Event: the company held an investor exchange meeting on January 5, 2017. Chairman Zhou Jianlin, Vice Chairman he Xi and Jinyuan Interactive Chairman Zhen Yong attended the meeting to explain the recent operation of the company.
Construct the mobile marketing layout and improve the ecological layout. The company has spun off the original power surge business and comprehensively transformed the field of big data + mobile marketing. In recent years, through the way of "combination of vertical and horizontal, participation and control", we have acquired 100% equity of Jinyuan interaction, Micro-win interaction and Cloud time and Space, and invested in more than a dozen Internet companies, such as Tapjoy, kid technology, imaginative entertainment, diligent and sincere interaction, and so on, to initially build a more comprehensive ecological strategic layout of big data mobile marketing.
In the field of big data, subsidiaries have coordinated development. The company's advantage is the marketing cash ability, will be committed to the development of the field of big data, mainly data sources and data processing portrait direction. At present, the three subsidiaries have coordinated development in the field of digital marketing segmentation. Jinyuan Interactive has obvious advantages in search and media agency, mainly serving customers and integrating mainstream media resources. Micro-win interaction has a strong traffic platform to aggregate various types of traffic resources and provide one-stop distribution services for all kinds of customers. Relying on the strong media matrix and its geographical advantages, cloud time and space echoes with brother companies in the north and south to provide customers with a full range of marketing and promotion services.
Pay attention to endogenous development, mobile marketing performance is good. In terms of mobile Internet search engine and media advertising agency business, the company has become the country's largest agent for Baidu, Inc. 's mobile phone assistant for four consecutive years, and has won the core agency qualifications of a number of domestic mobile phone manufacturers and media. In terms of mobile Internet advertising package development and application distribution business, its platform cooperates with more than 600 content providers and 900 various channels, with an average of 5.5 million daily active users, and the average daily number of new users of its products is about 300000, reaching a leading level in the same industry.
Give a rating of "overweight". The company is determined to focus on digital marketing business, through epitaxial mergers and acquisitions and endogenous development of two-wheel drive, as well as the coordinated development of subsidiaries, looking forward to the future company to continue to improve the layout of mobile marketing. Taking into account the performance of Kaoshi and Wuxi's online and offline commitment, it is predicted that the net profit of the exam preparation from 2016 to 2018 will be 293 million, 362 million and 448 million. Based on the total share capital of 703 million shares, the corresponding EPS of 16-18 years will be 0.42,0.52,0.64 yuan. The current share price of 15.03 yuan per share corresponds to 36 times, 29 times and 24 times of the exam preparation PE of 16-18 years. After the completion of the IPO, the total market capitalization of the company is 10.6 billion.
Risk hint. The development of mobile marketing industry is not up to expectations, and the risk of M & An integration.