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【安信证券】恒锋信息:领先的智慧城市综合解决方案提供商

[Anxin Securities] Hengfeng Information: Leading Smart City Comprehensive Solution Provider

安信證券 ·  Jan 16, 2017 00:00  · Researches

The company is a leading provider of integrated solutions for the smart city industry. After years of development, the company has now become a highly competitive integrated solution provider for the smart city industry in China. The company has many professional qualifications such as national intelligent building design grade A, electronic and intelligent engineering professional contracting level 1, information system integration and service level 1, etc., and has won titles such as “China's Smart City Innovation Enterprise”, “China's Top 80 Intelligent Buildings”, and “China's Top 30 Data Centers” many times.

The future prospects of smart cities are broad, and there is huge room for development. Urbanization has been China's basic national policy for a long time, but a series of “urban diseases” have accumulated during the urbanization process, and the conflict between urban development and population, environment, and resources continues to be prominent. Smart cities can effectively resolve contradictions in urban development and are the only way to advance urbanization. At the same time, policy support and technological innovation also help smart cities to move forward continuously. Smart cities will become part of everyday life in the future, and the prospects are very broad.

The company's competitive advantage is obvious, and it has great potential for growth. Through years of development, the company has accumulated many advantages in terms of service, qualifications, brand, technology, etc., and has great potential for growth. The company has a high-quality service system that can better meet customer needs; has complete qualifications and has obvious advantages in undertaking projects; the company has a good brand image, which helps expand the market; and the company also has an outstanding management team and R&D team.

Investment advice: The company is an excellent comprehensive solution provider for the smart city industry in China. It has strong competitiveness in the industry and is extremely scarce in the market. Based on the judgment of the industry prospects and the company's business, the company's revenue in 2016-2018 is estimated to be 340 million yuan, 376 million yuan and 434 million yuan respectively, net profit of 40.8 million yuan, 47.3 million yuan and 59 million yuan respectively, and EPS is 0.65 yuan, 0.56 yuan, and 0.70 yuan respectively. Referring to the valuation level of comparable listed companies, comprehensively considering the policies and market environment of this release list, the issue price is 9.4 yuan, and the recommended price range is 25.00-30.00 yuan.

n Risk warning: risk of market competition; risk of rising labor costs; risk of regional concentration of operations.

The translation is provided by third-party software.


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