Main points of investment:
Maintain the "overweight" rating and maintain the target price of 24.84 yuan. In the first half of the year, the company achieved an operating income of 691.9534 million yuan, up 24.43% from the same period last year; the net profit returned to its mother was 38.4847 million yuan, up 55.08% from the same period last year; and the report performance exceeded previous expectations. Upgrade the company's EPS from 2016 to 2018 to 0.28 (+ 0.08) / 0.37 (+ 0.08) / 0.45 (+ 0.10), maintain the target price of 24.84 yuan, and maintain the "overweight" rating.
The inflection point has been reached, and revenue and net profit have increased significantly. In the first half of the year, the company's operating income and return net profit increased significantly, and the gross profit margin of the main products was 21.10%, up 0.78% from the same period last year. The contribution of the traditional stationery business remained relatively stable, the revenue from the Internet and related services increased by 167.96%, the revenue from cross-border e-commerce reached 61.985 million yuan, and the company's overall revenue structure was further tilted towards the Internet. It is estimated that the net profit of homing from January to September 2016 will increase by 10% and 60%. Maintain the high growth expectation of the existing main business, after taking a stake in Huiyuantong, the company's performance will be greatly thickened and its profitability will be fully demonstrated.
The Internet cross-border service platform is about to emerge. The company seizes the opportunity to adjust its business strategy in a timely manner, acquires Lingyun Media to actively seek integration and innovation between traditional and emerging industries, injects a new driving force for the company's growth, participates in Huiyuantong, improves the company's cross-border service business chain, and finally realizes a complete cross-border Internet industry closed loop of traditional stationery, online advertising, cross-border e-commerce and cross-border payment business. The domestic Internet cross-border service industry is still in its infancy, and the performance inflection point will be the smooth alternation of the growth momentum of the company's traditional business and emerging business, and the company's business development is about to enter a new stage.
Risk hint: the development space of traditional business is narrowed, and the competition of innovative business is intensified.
