This report is read as follows:
The company is the first listed CG company in China, and is expected to fully benefit from the market dividend brought by the rapid penetration of CG technology in the construction, display, film and television games and other industries by virtue of the advantages of hand-on technology and creativity.
Main points of investment:
It is suggested that the inquiry price is 5.54 yuan, and the reasonable valuation range is 36.79-54.54 yuan. The company is a professional, national CG vision service provider, the IPO fund-raising is expected to comprehensively expand CG technology and optimize the production process. We predict that the EPS of Silk Road Vision from 2016 to 2018 is 0.43, 0.57 and 0.72 yuan, and the corresponding issue price is 5.54 yuan. Give the company industry an average of 84.67 times PE and 14.68 times PS, corresponding to the reasonable valuation range of 36.79-54.54 yuan.
Technology and creativity create CG visual service leader. Since its establishment, the company has been focused on the field of CG application, with creativity as the core and market demand as the orientation. After 16 years of development, the company has become a national professional digital vision integrated service provider. Relying on long-term accumulated technical strength and forward-looking creative design capabilities, business covers static visual CG, dynamic visual CG and integrated scene services, with stable profitability.
Technology drives CG to become the number one tool for visual design. CG technology has gradually penetrated into various industries that are highly dependent on design and creativity. For traditional industries, CG technology helps to materialize creativity, so as to optimize the design process to save costs; for convention and exhibition industry, CG technology applies innovative marketing means to accurately convey the core brand value of exhibition companies. For the film and television game industry, CG technology has become a standard part of Hollywood blockbuster movies through the ultimate visual experience. Domestic films are expected to follow the Hollywood model to start a blockbuster era driven by CG technology.
Strengthen the technology and optimize the product production process with the help of the capital market. The funds raised by the company are mainly invested in CG technology research and development and product production process optimization. Through continuous R & D investment in VR/AR, cloud rendering, digital sand table and other fields, the company enriches the company's products and services and broadens the company's growth space; at the same time, through the construction of digital vision production base to launch digital vision service works on a large-scale, process and systematic basis, to reduce costs and improve the production capacity and quality of CG business at the same time. Thus fully benefit from the CG technology fully permeated architectural design, exhibition, film and television games and other industries of the market dividend.
Risk tips: business risk, technology R & D risk, industry policy risk