It is estimated that the company's income from 2016 to 2018 will be 423 million yuan, 613 million yuan and 736 million yuan, and its net profit will be 86.73 million yuan, 131 million yuan and 181 million yuan, corresponding to 0.23,0.36,0.49 yuan per share. The company's SaaS+ game dual main business development, the rapid growth of the industry, the company's stock price drivers are more, give it a "recommended" rating.