Event: the company announced that the bid-winning amount of the expired renewal project of Xiamen BRT intelligent equipment is 9268800 yuan. Among them, the updated inbound / outbound gate has the function module of QR code gate.
Comments:
Tencent made an important landing under the framework of strategic cooperation, taking advantage of the card position to win the fruit of "scanning the code to take the subway". Recently, the company announced strategic cooperation with Tencent to jointly promote the landing of the innovative business model of "Traffic Transit QR Code". The winning bid for Xiamen BRT intelligent equipment is the Xiamen municipal government's recognition of the company's comprehensive strength, and further strengthens the company's substantial progress in rapidly promoting the strategy of "sweeping the code to take the subway". With a small step in winning the bid and a big step in the development prospect, the upgrading of equipment in Xiamen is only the starting point. With the increasing maturity of the mobile payment model of rail transit, the company will quickly cut into the payment "new battlefield" that has attracted much attention by virtue of the advantage of card positions. order sharing and advertising business sharing will gradually become new profit growth points for the company.
The scene of "scanning code to take the subway" precipitates a large amount of user traffic and data, and the construction of data security ecology is natural.
The company is gradually expanding the layout of data security ecology by "scanning the code to take the subway" payment scene. The previous 360 strategic investment is based on its massive user entrances and unique high-frequency geographic location information, and it is expected that there are broad prospects for building urban smart transportation driven by the real-name policy. At the same time, the company plans to acquire Guozhengtong, which has been committed to fraud prevention data service for many years, and uses its authoritative data sources to conduct rapid identity verification of gate passage personnel data, so as to greatly improve traffic efficiency and build a comprehensive data security ecology of "data acquisition-identity authentication-security protection".
Investment suggestion: the company is a leading provider of AFC equipment in China. The transformation of BRT intelligent equipment in Xiamen will be an important starting point for the strategic cooperation between the company and Tencent to improve the layout of subway "code-scanning payment". Assuming that the acquisition of Guozhengtong is completed in early 2018, without considering raising supporting funds, we expect the EPS for the 2018 and 2019 exam to be 1.32,1.90 yuan, maintaining the "buy-A" rating with a six-month target price of 45 yuan.
Risk hint: excessive risk of major asset restructuring; AFC industrial innovation does not meet expectations