Event: the company announced on the 14th that it intends to directly acquire 8.03% equity of Jingzhong Technology with 48.1789 million yuan in cash and 70% equity of Jingzhong Technology holding shareholder with 220.0146 million yuan in cash. Subsidiary Qiji Intelligence plans to directly acquire 3.44% equity of Jingzhong Technology with 20.6455 million yuan in cash and 30% equity of Jingzhong Technology holding shareholder with 94.292 million yuan in cash. Because Jingzhong data holds a 51.06% stake in Jingzhong Technology, after the completion of this acquisition, the company and Qiji Intelligence will hold a total of 62.53% stake in Jingzhong Technology directly and indirectly. Jingzhong data 100% equity cash consideration is 314.3066 million yuan, Jingzhong Technology 11.47% of the cash consideration is 68.8244 million yuan (corresponding to Jingzhong Technology 100% equity price is 600 million yuan). Honorable Science and Technology performance promises that the deducted non-net profit in 2017, 2018 and 2019 will be no less than 27.5 million yuan, 42.5 million yuan and 65 million yuan, respectively.
Respect for public data, the country's leading air brigade big data high-quality target. Public data has been deeply cultivated in the field of air travel for more than a decade, purchasing air travel data from AVIC and its subsidiaries, and distributing the processed data to OTA in the form of data interface to improve the service efficiency of online air ticket sales and greatly reduce its cost. Based on the mining analysis of big data, respectful data deepens the scene application model, provides customized products of credit data for customers in the financial industry, covering the whole process of data support before, during and after the loan, and effectively helps customers control the rate of non-performing assets and improve credit income. Establish big data model of flight delay forecast, replace "insurance actuary", design insurance products under different scenarios, and realize accurate marketing to many types of customers. In January this year, Gongxin Haiwei-Jingzhong Travel big data Research Center was established to take advantage of the breakthrough in Shanghai air passenger volume to lead the ecology of Shanghai big data industrial chain.
In coordination with the main business of Flag Planning Intelligence, the consumer financial scene will be further deepened. Banner Intelligence is a leading innovative service provider of bank card value-added business. By screening the "whitelist" of bank users, it provides mail order and credit card bill installment business, and actively expands the service rights and interests installment business to help banks dig deep into consumer finance. Through the acquisition of the largest air travel big data service provider in China, the company expands the air travel consumption scene and forms the fine operation of consumer finance with the help of the absolute resource advantage of respectful data. At the same time, Jingzhong Technology enjoys a high reputation among China CITIC Bank Corporation, Bank of China Ltd., Zhongan Insurance and other financial institutions, and this acquisition will help the company share customer resources in the financial industry. Under the general trend of domestic consumer finance, the company continues to improve its business system through epitaxial mergers and acquisitions, which will undoubtedly give full play to big data's card position advantage and gain broad development prospects.
Investment suggestion: the company used to be the leader in the lens industry. After acquiring Flag Intelligence, it entered the consumer financial services under the domestic big data credit evaluation system, and constantly improved its big data resource advantage. From 2017 to 2018, the EPS is expected to be 0.58 yuan and 0.77 yuan respectively, maintaining the "buy-A" rating, with a six-month target price of 20 yuan.
Risk hint: the development of consumer finance industry is not as expected, and the regulatory risk of financial innovation.
