Main points of investment
A number of projects won the bid to reflect the strength of the company. At present, the terrestrial television and radio coverage project is promoted and supported by the national strategy. Recently, the company announced a number of bid winners. Combined with the company's participation in the formulation of c-docsis standards and the establishment of a laboratory in the United States, it once again reflects the company's years of technology and talent accumulation and strength in this field. At the same time, it also helps to ensure the growth of the company's follow-up performance.
Super optical network business continues to maintain a good momentum of growth. In recent years, the acceleration of dual network transformation and Internet integration in various places has greatly promoted the cable operators to accelerate the pace of radio and television interconnection. At the same time, the acceleration of the promotion of triple play has also formed an effective stimulus to the company's superoptical network business. At present, the company's Dingdian Video has maintained a leading market share, and the corresponding reserves of technology, talent and market strategy are relatively sufficient. The existing business volume has increased by 255% compared with the same period last year, and is expected to continue to maintain good growth this year.
Internet financial business has a flashpoint. The Fengfu financial platform built by the company is currently growing well, with monthly capital flows exceeding 2.28 billion, an increase of 480% over the same period last year, and 1400% year-on-year growth in the first three quarters. At the same time, Fengfu has more than 700 partners, an increase of 600% over the same period last year. In the future, with the cooperation between the company's capital depository and other businesses such as Huishang Bank and China CITIC Bank Corporation, the growth of P2P and IC cards is still worth looking forward to.
Cooperate with Hubei Radio and Television to broaden the channels of business development. The company's cooperation with Hubei Radio and Television will not only introduce Fengfu platform, but also establish a long-term strategic and mutually beneficial relationship in network transformation, home Internet of things, WiFi coverage, and intelligent gateways, increasing the coverage of more than 10 million users. We believe that on the one hand, this is conducive to the company's smart home as the main line of business system construction and give play to the greater platform value of the company, on the other hand, it will lay the foundation for other platform cooperation in the future.
Around the main line of triple play, the business strategy is advancing steadily. In recent years, while introducing all kinds of resources, the company, relying on the high-quality users of operators, has made great efforts to develop intelligent terminals, multi-screen interaction, Internet finance and other businesses. at the same time, it promotes the joint development of cloud strategic business such as cloud technology, cloud transcoding, precision advertising and so on. In addition, the coordination of network security monitoring and film and television projects has enabled the company to gradually promote the ecological construction of the whole industry chain of radio and television Internet with the smart home as the main line.
Investment suggestion: we expect the company's net profit from 2015 to 2017 to be 215 million yuan, 275 million yuan and 344 million yuan, and earnings per share of 0.16,0.20,0.25yuan. At present, the corresponding price-to-earnings ratios are 79.19,63.35 and 50.68 times, respectively. Considering the company's current main business position and future market expansion potential, we maintain its "recommended" investment rating in the medium term.
Related risks: the slowdown of radio and television interconnection, the development of new business does not meet expectations; the intensification of industry competition and the risk of gem system.