Leading industry application software supplier. Keguochuang is a national key software enterprise and national high-tech enterprise specializing in software product research and development, providing leading IT product solutions and related system integration, consulting and technical services. The company has been deeply engaged in telecommunications, power, finance, transportation, government and other industries for a long time, and has formed the core industry software represented by telecom operation support system software, power enterprise management and control software and enterprise information integration platform.
The software industry develops steadily, and the demand for application software in the industry is exuberant. For a long time, China's software and information technology service industry has developed rapidly, with an average annual compound growth rate of 26% from 2008 to 2016, and its share in GDP has also increased year by year. Among them, the integrated application of software and various industries is one of the hotspots in the development of the software industry. A number of plans issued by the government encourage the use of emerging information technology means to improve the efficiency of traditional industries in production, operation and management. Telecommunications, power and financial industries are areas with a high degree of information development, and the demand for information system updates and upgrades in the future is still strong, which will bring opportunities to the corresponding software developers.
The competitive advantage is obvious and the development prospect is clear. The company has outstanding advantages in customer accumulation, technology application and industry experience. Most of the company's customers are high-quality customers with strong strength, good reputation and stable business relations, such as government departments, large and medium-sized group enterprises and so on.
At the same time, the company has more than ten years of practical experience in the research and development of information software in the field of telecommunications and power, and has a leading position in industry experience and technology reserve. The company is also one of the few domestic software developers with international software development experience.
Actively expand the new business of smart logistics. Relying on its leading technical capabilities in software development, many years of practical experience in the field of traffic informatization, and good cooperation with traffic management departments, Kodaochuang responded to the call of "Internet +" and launched Internet + 's intelligent logistics cloud service platform. The company uses this platform to build a complete logistics ecological chain including shippers, logistics companies and car owners. With the gradual promotion of the platform and the continuous increase in the number of connected users, the value of the platform will also increase rapidly.
Strategic layout in the field of artificial intelligence. In order to comply with the coming trend of the artificial intelligence era, the company has carried out an active layout from two aspects. On the one hand, use artificial intelligence, big data and other emerging information technology to improve the intelligent level of software, on the other hand, speed up the research and development of highly trusted software to provide security-critical products and innovative inspection and evaluation services for cutting-edge science and technology. The strategic layout of the cutting-edge technology field is conducive to the long-term development of the company.
Profit forecast and investment rating: we expect the company's operating income in 2017-2019 to be 759 million yuan, 969 million yuan and 1.189 billion yuan respectively, and the net profit attributable to the parent company to be 75.77 million yuan, 102.57 million yuan and 126.92 million yuan respectively. Based on the latest share capital of 96 million shares, the earnings per share are 0.79,1.07 and 1.32 yuan respectively, and the latest share price corresponds to 70 times, 52 times and 42 times respectively. For the first time, coverage gives an "overweight" rating.
Stock price catalyst: the number of users of intelligent logistics platform continues to grow; new product technology research and development has made progress; the downstream demand of telecom, power and other industries is growing rapidly.
Risk factors: competition aggravates the risk; the risk that the research and development of core technology is not as expected; the risk of large balance of accounts receivable.