Highway investment still maintains a rapid growth.
Taking into account the new highway investment and the stock of highway maintenance, the highway information industry will always maintain a relatively stable growth rate during the 13th five-year Plan period. The company's share of revenue in highway informatization has always maintained a high level. Based on the successful experience of Anhui Province, the company has the opportunity to gradually see the company gain share in other provinces and establish new advantages in the next few years.
Port shipping information leader, maintain growth, waiting for the industry inflection point company port shipping information business market share advantage is obvious, in the downturn of the industry continues to achieve business growth, with the industry moving towards the inflection point in the future, will have broader prospects. But in the short term, the company's business is still growing at the current rate.
"Internet +" business continues to develop
In the business of highway and port shipping information, the company continues to accumulate data from two industries, which provides extremely favorable conditions for industrial chain integration and data operation in the two industries. With the help of the thinking of the Internet, we continue to explore the opportunities of data acquisition and realization in highway and port shipping, so as to enhance the depth of the company's business.
Performance forecast
The company is very mature in highway information business, and its share in Anhui Province is very high. With the slow decline of highway construction and the gradual increase of stock maintenance business, the company can maintain steady growth in this part of the business. In addition, the port shipping business relies on the advantage of market share, in the steady growth of colleagues to maintain a high gross margin, waiting for the inflection point of the industry to bring rapid growth. In terms of new business, the development of "Internet +" has also become a new growth point for the company. At the same time, the company through the 75 million yuan employee stock ownership plan, so that employees and company interests tied to promote the development of the company.
Finally, the company's extension development is expected to be strong, and after three restructuring failures, we look forward to the re-opening of the company's restructuring window. In view of this, we give that the EPS of the company from 2016 to 2018 is 0.24 yuan / 0.31 yuan / 0.39 yuan respectively, and the corresponding PE is 63.X/50.X / 39.x. We give the company an overweight rating.
Risk hint
Highway investment is lower than expected, the continued downturn of port shipping has led to a reduction in information investment, and the development of the company's Internet business is not as expected.