Main points of investment:
"Technology + capital" will transform traditional industries and develop the commercial application of digital technology. The company carries out operation and investment work around the main line of "commercial application of digital technology", takes technology as the core, gives full play to the capital advantages of listed companies, and transforms and upgrades traditional industries through "technology + capital". Give new vitality to the traditional industry and urge it to consolidate and expand the market.
Three-wheel drive, physical output and virtual display double-ended development. Since 2016, relying on nearly three years of commercial exploration experience in the field of 3D printing, the company has commercialized both the physical output (3D printing) and the virtual display (3D display) of 3D digital data. effectively balance the profitability and layout of emerging businesses.
After the adjustment in the first half of 2016, the company has initially formed three major business plates: Jinyun interactive media business plate, Jinyun digital technology business plate and Jinyun laser industry business plate.
Jinyun Interactive Media: focus on providing brand marketing planning, take the lead in launching AR scanning tool SaaS service. With 3D display technology as its technical support and AR (augmented reality) / VR (virtual reality) technology as its interactive means, Jinyun Interactive Media Business has taken the lead in launching AR scanning tool SaaS service in the field of advertising marketing. Jinyun Interactive Media, a subsidiary of Jinyun Interactive Media, has accurately established its market position in the advertising field, and took the lead in promoting the SaaS model in the advertising industry.
Jinyun Digital Technology: the third phase of the network cloud platform will be updated to provide all-round joint resources with technical services. Jinyun digital technology business is divided into two parts: 3D printing business, 3D display business and AR/VR business, which provides solid technical support for physical output and display output. As a leading comprehensive platform for 3D printing in China, the company's online cloud platform provides a multi-dimensional 3D printing ecosystem for online creative sharing, modeling, online customization and designer community. The company unites with a variety of resource providers in the form of technical services to form a situation that focuses on development projects and co-operates 3D display and AR/VR applications in various industries.
Jinyun laser industry: user demand as the center, to the "hardware + software + content + service" approach. The laser plate revolves around the company's "Golden Transport + Digital Technology Application ecosystem" platform strategy, according to the macroeconomic situation and market changes, mainly from the three aspects of market demand, technological innovation and marketing promotion to further open up the market and integrate the industry. Change from traditional hardware product sales to "hardware + software + content + service", making use of the technical advantages of Jinyun in the digital field to extend the value chain.
Profit forecast and rating. The company's 3D printing technology has a wide range of applications, and the company has developed a wide range of 3D printing business models with the three-wheel drive mode of "3D printing ARripple VR+ laser". It is estimated that the EPS from 2016 to 2018 is 0.10 yuan per share, 0.26 yuan per share and 0.30 yuan per share. Considering that the company's AR/VR business is novel and forward-looking, the traditional laser business maintains stable profits. Give the company a valuation of 150 times in 2017 with a target price of 39 yuan per share and buy rating.
Uncertainty analysis. The AR/VR project is a new business and its development remains to be seen.