Aerospace Information (600271): The new three-gold road

Sina tip: This article belongs to the Research Report column, only for the analysis of a stock of personal views and views, and the unofficial news report, Sina does not guarantee its authenticity and objectivity, all relevant to the stock of effective information to the Shanghai and Shenzhen Stock Exchange of the announcement as prevail, please investors pay attention to risk.　　The company's operating income and profit is more stable, the stock price is mainly affected by the overall trend of the market, based on its main business monopoly position, is a hedge-safe investment variety. Today's investment stocks Safety diagnostic stars: ★★★ Northeast Securities Shangjian Aerospace information belongs to China Aerospace Science and Technology Group, is a technology, industry and trade in one of the modern enterprise management mechanism of High-tech enterprises. 08 Annual Report disclosed, the company consolidated financial statements holding subsidiaries 54, of which nearly 50 to provide anti-counterfeiting tax control system in the information consulting and other related products of the company, constitute the company's main products direct sales network. At present, the company's business mainly includes "gold tax" project, "Golden Shield" project and "Gold Card" project.　　One of the "Gold Tax" project Business Project company in a monopolistic position, "Golden Shield" project and "Gold Card" project is the company's focus on expanding the market area. Sit monopoly, expand the "three gold" "Gold tax" project to bring stability gains. The project of "gold tax" is one of the key projects of national informatization, which is to realize network operation in the whole process of the general taxpayer identification, invoice acquisition, tax declaration and tax payment, and strengthen the information system engineering of VAT collection management. The VAT Anti-counterfeiting tax control system is a computer management system that uses digital cipher and electronic storage technology to strengthen the anti-counterfeiting function of special VAT invoices and to monitor the tax source of VAT taxpayers.　　The taxpayer shall install and use the tax control device in accordance with the regulations and shall not destroy or alter the tax control device without authorization. The company has completely independent intellectual property rights in the core technology, such as digital cryptography, high speed photoelectric scanning recognition technology, microcontroller technology, High-capacity semiconductor storage technology and intelligent IC card technology. At the same time, limited to national security considerations, related to digital cryptography and other core technology areas of products need to use our own independent intellectual property products, so that the company from the impact of foreign imports of products provide a natural barrier.　　At the same time, there are few enterprises with relevant research ability, development strength and market experience in China, so the monopoly status of the company is not available. 2007, the general taxpayer new number of 330,000 households, due to the impact of the financial crisis, 2008, the number of new decline to 310,000 households, from this indicator alone, the increase will appear a certain amount of decline. At the same time, the existing 2.1 million stock users, due to bankruptcy will appear about 150,000 of the reduction.　　Among them, anti-counterfeiting tax control machine's price is 1416 yuan, the annual service fee is 480 yuan. 2009, with the "People's Republic of China value-added tax temporary regulations" and "the People's Republic of China value-added tax temporary regulations" amendments, value-added tax general taxpayer'sThe determination of the matter has also changed correspondingly, the lower size of the small scale of taxpayer identification standards for industrial enterprises annual sales of 500,000, business sales 800,000. This means that the number of the general taxpayer than in the past will appear a certain amount of increase, because the current state administration of Internal revenue for specific implementation and the determination of the rules have not yet been promulgated, so the company's performance is only a positive policy, has not yet direct cash receipts, but is expected to appear in the substantive　　Thus will increase the value-added tax anti-counterfeiting tax control business user volume. Because the tax control system development is less difficult than the national tax value-added tax control system, at the same time the competition in the industry is more intense, the level of the Mao interest rate is far lower than the existing products, so the company in this business participation degree is smaller, the overall impact of the school to enhance the effectiveness of services The company also customized and sales and security tax control machine supporting the computer and related products, the business because of the rapid decline in the industry's gross profit margin, for the company's profitability slightly diluted, but for the protection of tax control machine sales services,　　It is expected that the company will retain the existing business computer and its peripherals sales based on the expected profit. "Golden Shield" project for the benefit of the people "Golden Shield" project is essentially the public security communication Network and computer Information System construction project. It is the use of modern information and communication technology to enhance the ability of public security organs to respond quickly and cooperatively, improve the efficiency of public security organs and detect the detection level, adapt to the new form of social security dynamic management.　　