Main points of investment:
The sales volume and revenue of the company's main products increased slightly in the first quarter of 2016 compared with the same period last year, with sales revenue of 40.4336 million yuan in the first quarter, an increase of 4.17% over the same period last year, and net profit belonging to shareholders of the parent company in the first quarter was 7.7076 million yuan, an increase of 2.22% over the same period last year. The performance is in line with expectations.
Sales in the first quarter are in line with expectations and look forward to the release of orders in the second quarter. In the first quarter of 2016, the company actively promoted the marketing of new products, and the company's "public mobile payment" new products contributed a small amount of profit in the first quarter. In 2016, the company will continue to strengthen the research and development and marketing of new technologies and new products. Judging from the current progress, Societe Generale butler products are selling well, and it is expected that profits will be gradually released in the second quarter.
The second generation of paper pattern recognition products are constantly optimized, and the scope of technical application is constantly expanding. The company's second-generation paper pattern anti-counterfeiting products have been optimized according to bank feedback, so that paper pattern anti-counterfeiting products can bring greater value to customers and become more popular with customers. 2016 will be an important period for large-scale promotion of products to financial institutions. Based on reasonable calculation, we estimate that the hardware sales space of this product in China is 37.5-7.5 billion. Not only that, we believe that the sale of stand-alone paper pattern recognition products is only the first step, and may provide more rich value-added services in the future. In addition, the company has started the application, R & D and industrialization of paper pattern anti-counterfeiting technology in other ticket, luxury goods and general commodity anti-counterfeiting fields, with more abundant ways to realize the technology.
Multi-function electronic payment encoder has become an important part of Zhaori PaaS+SaaS ecology. The company's new multi-function codec not only covers all the functions of the traditional payment cipher, but also supports many expandable functions based on the mobile interconnection system, such as mobile network banking, mobile examination and approval, mobile payment, mobile office, etc., also known as Bank-Enterprise Communications. In 2015, the "multi-function encoder" was first certified and licensed by the State Cryptography Administration among similar products, and made significant progress in commercial use. at present, the product has been supplied to some customers, and its underlying PaaS+SaaS Internet features are obvious, which is expected to provide an important contribution to the company's performance in the future.
Maintain the "buy" rating and profit forecast. It is estimated that the net profit in 2016 will be 140 million / 231 million / 299 million, corresponding to the pE of 57-34-27.