Release 2015 annual results KuaiBao. In 2015, the company realized operating income of 200 million yuan, an increase of 10.9% over the same period last year; net profit belonging to common shareholders of listed companies was 41.63 million yuan, an increase of 12.4% over the same period last year; and basic earnings per share was 0.12 yuan. At the end of the third quarter of 2015, the asset-liability ratio was 1.43%.
A new generation of electronic payment codec is launched. The new generation, that is, the third generation electronic payment cipher, not only retains all the functions of the traditional payment cipher, but also supports many expandable functions based on the mobile Internet system, such as mobile network banking, mobile examination and approval, mobile payment, mobile office and so on. it replaces the existing second-generation codec. In the case of the slow pace of sales of the existing second-generation codec, the launch of the third-generation electronic payment encoder will have a positive impact on the sales of the codec.
Bill paper pattern anti-counterfeiting system is expected to show explosive growth. Bill paper pattern anti-counterfeiting system has been officially launched for commercial promotion in mid-2015. The first batch of products have been used on a large scale in about 20 commercial banks in East China. The second generation of products after trial improvement will begin to be available in bulk in 2016. There are 300000 bank outlets across the country, and if 1/3 of the outlets use at least one, there will be a demand for 100000, and the products will face a huge market space. At the same time, because the products have strong technical barriers, there is no competitor of paper pattern recognition technology in the market. In the future, the bill paper pattern anti-counterfeiting system can also establish a data center among banks to realize the inter-bank and cross-regional circulation of bill information.
Mobile cloud communication platform began to be commercially promoted. In mid-2015, the company has completed the development of mobile cloud communication platform products, the platform has strong communication processing, high reliability and scalability, can support a variety of mobile Internet applications, support hundreds of millions of mobile terminals online at the same time. Based on this platform product, the company has developed the mobile communication product "Enterprise T letter", which is suitable for internal office and communication, the "Bank-to-Business" mobile payment system, and a brand-new multi-function codec to solve the security of a variety of public payment business. The above products have been developed to the extent that they can be used on a large scale. The mobile cloud communication platform not only connects the company's product lines, but also becomes an ecosystem of big data after a large number of end users join.
Valuation and rating: the company's development strategy is clear, based on the field of financial security, and gradually infiltrate into non-financial security areas. The company's blockbuster bill paper pattern anti-counterfeiting system will begin to supply the market in bulk in 2016, is expected to show explosive growth in the future, and will become a turning point in the company's performance in 2015. It is estimated that the basic earnings per share of the company from 2015 to 2017 are 0.122,0.16,0.24 yuan respectively, based on the closing price of 23.77 yuan on March 2, and the corresponding dynamic price-to-earnings ratio is 192,148 and 99 times respectively. At present, the total market capitalization of the company is 8 billion yuan. Based on the strong optimism about the future development of the company, the company was given a "buy" rating for the first time.
Risk Tip: new product promotion may not be as expected.