Government and Enterprise Informatization solution for ploughing Central China
Kechuang Information mainly provides an integrated information solution for government and enterprise customers, which integrates software development, system integration and IT operation and maintenance. At present, the company's customers cover the party and government organs of Hunan, Hubei, Yunnan, Henan and other provinces, as well as subordinate government departments at all levels, such as land, public security, finance, etc., and provide information solutions for leading enterprises such as China Railway Corporation, China Mobile Limited, Zoomlion Heavy Industry Science and Technology, Yunnan Metallurgy and so on.
At present, the company's revenue is composed of government and enterprises, of which intelligent government revenue accounts for nearly 70%; more than 70% of the company's revenue is contributed by Hunan local customers.
The company's operating income grew at a compound rate of 19.9% in the past three years. In terms of homing net profit, the company is now stable after rapid growth in 2015, with a three-year CAGR of 45 per cent.
The double main lines of government and enterprises to build the ability of comprehensive information service
Smart government accounts for 70% of the company's revenue. The company has been ploughing the e-government market for more than ten years, and is one of the earliest companies engaged in the development of e-government software in Hunan Province. in the government information sharing, electronic document processing, grid social management, police management and other fields to build a number of high-quality projects with exemplary effects.
According to the application field, the company's intelligent government affairs business is mainly divided into two categories: 1) Social management and government affairs services are mainly oriented to the municipal and county governments, including gridding comprehensive management and services, "Internet + government affairs services" and other social management solutions. 2) the application business of the company's industry supervision is mainly oriented to the functional departments such as public security, finance and taxation, market supervision and so on, and provides the information scheme within the department specialty.
Smart enterprises account for 30% of business revenue. According to the application field, intelligent enterprise is mainly divided into three parts: electronic channel, enterprise management and production inspection. In the field of electronic channels, the company put forward the concept of electronic channel integration system construction for the first time in China. Hunan Mobile's portal, call center, short message business hall, self-service business hall and other electronic channel systems to provide long-term software customization and upgrade services. In the field of production testing, the "Glass defect on-line Inspection system" developed by the company provides major quality testing equipment for glass production enterprises, including lighting system, CCD and acquisition and processing system, core algorithm, etc., which has been applied in more than 70 domestic glass production lines and occupies nearly 30% market share of the domestic float glass industry.
Profit forecast and valuation
Benefiting from the growth of government e-government demand, based on the company's regional advantages and the commissioning of fund-raising projects, the company's system integration and software development business will grow rapidly. We predict that the company will achieve operating income of 320 million yuan and 380 million yuan and net profit of 43 million yuan and 50 million yuan in 17-19 years. In view of the large fluctuations in the listing of new shares, the rating will not be granted for the time being.
Risk hint: the short-term market risk of IPO is higher.