1. The equity is more scattered, and the proportion of controlling shareholders is low.
Established in December 2005, Haofeng Technology has been focusing on market research and technological innovation in the field of marketing information since its inception. Mainly to the banking, insurance, manufacturing, commercial circulation and services, government and public utilities and other industries with independent intellectual property rights of marketing information solutions, including contact centers and unified communications platform, marketing business and management platform.
The ownership structure of the company is relatively scattered, and the actual control is Mr. Sun Chengwen, chairman and general manager, who holds about 26.2% of the shares after the issuance of the company. Other major shareholders are the sponsors of the company and currently hold the positions of director, deputy general manager or department manager in the company, and there is no equity or kinship among the shareholders.
The company intends to issue 10.3 million shares to the public, all of which are new shares, and there is no plan to transfer the old shares.
two。 Marketing intellectualization will face better development prospects in the future.
The demand objects of corporate marketing information business include banking, insurance, manufacturing industry, commercial circulation and service industry, as well as government and public utilities. In recent years, with the development of information technology, marketing informationization has entered a new stage, more and more enterprises begin to form marketing plans through marketing models of customer, transaction and other information accumulated for many years, and implement it through communication media such as contact center and Internet, that is, marketing intelligence. Marketing informatization can greatly reduce enterprise advertising, store rent, time and labor costs, and has a broad application prospect.
We judge that there will be the following trends in the development of various segments of the domestic marketing information market in the future: first, the development of bank marketing information from electronic banking to commercial intelligence. Banks have a large number of customer and product data, in the future, dynamic and intelligent accurate marketing of market segments of customers, system management of customer satisfaction and marketing performance will become the key development areas of bank information solutions. Second, the informationization of insurance marketing focuses on improving efficiency. The insurance industry is a labor-intensive industry, the traditional door-to-door marketing costs are high, while telephone and online marketing can greatly improve the efficiency of communication, from 2 or 3 customers a day to an average of more than 20. In addition, there are many insurance products, customer background differences, demand differences, marketing system can intelligently match customer needs according to customer background and transaction history, and improve the quality of communication and customer recognition. Third, the demand for commercial circulation and service marketing informationization has increased significantly driven by the rapid development of e-commerce. The core of retail, logistics wholesale, tourism, catering and other commercial service sub-industries is market sales and follow-up services. Enterprises pay attention to customer needs, satisfaction and loyalty, and how to provide accurate information to customers so that they can make decisions. And how to obtain new customers at low cost, and so on. Marketing informatization has a bright future in this field.
3. The company is a professional provider of marketing information solutions.
The company is a leading domestic marketing information solution provider, the main business includes the provision of contact center and unified communications platform, marketing business and management platform and related technical services. Among them, contact center and unified information platform are the main sources of revenue, accounting for 71.2%, 74.6% and 77.7% of revenue respectively from 2011 to 2013. Marketing business and management platform products are highly profitable, accounting for 52.1%, 41.5% and 40.3% of gross profit from 2011 to 2013, respectively, and the gross profit margin remains between 87% and 91%.
We believe that the main competitiveness of the company lies in: first, the company has a certain scale in the industry, with independent property rights products. Downstream customers regard marketing and information technology as the core competitiveness to cope with the fierce market competition, which makes the marketing information market very sensitive to all kinds of new technologies, and the company is one of the few domestic companies with independent research and development capabilities. can provide a full range of independent intellectual property products of the overall solution provider, the core technology covers the system platform architecture, marketing information application development and software and communication network integration and other major aspects. Second, it has relatively high quality customer resources. The company has accumulated a number of high-quality customers in the fields of banking, insurance, manufacturing, commercial services, circulation and government and public utilities. The good operability and user-friendliness of its information platform products have won the company a good reputation in the market and have strong competitiveness in many industries. Third, the industry has a lot of experience. Through the project practice of many industries, the company has not only established a wealth of industry templates, but also accumulated a lot of business process implementation and management experience to ensure that the company can complete the project in a short time and with low cost and high quality.
4. Analysis of the Investment Project of the Company
The company plans to raise about 270 million yuan in this public offering of 10.3 million shares to invest in the construction of marketing information system upgrading projects, R & D center construction projects and supplementary liquidity.
The implementation of this fund-raising project will help the company to strengthen its R & D capability, improve the multi-channel access ability, information collection ability and accuracy of the company's core product platform, and improve the accuracy and analysis speed of the analysis engine algorithm, so as to further enhance the company's technical level and product competitiveness.
5. The issue price is low, so it is recommended to apply for purchase.
We forecast that from 2014 to 2016, the net profits attributed to shareholders of listed companies will be 52.19 million yuan, 58.52 million yuan and 64.7 million yuan respectively, and the EPS will be 1.27,1.42 yuan and 1.57 yuan respectively, with a compound growth rate of about 7.6% in the next three years. The company's IPO price is 28.81 yuan, corresponding to the 2014 price-to-earnings ratio of about 23 times, the offering price is low. According to the Wind consensus forecast data, as of January 13, 2015, the computer sector corresponding to the overall 2014 dynamic P / E ratio of 57.38 times, taking into account the company's steady growth ability, while the recent market enthusiasm for new shares investment is high, we believe that the reasonable valuation of the company should be 35 times 2014 dynamic P / E ratio, the reasonable price is 44.45 yuan, it is recommended that investors actively apply.
Risk tips: market competition risk; product promotion and technology development risk; ownership structure diversification risk.