The aim is to realize the information sharing and comprehensive utilization based on the National Crime Information Center (CCIC) and the application of the Public Security Service, and provide a strong information support for the public security work. As one of the most important strategic partners of the "Golden Shield" project and the most wide system integrator in the "Golden Shield" project, the company will be its own development objectives in the "Golden Shield" project experts, the company has become a landmark "Beijing Public Security Bureau Network Information Safety System Engineering", "Security Management Information System" commissioned development units. Company focused on population, comprehensive security, criminal investigation and other public security business system construction. The company's independent research and development of "Public security information application development platform" as the basis, the development of a variety of products in Beijing, Shanghai, Chongqing, Tianjin, Jiangsu, Henan, Guangxi and other provinces and autonomous regions have been widely used to assist the public security arrests more than 50,000 suspects.　　In view of the effectiveness of the "Network Recovery system", the demand for stability maintenance of the system based on "second-generation" IDs is strong. From the existing products, at present, more than 90% of the hotel has been networked to the local public security system, and the identity of the customer to verify the registration management. The Ministry of Public Security is preparing to proceed with the management of other residential sites, such as bathing centers, KTV and other entertainment venues. At the same time, the use of "second generation" ID card makes information management system easier to realize and widely popularized.　　At present, the company has been in Zhejiang, Jiangsu, Anhui and Xinjiang four provinces and cities of entertainment market pilot development, if the relevant departments have been recognized, the market potential is huge. “Golden Card "great potential of Engineering" January 2009, Aerospace Information Co., Ltd. Zhuozhou Industrial base held a production ceremony, marking the aerospace information Zhuozhou Industrial base Phase one IC Card Factory, electronic assembly plant officially started production. This business will become one of the projects that the company strives to develop. The company is the first development of successful IC enterprise, now has mastered and developed IC card password calculation, in the domestic market occupies a strong technical advantage. Developed by the company based on the RFID technology etc system has been in Beijing, Hebei and other provinces and cities to promote the current market is still in the incubation period. At the same time, based on the development of RFID technology refueling card, has been in Beijing, Hebei part of PetroChina and Sinopec's gas stations to pilot the market reaction needs to be further confirmed.　　Once promoted, the sales network based on the two Big oil giants will show an explosive growth. Financial data analysis in terms of the growth of the company's business, the sales growth of computer products is the most rapid, and the growth of tax control products is also more stable; system integration business growth slow, the company bought Andy Computer company in order to change the existing slow development; IC card business is still in the market, the contribution of the company's finishing is still small,　　Development space is larger. Because of the company's monopoly in the "Gold tax" project, the gross profit margin of the company's tax control products can be maintained above 50%, so that the company has a strong profitability; system integration and other ancillary industries, the level of gross profit with the continuous improvement of management will soon enter the ranks of 30+; IC card is in the market incubation period,　　A slight decline in gross margin, but because the proportion of small, for the company to tidy up profitability impact is not; The gross profit margin of computer and its accessory products decreases with the decline of the gross margin of computer industry, but as the profit-making industry, the company's profitability is acceptable. From the company's asset structure, the company's cash holdings of more than 55%, which means that the company can use free funds in accordance with the development strategy of rapid expansion of the market or mergers and acquisitions, the company has a strong market control capability.　　Corporate debt is only 25%, of which close to half of the outstanding advance accounts, so the company is basically a debt-free enterprise, the company's real asset structure is light. Risk forecasting and valuation company recently acquired Andy Computer company in order to increase its own market share in the system integration business, but the current business integration is not clear, whether to meet the company's expectations of uncertainty; the sales of anti-counterfeiting tax control machine are affected by the tax policy,　　The uncertainty of fiscal and taxation policy makes the company's earnings will fluctuate greatly; the promotion of the "Golden Shield" project has been affected by government departments, although some contracts have been signed, but the implementation timetable company can not confirm, so the income recognition uncertainty; the promotion of "gold card" in gas station needs market inspection. The company's existing "Gold tax" project has an absolute monopoly position to ensure that the company's higher profitability, but this business growth capacity is relatively slow; the development of "Golden Shield" project and "Gold Card" project is still inAmbiguous development process, so that the company 2009 and 2010 EPS for 1.02 Yuan and 1.18 yuan, dynamic P/E ratio of 24 times times and 21 times times. The company's operating income and profit is more stable, the stock price is mainly affected by the overall trend of the market, based on its main business monopoly status, the company to give a "cautious recommendation" rating, is a hedge-safe investment variety.