The company announced its performance, KuaiBao, with an operating income of 200 million yuan during the reporting period, an increase of 10.87% over the same period last year, and a net profit of 41.631 million yuan belonging to shareholders of listed companies, an increase of 12.43% over the same period last year.
Sales of electronic payment password systems were the main source of performance in 2015. The sales volume of the company's electronic payment encoders maintained a high growth rate compared with last year, although the average sales price continued to decline compared with last year, but the growth in sales led to an increase in the company's main business income and net profit in 2015 compared with the same period last year. With the company's technical strength and advantages, compared with other competitors, the company's market share continues to rise.
The paper pattern recognition product is progressing smoothly and has been recognized by bank customers. The company's paper pattern recognition products, which are based on the paper texture sampling and comparison technology of real bills, have attracted worldwide attention when they were unveiled at the global financial exhibition in 2013. In mid-2015, the company's paper pattern anti-counterfeiting products were commercially promoted in about 20 domestic commercial banks. According to the feedback of customers, the company has greatly improved the function of the paper pattern anti-counterfeiting products and improved the product design, and has nearly completed the research and development of the second generation products, so that the paper pattern anti-counterfeiting products can bring greater value to customers and be more popular with customers. it has laid a solid foundation for large-scale promotion to China Finance Online Co Ltd in 2016. Based on reasonable calculation, we estimate that the hardware sales space of this product in China is 37.5-7.5 billion. Moreover, we believe that the sale of stand-alone paper pattern recognition products is only the first step, and the follow-up may provide richer value-added services, such as Internet-based bank bill innovation business, and the market space for related service charges is very broad.
The new generation (multi-function) electronic payment cipher has made significant commercial progress in 2015 and has begun to ship. 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. By the end of 2015, the product has been supplied to some customers, and the Internet characteristics of its underlying PaaS+SaaS are obvious, which is expected to provide an important contribution to the company's performance in the future.
Maintain a "buy" rating and maintain earnings forecasts for 2015, 2016, and 2017. Eps is expected to be 0.12, 0.72, and 1.16 yuan in 2017, corresponding to a price-to-earnings ratio of 231-39-24.