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真视通(002771)调研报告:业绩回暖 募资助力持续成长

東北證券 ·  Sep 22, 2015 00:00  · Researches

After more than 10 years of development, the company has gradually grown from an agent seller of video conferencing equipment to a comprehensive multimedia video solution service provider. The company's multimedia video integrated solution business is divided into multimedia information systems and production monitoring and emergency command system solutions. The core service targets large and medium-sized customers in the energy, government, and financial industries, and is developing business in transportation, education and other fields. The company has established certain advantages in solution design, consulting, and application innovation, and a large number of project case experiences have enhanced implementation service capabilities; the company has qualifications such as information system integration level 1 qualification, audio and video engineering premium qualification, and level 2 qualification for intelligent building engineering design and construction; and has served dozens of government department customers and large state-owned enterprises. It has established a comparative competitive advantage in consulting design, technological innovation, implementation services, customer resources, and qualifications. From January to June 2012-2015, net profit attributable to shareholders of the parent company increased by 16.42%, 0.80%, -21.33%, and 20.56%, respectively. The decline in performance in 2014 was affected by the macroeconomic situation. The investment progress of some customers slowed down, and tenders for new projects were delayed. The company's performance picked up markedly in the first half of 2015, and both revenue and profit achieved double-digit growth. The company's net profit attributable to shareholders of the parent company is expected to increase by 22.09%, 15.26%, and 20.09% respectively in 2015-2017, corresponding to EPS of 0.71 yuan, 0.82 yuan, and 0.99 yuan, respectively. The company's stable management and backbone team, high-quality customer resources, and rich project case accumulation are the cornerstone of the company's business development. The successful issuance of A-share listings helped the company accelerate the pace of expansion. The obvious recovery in performance in the first half of the year boosted basic expectations and gave it an investment rating of increased holdings for the first time. Risk warning: Fluctuations in market demand, fierce competition, risk of performance growth falling short of expectations, risk of overvaluation, etc.

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