Cloud computing Concept 10 strands analysis

US-Asia Cupressaceae: "Small products big service" to promote the rapid growth of revenue

US-Asia Cupressaceae 300188 computer Industry

Research Institute: Capital Securities Analyst: Deng Ting writing Date: 2012-04-23

"Small products big service" to promote rapid growth of revenue. During the reporting period, the company increased the investment of product research and development, and began to invest in research and development in the four core areas, such as vehicle equipment, mobile terminal forensics, on-site rapid forensics, data destruction, etc. In 2011, the company made a readjustment to the organizational structure of the sales department, and intensified the promotion of the market outside the judiciary. During the reporting period, the company introduced cloud computing into a number of product lines and vigorously developed a cloud services platform, with sales revenue rising faster than the same period last year.

"Triple fusion" drive product technology constantly upgrade. Companies adhere to the "Hardware product equipment, software products platform, service products, resources," the development strategy, in the development of traditional advantages of business at the same time, increased civilian products and services research and development investment, and constantly improve the search and forensics cloud service platform, and in the reporting period launched a fair Cloud project. The efficient combination of products and services not only enhances the competitiveness of the product and customer stickiness, but also enhances the product's gross margin. During the reporting period, the overall gross profit margin of the company's products was 59.72%, an increase of 11.43%.

Strengthen technical services to support the construction, enhance operational capacity. The company established local technical support in 18 offices nationwide in 2011, which greatly improved the responsiveness and customer satisfaction of the service. Reporting period, the company will be the entire technical support team into the Technical Support Center and cloud Computing Operations Center, on the one hand to protect the company "small product service" strategy to achieve, on the other hand, the company focused on the development of the search cloud, forensics cloud services for full operation. The company constantly improve the team's work skills, improve customer service efficiency, reduce operating costs. The electronic data forensics market expands, the company first sends the advantage to be obvious. Electronic data forensics industry for the information security industry emerging sub-industry, compared with foreign developed countries, at home in the late start, small scale, low level of the situation. However, with the infiltration of information technology into all walks of life, the demand for electronic data forensics is gradually extended from the judicial organs to the administrative law enforcement departments and institutions, which is most obvious in two fields of tax and business. The company currently occupies 40% of the market share of forensic industry, with the entire Department of Independent Research and development products, the first-hair advantage is obvious.

Earnings forecasts and investment ratings. We estimate that the company's EPS for 12-13 years is 1.55 yuan and 1.92 yuan respectively. The P/E ratio for current stock is 26 times times and 20 times times respectively. We are optimistic about the company in the forensics industry, "Software + hardware + Service Resources" and other aspects of the advantages of the first time to give the company a short-term _ recommended, long-term _a investment rating.

Risk hint: The risk of management risk and new service market exploitation brought by company scale expansion.

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(Responsible editor: The good of the Legacy)