Chi no rest and seek far: improving the layout of the Internet banking

Updated: May 23, 2016  Views: 156

www.eastmoney.com 2016 Nian 05 Yue 23 Ri 00:00 Thailand Securities Cheng Jiao wing

Chi no rest and seek far: improving the layout of the Internet banking

Silver Jie (300085)

We believe that one of the scarcity of licenses (four licensed operators of Internet Insurance Yian Insurance, Personal Credit eight preparatory work to carry out one credit agencies Road, and Bank of East Asia co-sponsored the establishment of joint venture securities firms to actively apply for securities license and credit, insurance and other new Internet services to support the high growth of the silver-high valuation and the market value of continuous open space logical anchor long-term perspective. in the background of the continued expansion of consumer credit business personal credit information, and a scene innovation new derivative demand and promote knowledge intensive continuous improvement and other Internet insurance business under uncertainty, there will be a great potential for a substantial thickening of the company's future revenue and investment income, the company is expected to achieve breakthrough performance style realized. This paper from the company levy letter, insurance and other new Internet business future long-term development perspective look down Jay silver's business model and growth, in particular space industry estimates, the company earnings forecasts and valuation calculation see text.

One long-term growth of the credit business perspective: Road Credit (silver Jie 40% stake as one of the first eight individual credit institutions prepare now ready to work on the data source docking, product development and market cooperation substantial progress has been made active, we expect the credit if the Road after successfully obtaining credit license, in accordance with a reasonable estimate of the personal credit information services market space and market share of the credit Road, thickening of listed companies operating in 2020 income of 7 billion yuan. China's personal credit industry a huge market space, we expect only in respect of consumer credit and credit card two financial scenarios to estimate (not including the Internet, such as the electricity supplier era-derived car rental, rent, credit life and credit certificate of employment personal income credit added scenes work to bring the 2020 personal credit information industry market space is 1,800 yuan. China consumer credit scale will maintain a high growth rate of consumer credit by the end of 2015 the scale of 19 trillion yuan 10 years compound annual growth rate of 23.3%, we expect the size of China's consumer credit in 2020 will reach as much as 31 trillion, detailed estimates see the body.

Long-term growth perspective of the two Internet insurance business: As one of four licensed Internet Insurance An Insurance easy first-mover advantage by virtue of a license and customer resource endowment, silver Jie in the future leveraging big data derived from the customer portrait, precision marketing continued accumulation aspects of the Internet and innovative insurance products, the introduction of premium volume will continue to improve. Internet currently four licensed insurance companies, the insurance by virtue of public safety caused by the 'three horses' shareholders will be leading industry innovation insurance products of China's Internet innovation and the absolute leader in premium income. under reasonable assumptions we expect EMC Insurance 2020 premium income of 12.5 billion yuan or so, the specific valuation estimates and see the impact on the body of a listed company. we believe that innovation derived from the scene new requirements and promote improved cognition and other intensive catalysis under uncertainty, the Chinese Internet industry, the insurance market is big, 'ten countries' OK 2020 5% insurance penetration and insurance density of 3,500 yuan / person goal, we estimate 2020 China's insurance industry premium income will reach 5 trillion yuan, the scale of the Internet of insurance premiums accounted for 5% or more.

We believe that the standing current perspective, a subsidiary of Billion US soft-deterministic performance growth is an important factor in maintaining the company's overall high endogenous growth. According to our estimates, in Emay achieve 60 million in 2016 based on performance commitments, plus the steady growth of the company's IT and other traditional financial services, company performance in 2016 will achieve 40-50% growth year on year. Emay with large data accumulated for many years in cooperation with telecom operators, it has been with a number of banks and other financial institutions signed data application services agreement, including providing precision marketing, customer portraits, and other anti-fraud services, data services is to ensure student growth within the company significant business in the company's traditional financial IT business, significantly drive intelligent controller seal promotion effect traditional financial information to maintain revenue growth.

Recommendation: We believe that the license and the scarcity of credit, insurance and other new Internet services to support the high growth of the silver-high valuation and the market value of continuous open space of the most important long-term perspective anchor logic in traditional financial information. rich business built up a solid customer base of financial institutions resources to finance iT, credit, big data, payment-based, strategic development plan to build financial systems clear the Internet ecosystem services, the Internet is the a-share financial scarcity of targets. we Division valuation method adopted for the fair market value of the estimated silver Jie, silver Jie's main business by industry into financial information, business services & mobile e-commerce services, personal credit and Insurance Internet assessed four parts value. the measure, we expect corresponding to the fair market value of the company in 2016 was 240 million. we believe in the personal credit, big data services, Internet insurance and securities field layout and the company's own IT field for many years in the financial roots accumulated business structure, resource integration and layout depth is very fit, and each of these areas, both have a considerable degree of depth and space business development, the company's main business and future investment income thickening of the huge space. in 2016-2018 the company expects net profit owned by the parent respectively 1.10,1.55,2.01 million, the fair market value the company at 240 million, corresponding to a target price of 35 yuan / share, for the first time give cover 'buy rating.'

Risk Warning: do not reach the expected business development progress, regulatory policies and related business license to obtain the situation to change.


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Traditional Chinese: 智無歇而謀遠:金融互聯網布局日臻完善