National WeChat is the leading provider of security for global TV broadcast reception and China's mobile terminal (or mPOS) payment system. The conditional reception module (or secret card) products of National WeChat are used to receive and pay TV content for the remote end. According to data from Frost & Sullivan, in 2014, China Weibo's market share was 48.7% in terms of volume and revenue, ranking first in the global secret card market, while in the first half of 2015, in terms of volume and income, its market share was 48.9% and 49.6% respectively, ranking first in the global secret card market. In July 2013, China Weibo used mPOS to enter China's fast-growing hardware-based mobile payment market. According to Frost & Sullivan, China is the second largest supplier of mPOS machines in China, accounting for 6.6 per cent of the market share in 2014 and 6.8 per cent in the first half of 2015. The country's total location is in Hong Kong, with offices in Shenzhen, China and Munich, Germany. Since its inception in 2002, China has developed rapidly, serving more than 400 customers and selling in 46 countries around the world. We recommend investing in speculative stocks.
The company is in charge of
(1) Collector is the market leader of secret card products in the world and the second largest mPOS supplier in China. (2) Secret card customers include 16 conditional reception suppliers, 174broadcast operators and seven TV manufacturers. (3) the company has the ability to design and develop security chips, algorithms, hardware and hardware, to make the integration into a vertically integrated security supplier that can effectively cope with the ever-developing technology; (4) based on the collection's past records in high-volume security chip design and product information security management, the company is a brand trusted by the global industry and a reliable security provider.
Overview of the industry
Due to the global digitization process, the global digital TV home market grew at a complex annual growth rate of 10.2% from 2010 to 2014, reaching 7.519 million households in 2014. According to data from Frost & Sullivan, the global digital TV home market is expected to grow at a compound annual growth rate of 9.3% from 2015 to 2019, reaching 11.628 million households by 2019.
According to data from Frost & Sullivan, the volume of the global secret card market grew at a complex annual growth rate of 5.8% from 2010 to 2014, reaching 46 million yuan in 2014. The proportion of households in the Guangzhou market has reached about 92% by June 30, 2015; and (ii) the universal interface standard for digital television enforced by the countries of the United Nations can standardize the industry. Frost & Sullivan estimates that the increasing digitization of the world will lead to the further development of the secret card market. The market regulation model by volume is expected to grow at a complex annual growth rate of 17.9% from 2015 to 2019, reaching 96 million tons in 2019, exceeding the growth rate from 2010 to 2014. According to Frost & Sullivan data, the most significant driving force for the growth of the global TV card market in terms of volume is the huge market demand from the new TV card market, such as India, Indonesia, Vietnam, Malaysia, Thailand and other countries in the Asia-Pacific region, as well as most of the countries in Africa and China, which are still in the early stages of digitization. In addition, secret card markets (such as Russia and China) are still in the process of digitizing high-tech standards and compatibility in order to meet the continuous transformation and diversified customer demand. related development and development will help to promote the market demand in these areas, and the size of the global secret card market has increased in recent years. In addition, despite the high digitization rate of the Asian market, it is still a significant part of the global secret card market size in terms of volume, and is expected to meet the demand of the state market of the continent that is still digitizing (especially in the countries of Malaysia, Nepal and Bulgaria). As a result, the entire Asian market (including countries that have completed or are close to completing the digitization process) has taken further steps to update the CI standard.
The income of profit ability and duty word profit ability and duty word profit ability and service number collection increased from US $472,000 million in 2013 to US $6.51 million in 2015. The annual growth rate of complex is 17.4%. Malaysia increased from US $2700 in 2013 to 33 million in 2015, with a compound annual growth rate of 11.5%. The increase in recorded earnings in the previous financial period was mainly due to the rapid growth in the company's mPOS sales.
Collection purpose
The proceeds from this collection will be used for the following purposes: about 40% for product planning and development, about 30% for sales and market promotion, about 20% for possible contracts and receipts, and about 10% for general financing.
Valuation
According to the IPO price / earnings ratio of HK$3.10 to 3.88, the price-to-earnings ratio of China Micro Technology is 36.0-45.1 times, and the price-to-earnings ratio is about 1.48-1.69 times. In the information technology board, 1450.HK of similar size has a price-to-earnings ratio of 5.4x and a price-to-earnings ratio of 1.56x; 1708.HK has a price-to-earnings ratio of 18.6x and a price-to-price ratio of 2.1x. The valuation of National Micro Technology is obviously on the high side. There is no doubt that with the rapid development of information technology and its industry, the digital eye-catching ability of the new economy, especially in the world, should not be ignored. Enterprises that sell secret cards are more likely to be listed in Hong Kong, so it is understandable to sell shares at high prices. However, if we estimate on the basis of the PEG ratio of 3.13x to 3.91x, it reflects that the growth rate of financial records does not meet the stock selection criteria of PEG, so we suggest that investors should only be speculative investors.
Negative factor
(1) the future growth of secret card services depends on the pan-commercial application of compatible television and secret card technology. if government regulatory agencies or industry participants fail to support or promote such television and company secret card technology, the business and growth prospects of the collection will be greatly affected. (2) in accordance with the company's global commercial relationship with a small number of major suppliers and the conditions granted; (3) the collection sells the company's mPOS products to hardware-based mobile payment service providers. If they fail to develop their mobile payment services for existing industries and market conditions, the company's mPOS obligations and operating conditions will be significantly adversely affected. (4) Mobile payment transactions involve transactions and data security related transactions, which may have a significant adverse impact on mPOS sales of collections. (5) if the company fails to develop new and enhanced products and solutions and should adopt continuous technological changes, industry standards and customer preferences, the collective products may become unattractive or unattractive, this may have a significant adverse impact on the company's business, operating experience and market share.