event:
On January 22, the company announced that its holding subsidiary Fujian Newland Automatic Identification Technology Co., Ltd. obtained the purchase order of the QR code reading engine of a sports lottery terminal sales company with a purchase quantity of 5,000.
The main points:
1. The reading engine is the core component of the QR code reading device.
The reading engine is mainly composed of an optical module and a decoding chip, and is responsible for the acquisition, decoding and analysis functions of the two-dimensional code image data, and is a core component of the two-dimensional code reading device. At present, the market price of the company's one-dimensional bar code reading equipment and two-dimensional bar code reading equipment is not 200 yuan and 800 yuan, respectively. The two are mainly different recognition engines, so we estimate the price of the two-dimensional code reading engine is about 600 yuan to 800 yuan a, the order amount is about 3 million to 4 million yuan (the company's QR code core component sales model and the whole machine sales model pricing strategy may be different, here is only a rough estimate), currently on the market The number of stock lottery machines is about 200,000 units. If all the upgrades support the QR code, the market space is about 1.2-160 million yuan.
2. This order marks a breakthrough in the sales of the company's QR code core components.
The company used to produce and sell the whole machine in the field of reading equipment, but the relatively professional two-dimensional code reading equipment has a wider range of core components and can cover more industries. At the same time, the company's QR code reading There is no gap between the decoding performance of the chip and the foreign countries, but there is still a gap in the manufacturing of the whole machine. Therefore, strengthening the components is conducive to enhancing the company's competitiveness and gross profit margin. To this end, the company has developed a strategy to strengthen the core sales of components in 13 years. This order is the company's first breakthrough in this field. With the increasing application range of QR codes, it is expected that the company will achieve similar breakthroughs in other industries in the future. .
3. A number of key industries have made breakthroughs, and the QR code business has entered a period of explosive growth.
The company is the only enterprise in China that masters the core technology of QR code decoding, and has reached the international advanced level. The company has guided and promoted the business model of QR code application and has formed application solutions for many industries. In the past 13 years: Continuing the advantages of the past three years, the company has continued to occupy the first market share in the meat source traceability system of the Ministry of Commerce and the animal and product traceability system of the Ministry of Agriculture; in September 2013, the company won the third phase of the Golden Tax Project. Software system platform project, becoming the national tax system (including national tax, local tax) tax-related documents and tickets
The makers of the code standard are expected to open up a huge market for the follow-up tax ticket readers (nearly 16 billion in 5 years); the company signed a strategic cooperation agreement with Suning Appliance in December 2013, and the QR code reading equipment will be used in Suning's nationwide. Each store; the company's exclusive entry to China Mobile Terminal Co., Ltd. QR code scanner supplier, will be equipped in the terminal companies in China Mobile; the company is also approved by the National Health Planning Commission to promote the medical and health institutions drug (vaccine) electronic supervision project orders. The breakthroughs achieved by several key industries have standardized that the company's QR code business has entered an outbreak period.
in conclusion:
The company's QR code business has broad prospects and has entered an explosive growth period. The POS business is growing at a high speed, and the telecommunications and transportation information industry is growing steadily and providing sufficient cash flow. The company's 13-15 year earnings per share are expected to be 0.44 yuan, 0.58 yuan and 0.80 yuan, respectively, corresponding to 37.6 times, 28.4 times and 20.7 times PE, maintaining the company's "strongly recommended" investment rating.
risk warning:
1. The application speed of the two-dimensional code industry is not up to expectations;
2. The growth rate of traditional business is lower than expected.
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