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三五互联(300051):调研纪要

Three Five Internet (300051): Research Notes

國元證券 ·  Jan 8, 2016 00:00  · Researches

Research object: vice President / Dong Mi / Chief Financial Officer Yang Xiaohu Company was established in 2004 and listed on the gem in 10 years. During this period, it mainly focused on Saas enterprise services, including domain name, mailbox, website construction, OA, CRM and so on. The main sources of income are: domain names, mailboxes, OA and enterprise construction stations, the company's products are enriched and evolved with the continuous development of domestic enterprises. In 2011, the whole market began to generate demand on the mobile end, and the corresponding products were gradually upgraded and developed to form the existing cloud office software system. The whole architecture is still based on Saas, which adds the synchronization function and corresponding simplification between the PC end and the mobile end, making it more convenient for users to work on the mobile end.

With the development of enterprises, more than one hundred thousand enterprise users and one million individual users have been accumulated. The annual cloud office income is more than 100 million, the domain name is tens of millions, the website construction is tens of millions, and the overall scale is more than 200 million.

Saas is characterized by the cloud, small and medium-sized enterprise users only need an account and password to directly log in to enjoy all office applications. Development enterprises can concentrate resources to develop products, and the latest version can be provided to enterprise users in real time through product iteration. In terms of user habits, small and medium-sized enterprises invest less in IT and have strict cost control, so they are short of IT personnel and need IT public services. The company also has some business for large customers, less than 1000, concentrated in colleges and universities, the government and state-owned enterprises, individual user demand is large, with personalized needs.

In terms of products: mailboxes are dominant, because from the customer's point of view, mailboxes are easier to accept and understand.

Management has a high demand for OA, and CRM can significantly improve work efficiency. At present, the domestic enterprise Saas service market is not large, for the following reasons: 1. Traditional business owners have low acceptance of informatization; 2. Enterprises are unconscious when they are young; 3. The influence of the age of enterprise managers. In the future, the demand for these products will become more and more exuberant.

Company positioning: a few years ago has been focused on the B2B market, providing integrated software and hardware services. During this period, I made my own smartphones and tablets, and began to return to software services in 13 years, providing a variety of products for enterprises. In the past two years, the B2C market is relatively active, so some of the company's products 12max have been free for 13 years, hoping to cultivate users' habits, improve stickiness, and then bring income through other products. Based on the understanding of the market, the company has developed smart phones for small and medium-sized enterprises and implanted CRM software into the phones.

The company has acquired the qualification of a virtual operator and can sell numbers and traffic to generate revenue. The company can bind the phone to the number to sell, the hardware is free, and make a profit by recovering the cost from the phone bill and software.

External situation: over the past 11 years, we have been looking at some extension projects, which are mainly related to the main business of the company. starting from 13 years, we have seen a wider range, focusing on intelligent terminal software services, investing in Daoxi technology, and Daoxi science and technology page games. There are three products on the Tencent game hall. Daoxi Technology is the high-quality partner of Tencent Page Tour platform and Facebook Inc.

The translation is provided by third-party software.


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