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【中信建投证券】国脉科技:定增顺利完成,物联网综合服务商启航

中信建投證券 ·  Jan 4, 2017 00:00  · Researches

Premium issuance highlights investors' confidence in the company's development. The target issuers of this fixed increase include Guomai Group, Beixin Ruifeng, Zhongbang Assets, Agricultural Bank Investment, Anxin Fund, and Huafu Securities. The subscription period for 150 million yuan is owned by the Chen Guoying family, the actual controller of China Mai Group, for a period of 3 years, while the remaining institutions are locked down for 1 year. The fixed increase price of 11.74 yuan/share is the issue reserve price. It is 105.01% of the company's closing price of 11.18 yuan/share on the trading day before the subscription price. The premium issue highlights investors' confidence in the future development of the company. Fund-raising projects helped upgrade to a comprehensive ICT service provider. As a service provider for the communications industry, the company has focused on communication technology (CT) services for nearly ten years before and after listing, and has a complete telecommunication service industry chain. Its core business covers telecommunication network technology services (design consulting, network operation and maintenance, business process outsourcing, human resources outsourcing), system integration, education and training. It has Class A qualifications in communications industry survey and design, high-end professional operation and maintenance service capabilities, and advanced national undergraduate education and training qualifications. It has built a full range of services for international equipment providers such as Juniper, Teradata, and PacketDesign in China base. With the increasing integration of the CT and IT industries, the company's business extends to IT, providing customers in the telecommunications, government, medical care, education and other industries with complete “product+service” ICT overall solutions, and becoming a comprehensive information and communication technology (ICT) solution provider. The company raised a total of 1.44 billion yuan, of which 800 million yuan was invested in the IoT big data operation platform, 500 million yuan was invested in the Cloud Health Medical Center, and 140 million yuan was used to supplement working capital. In the context of the ICT industry trend and context of the accelerated expansion of the Internet of Things to industry applications and public applications, the IoT big data operation platform and Guomai Cloud Health and Medical Center project implementation will help the company achieve a “Internet of Things+Big Data” platform operation as the core, “ICT+ key vertical industry applications (key application areas such as intelligent transportation, energy management, environmental monitoring, smart city construction, etc.)” as the entry point, and “online platform+offline entity” to form a closed-loop service system, driving the company to become a leading IoT integrated service provider, helping the company to become a leading integrated IoT service provider, helping the company to become a leading integrated IoT service provider, helping the company to become a leading integrated IoT service provider, helping the company to become a leading integrated IoT service provider, helping the company to become a leading integrated IoT service provider, helping the company to become a leading integrated IoT service provider, helping the company to become a leading integrated IoT service provider, helping the company to become a leading integrated IoT service provider, helping the company to become a leading integrated IoT service provider, helping the company Transition to a comprehensive service provider based on the diversification of the ICT industry. The company's traditional business is growing steadily, real estate projects are starting sales, and education has entered a period of stable output. At the same time, with Huihan Technology's TBOX, the company is expected to take the lead in becoming the TSP for the Internet of Vehicles and building an Internet of Things+big data industry platform. We forecast that the company's net profit for 16-18 years will be: 90 million yuan, 200 million yuan, and 300 million yuan, respectively; the company's fixed increase price of 11.74 yuan. The current stock price is 10.79 yuan. The margin of safety is sufficient, and the “increase in holdings” rating is maintained!

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