Core viewpoints
Define the positioning of big data's financial technology, continuously integrate business resources, and deepen business layout: the company made a series of adjustments and layout in 2017, such as renaming, adjusting its management structure, and acquiring respectable technology, forming a double main business framework of "glasses Lens + big data Financial Technology", defining big data Financial Technology as the company's core strategy, and on this basis, constantly integrating business resources and deepening business layout. We believe that because the company's business model has the characteristics of platform, coupled with strong data analysis capabilities and business innovation capabilities, the company's layout around "big data Financial Technology" is worth looking forward to.
In-depth layout of cross-industry big data, to provide solid support for intelligent marketing and financial technology services: with the increasingly clear core strategy of the company, the layout of big data is becoming the focus of the company's work. In 2017, the company controlled Jingzhong Technology, China's leading air travel big data service provider through cash acquisition, introducing airline data into the financial scene, so as to achieve better realization. In the future, the company also plans to obtain more industry data resources through investment and cooperation, such as automobile, insurance, health, high-speed rail, etc., to improve data layout, and to release data value through the construction of a data aggregation platform "Flag Cloud". To form strong support for the company's intelligent marketing, sound credit information, financial technology services and other business.
Smart marketing, sound credit information and financial technology services will be the core ways for companies to realize cash: with the continuous increase of data dimensions, the customer portraits that companies can obtain will be more accurate, and the service field will also expand from banks to insurance, consumer finance and even more industries such as automobile, aviation, health care and other industries, opening up more room for growth. In addition, relying on increasingly rich data resources, the company is actively arranging financial technology services based on intelligent risk control, empowering banks, insurance and other cooperative institutions, providing financial assistance and credit cards to stimulate customer operations, and other services. to help financial institutions improve operational efficiency and achieve common development.
Financial forecasts and investment suggestions
Due to the 17-year commodity e-sales business is slightly lower than expected, but completed at the end of the year and will show respect for public technology and will continue to focus on big data's financial technology strategy, so we downgrade the 17-year forecast and raise the forecast by 18-19; the EPS in 17-19 is 0.58,0.84,1.04 yuan respectively (the previous forecast is 0.65,0.83,0.97 yuan). We believe that the current reasonable valuation level of the company should be consistent with that of comparable companies, with a price-to-earnings ratio of 29 times 2018 and a reasonable share price of 24.36 yuan, maintaining the buy rating.
Risk hint
The risk of new business expansion of Kangqi is lower than expected.
