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华铭智能(300462)公司快报:华铭智能收购国政通 身份认证独角兽登陆A股

Hua Ming Intelligence (300462) Co., Ltd. KuaiBao: Hua Ming Intelligence acquires Guozhengtong identity authentication unicorn landing A shares

安信證券 ·  Nov 10, 2017 00:00  · Researches

Event: an announcement was issued on October 17, 2017, which announced the acquisition of major assets. The trading price of Guozhengtong's 90% equity is 1.665 billion yuan, and the listed company plans to pay 1.14663 billion yuan (68.87%) by issuing shares, 518.37 million yuan (31.13%) in cash, and 31.40 yuan per share. The total amount of supporting funds raised does not exceed 55437.00 million yuan. The non-return net profit of the undertaking country of the other party is not less than 85.45 million yuan in 2017, not less than 210.45 million yuan in 2017 and 2018, and not less than 366.7 million yuan in 2017, 2019 and 2019.

Comments:

Guozhengtong, a high-quality asset dedicated to fraud prevention data services. As one of the earlier big data companies in China, Guozhengtong provides multi-source fraud prevention services, the scene continues to expand to telecommunications, finance, network, security, education, medical and other industries. In addition to the traditional identity information verification, educational background verification, academic inquiry, and telephone number verification services, Guozhengtong has developed and continuously improved the real-time data analysis technology and portrait comparison program, which has significantly improved the work efficiency of information verification, while collecting a large number of visual data to adapt to the digital trend of information verification. In 2016, Guozheng portrait comparison business has begun to generate revenue, and performance growth is expected.

Authoritative data sources are unique, and real-name verification promotes urban intelligent transportation. Relying on third-party authoritative data sources such as the National Citizenship Information system, China higher Education Student Information Network, Telecom and Unicom fixed-line system, National Industrial and Commercial Enterprise system, and National networking Vocational qualification Certificate query system, Guozhengtong has established a profound cooperative relationship with financial institutions, telecom operators and government agencies. The top five customers in the past three years are China Mobile Limited, China Unicom, JD.com Group, China Telecom Corporation and China Merchants Bank. The regulations on the Management of Road passenger Transport and passenger stations will be implemented on March 1, 2017. Real-name verification will be fully implemented on inter-provincial and inter-city long-distance passenger lines. In the future, real-name verification of urban subways, public venues, scenic spots and other application scenarios will also be launched one after another. It will be natural for the company to enter the field of transportation.

With the acquisition of Guozhengtong, the synergistic effect of AFC system is highlighted. The company is a pioneer in the field of AFC equipment segmentation, from the rail transit automatic ticket sales and inspection system to BRT (bus rapid transit system), bus stations, venue scenic spots and other comprehensive transportation system, geographically throughout the domestic and Southeast Asian markets, with a strong market expansion ability. The company is highly consistent with the future development direction of Guozhengtong, which can make use of its information resources to quickly verify the identity of gate passers, greatly improve traffic efficiency, and build a three-dimensional social security prevention and control network for anti-terrorism investigation and crime. Under the general trend of real name verification, the company aims at the big data industrial chain and expands the AFC business line with the advantage of resources, with broad prospects for development.

Investment suggestion: the company is a leading AFC equipment provider in China. The acquisition of Guozhengtong will significantly improve the operating income of listed companies, and the follow-up development of intelligent transportation has a significant synergy effect. Without considering raising matching funds, we expect the EPS in 2017 and 2018 to be 0.81,1.08 yuan, maintaining the "buy-A" rating, with a six-month target price of 45 yuan.

Risk hint: major asset restructuring will lead to risk; AFC industrial innovation does not meet expectations.

The translation is provided by third-party software.


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