Main points of investment:
Investment advice: cover for the first time and give an overweight rating. On the evening of September 9, the company issued a plan to raise no more than 2.48 billion yuan, transform to new media and big data, and gradually divest the catering business. It is estimated that the EPS in 2014-16 is 0.04,0.14 and 0.15 yuan respectively. Taking into account the background of the national team of the Institute of Computing of the Chinese Academy of Sciences and the scarcity of Internet information security applications, a certain valuation premium is given, with a 12-month target price of 14 yuan.
Unique understanding: the market only pays attention to the company announcement itself, while we pay more attention to the background of the rise of network information security to the national strategy, the company relies on the technical advantages of the Computing Institute of the Chinese Academy of Sciences and the background advantage of the "national team". The huge market space for its new media and big data business.
Increase investment in China Science and Technology Tianji, involved in Internet video supervision and other smart city projects. ① and the Institute of Computing of the Chinese Academy of Sciences jointly build online new media and big data laboratory to develop a new generation of video search, cloud search platform and new media social networking. ② has a 45% stake in China Science and Technology Tianji. The main products Tianji Internet Public opinion system and Tianji Weibo Corp system have been widely used in the government, national defense, security, scientific research, education and other fields. ③ joint venture to establish Shanghai cat new media, its Internet cloud video solution will really achieve the objective control of Internet video content.
Sign cooperation agreements with Shandong and Anhui Radio and Television to promote the family intelligent cable TV cloud terminal project. The ① terminal production will adopt the outsourcing mechanism, and the follow-up marketing will be carried out jointly by the company and radio and television, and will be shared according to the agreement. ② terminals effectively integrate television networks, telecommunications networks and the Internet, in line with the national triple play policy, really achieve objective and controllable information content, and are expected to be extended to other provinces and regions of the country.
Risk tips: the risk of failure of transformation; the risk of unstable cash flow brought about by transformation.