For the first time, the overweight rating is given, with a target price of 36 yuan. From 2016 to 2018, the EPS is 0.51 prime 0.57 plus 0.67 yuan. Based on the two valuation methods of PE and PS, the target price is given 36 yuan, and the "overweight" rating is given for the first time.
2016 will be the key node for the large-scale application of blockchain technology. The security and stability of blockchain technology have been tested and verified by Bitcoin for several years. Under the catalysis of Ping an joining R3 and the establishment of Gold chain Alliance, the mass base continues to expand, and it is expected to enter the scenario application stage on a large scale from 2016. Financial payment scenarios bear the brunt.
The company's current block chain layout, the product landing cycle will be shorter than the market as a whole. Feitian Integrity has many years of service ability in the payment industry, product accumulation and rich experience. At present, the company's virtual digital currency storage equipment in the block chain is the easiest to land and the most direct product form in the market. In the future, the audience of all kinds of digital currencies with Bitcoin and Ethernet coin as the table is bound to further expand, and the corresponding demand will continue to increase. Therefore, we believe that the landing cycle of the blockchain in which the company is currently located will be shorter than that of the market as a whole, and the company will be one of the first listed companies to benefit.
In terms of performance, the company's performance declined in 2015, and we believe that 2016 will be the inflection point of the company's performance. Smart card business will become the core driving force for the company's next stage of growth, and other card businesses represented by Walt Disney Company traffic cards will break out in 2016, bringing stable performance support for the company. At the same time, in the dimension of market expansion, the company will vigorously expand overseas markets by means of localization, which will also form an upward driving force for growth.
Risk hint: market competition intensifies and innovative business expansion falls short of expectations