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【国海证券】荣之联调研简报:积极推进生物云

國海證券 ·  Dec 19, 2016 00:00  · Researches

A leading provider of data center construction and integrated services in China. The company provides a full range of solutions and professional services from consulting, design, system deployment, integration, software development, to operation and maintenance management and subsequent upgrades. It mainly focuses on large and medium-sized enterprises and enterprises, and is committed to integrating cloud computing and big data technology to promote the innovative application of enterprise information resources. The company has formed a long-term stable customer base in traditional industries such as energy, telecommunications, government, manufacturing, finance, etc., and the revenue volume of all industries is relatively balanced and the development is comprehensive. Actively promote the bio-cloud. The company has model customers and typical cases in the biological industry, forming an obvious first-mover advantage. The focus is on promoting the three product lines of bio-private cloud, public cloud, and all-in-one machines, to comprehensively cover the needs of large, medium and small customers. Private cloud: Project-based billing for large biogene sequencing enterprise customers, currently the main source of the company's biocloud revenue. Public cloud: It provides a one-stop solution for computing, storage, and analysis, and charges based on the amount of computation, storage volume, and number of analyses. It targets customers of small and medium-sized biogene sequencing enterprises. Along with the growth of the gene sequencing industry, entrepreneurial small and medium-sized enterprises continue to emerge, and the company's public cloud market is vast. All-in-one machine: A localized product for biocomputing. It is sold to hospitals, scientific research institutions, sequencing companies, etc. that have sequencers, and charges are based on sales volume and level of service. Overall, we believe that the big health industry and precision medicine will determine the future development direction, and the company's BioCloud product line will benefit from the development of the industry and is likely to maintain rapid growth. The Internet of Vehicles forms three profit points: smart transportation project construction, terminal sales, and insurance customer diversion. In terms of smart transportation project construction, the company provides overall mobile resource management solutions to automakers, 4S stores, government, car rental companies, logistics parks, etc., and is currently the main source of profit for the company's Internet of Vehicles business. In terms of product terminals, we sell a variety of products such as “Happy Ride” (correction of driving behavior), “Ride Like” (driving recorder), and “Smart Ride” (intelligent control, to be released soon). In terms of guiding insurance customers, the company collects vehicle data and driving data through intelligent terminals, pushes them to the CarSmart back-office system, and diverts high-quality customers to insurance companies through data analysis. The company is actively building a comprehensive big data operation service platform for the Internet of Vehicles to provide value-added data services to insurance companies, car dealers and other industry customers, and lay out the high growth of UBI (insurance based on personal driving habits) in the future. Profit forecast and investment rating: Considering that the subsidiary Taihe Gatong promised a net profit of 74.7 million in 2016 and a net profit of 13.7.33 million yuan in 2016, integrating the company's IT services, biocloud and other businesses, it is predicted that the company's 2016-2018 EPS will be 0.44, 0.55, and 0.72 yuan, respectively. The price-earnings ratio corresponding to the current stock price is 46, 37, and 28 times, respectively. First coverage, giving a buying rating.

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