Main points of investment:

The company plans to sign the "Equity transfer Agreement on Shanghai Yuhao data Technology Co., Ltd." with the shareholders of Shanghai Yuhao, and intends to acquire 80% of its shares at a cash price of 82.3914 million yuan.

Summary of the report:

High-quality mobile information service gene, forward-looking perspective to help companies to achieve rapid Internet insurance card. The company's Internet insurance frequency layout, the establishment of the Automobile extension Division at the end of 14 years, through price advantages and service advantages, seize the entrance of online car extended warranty service. The company's acquisition, on the one hand, shows that the company is strongly optimistic about the business accumulation of Shanghai Yuehao in the Internet insurance scene and network, which helps the company quickly realize the Internet insurance business card position; on the other hand, with the company's traditional business mobile information integrated services for many years of experience in serving financial institutions, especially insurance institutions, the company is expected to expand the business scope of information services in the insurance field in the future.

With the networking of channels, scene and product data, Shanghai's reputation is of great value. The main business of the target company is flight delay insurance service, mobile phone extension service, Internet innovative micro-insurance products, positioning focus scene insurance products. In terms of data, Shanghai Yuehao has a good accumulation of analysis techniques based on big data, such as user demand trend judgment, insurance risk data, algorithm model, etc., in the big data financial era, combined with the company's personal mobile information service advantages for many years, the company based on the extremely high data reuse value of individuals and the marketing ability of advantages can help the company to gain a first-mover advantage in Internet insurance.

Internet insurance is the inevitable choice for the development of the industry at this stage, and the company continues the tide. On the one hand, the traditional insurance sales system is suffering from the development bottleneck of high cost and low profit, on the other hand, the insurance industry is caught in a dilemma such as the lack of single products and supporting services that need to be broken through. Internet insurance ushered in a historic opportunity. In the future, the mobile exhibition industry will set off the best part of a new round of Internet insurance. the company focuses on Internet insurance around the mobile information service business, and is expected to build an intelligent mobile insurance ecosystem with the Internet insurance channel as the entrance.

Investment advice, the company's 14 / 15 EPS is expected to be 0.51, 0.66 yuan, target price 88 yuan, buy rating.