China's leading integrated marketing communication service provider
The company successfully landed on the A stock market on February 15, 2017, issuing 18 million RMB common shares for the first time, accounting for 25% of the total share capital after the issuance. After the completion of the issue, the total share capital of the company increased to 72 million shares. Zhang Xiubing and Wan Lili are the actual controllers of the company, and the proportion of shares held after the issue is 37.5%.
The company has been selected as one of the TOP companies selected by China International Public Relations Association for eight consecutive years.
According to "2015 Internet + Public Relations and Communication Industry TOP100" and "2015 PR Top 50 Public Relations Communication" published by Internet Weekly, the company ranked 7th and 5th respectively.
The company always adheres to the communication philosophy of "appropriateness is competitiveness". Since its establishment, the company has been engaged in integrated marketing communication services, and has formed a brand communication service model with marketing strategy and creative content as the core and "traditional communication channels + digital communication channels" as the channel. strive to achieve the strategic goal of "digitization and globalization" in the future. According to the profit model, the company's main business is divided into two categories: perennial consultancy service and project service; according to different communication channels, it is divided into traditional marketing and digital marketing. The development of the company has gone through two stages: the first stage is from 2007 to 2011. Mainly engaged in traditional marketing services The second stage is from 2012 to the present, the company complies with the general trend of the rapid development of Internet and digital communication technology, and adds a new digital marketing plate. The company's digital marketing revenue has grown rapidly, from 31.925 million yuan in 2013 to 135 million yuan in the first half of 2016.
The company's customers are mainly distributed in the automotive, Internet and information technology, FMCG, manufacturing and other industries, especially in the automobile industry. In 2013, 2014, 2015 and January-June 2016, the company's revenue from the automobile industry accounted for 48.37%, 55.39%, 65.22% and 69.93% of the company's operating income, respectively.
In order to comply with the development of digital advertising and digital public relations, especially the trend of the rapid development of the programmed advertising industry, the company intends to invest in the construction of a digital marketing platform, with a total investment of about 178 million yuan. among them, the investment raised is about 110 million yuan. The specific implementation includes private cloud project, precision advertising platform (including DSP platform construction) and digital content marketing tools. After the successful implementation of this project, the company's integrated marketing communication service industry chain will be further improved, its competitiveness in the field of digital marketing will be further enhanced, and the company's profitability will be greatly enhanced.
Investment suggestion: without considering the extension, we expect the net profit of the company's endogenous business for 16-18 years to be 60.1 million yuan, 78 million yuan and 96.7 million yuan respectively, and the corresponding earnings per share are 1.11,1.08,1.34 yuan respectively. With reference to comparable new shares of the same kind, a valuation of 90X in 2017 is given, corresponding to a 6-month target price of 97.2 yuan, maintaining a "buy-A" rating.
Risk hints: increased competition in the industry, brain drain, macroeconomic decline exceeding expectations and other risks.
