Summary of the report:
Based on the three major development strategies of "industry software and big data", "innovation-driven" and "intelligent software leadership", Keguochuang is based on the experience and customer accumulation of software markets in telecommunications, power, finance, transportation and government industries. committed to becoming a leading enterprise in 2-3 market segments. The company has continuously increased its R & D investment to ensure its core competitiveness, and has obtained a total of 146computer software copyrights, covering big data, intelligent application software, "Internet +" logistics, industry application software and smart city. With the continuous expansion of the company's product market and the enhancement of R & D and innovation strength, the company's performance achieved rapid growth in 2016, including operating income of 596 million yuan, an increase of 46.45% over the same period last year, and a net profit of 56.9274 million yuan, an increase of 28.07% over the same period last year.
The company deeply ploughs the application software of telecommunication, electric power and financial industry. In the telecom industry, the company is the core supplier of the operation support system of the three major operators, which has rapidly increased its market share through innovation and upgrading; the intelligent early warning system of equipment failure and real-time database products have been successfully promoted in the power industry; the direct signing with Nomura Comprehensive Research Institute in Japan has led to a substantial increase in the scale of financial and overseas business. The accumulation of foreign financial business has promoted the company to reach business cooperation with domestic financial institutions.
The company has built a cross-industry information integration platform in the fields of telecommunications, power, transportation, government and other industries. At the same time, the company continues to promote the application of big data, cloud computing and other technologies to create big data application platform and solutions. Following the development strategy of "Internet + Logistics + Finance", the company cut into the intelligent transportation market through card issuance, and built Internet + intelligent logistics cloud service platform. Based on big data's thinking and taking the Internet of things as the medium, the company has also created a number of smart city innovative products and is committed to realizing the Internet of everything, among which the smart lamppost products developed by the company play an important role in urban information construction. Investment strategy: optimistic about the company to expand and strengthen the market segment, combined with big data, intelligent, cloud services for product innovation and upgrading to provide the driving force for the company's business development. It is estimated that in 17-19, the revenue will be 7.65,9.62 and 1.184 billion yuan, the net profit will be 0.71,0.95 and 118 million yuan, the EPS will be 0.74,0.99,1.23 yuan respectively, and the corresponding PE will be 68.42,50.86 and 40.81 times, maintaining the "recommended" rating.
Risk tips: business development is not as expected; technology research and development is not as expected; accounts receivable is too high.
