The dispatch of eight ministries promotes the rapid development of electronic commerce

The dispatch of eight ministries promotes the rapid development of electronic commerce

The general office of the National Development and Reform Commission, the Office of the Ministry of Finance, the Office of the Ministry of Commerce, the Office of the People's Bank, the General Administration Office, the Office of the General Administration of Industry and Commerce, the Office of Quality Inspection Bureau, etc.

The circular said that in order to do a good job in the national E-commerce demonstration City to create the advisory guidance, the NDRC and other eight ministries to establish a national E-commerce model city to create an expert advisory committee. The main responsibilities of the Expert Committee are: to cooperate with relevant departments to carry out the research on the major issues of electronic commerce development, to provide decision support for the eight ministries to formulate relevant policies, and to provide advice and guidance for the demonstration city to perfect the work plan and carry out related projects. The Expert Committee secretariat is located in the China Information Association informatization promotion Work Commission.

The notice said that to promote the national e-commerce demonstration cities to create work tasks, promote the healthy and rapid development of e-commerce applications, standardize electronic payment, promote the application of financial IC card, establish E-commerce credit service system, carry out network (electronic) Invoice application pilot, strengthen the network commodity transaction supervision, To construct the environment of credit transaction, to study the facilitation measures of cross-border trade, to improve the management and service level of customs, and to promote the standardization of e-commerce actively. (Securities times)

The comparison of profitability between electronic commerce and traditional retailing

Wholesale and retail trade

Research institute: CITIC Securities (600030, stock) Analyst: She Date: 2012-01-30

As the innovation of marketing activities from offline to online, the essence of commercial supply chain management has not changed. As with the traditional retail, the electric dealer must go through the supply chain links of purchasing, logistics and warehousing, and the two are different in the form of the sales channel. Therefore, we believe that E-commerce is only a technological innovation, not a model of the revolution.

Purchasing links, traditional retailing has a stronger scale effect, therefore, it is more likely to achieve direct production of manufacturers to shorten the procurement level, relative to the online enterprises enjoy a higher level of gross profit margin; In operation, the cost of warehousing and distribution of electric business enterprises is higher than that of traditional retail stores and property, but networked sales save labor and operation cost, Therefore, the maturity of the electricity business enterprise's period cost rate may be slightly lower than the traditional retail; the net interest rate aspect, the sample enterprise Amazon and Wal-Mart is quite, but the traditional retail overall stronger than when, the European leader Otto Group and so on in the meager profit state electric business enterprise.

China's situation, the domestic electricity dealers in the "burning money" enclosure of the development stage, regardless of gross profit margin, period and net interest rates are significantly inferior to the traditional domestic retail enterprises. We believe that the industry will usher in the next three years shuffle stage, sustainable access to financial support enterprises will gradually expand their profitability by expanding the scale, shorten the gap with the traditional retail, back to earn the commercial nature of the sales price difference.

In short, no matter from the international mature experience or China's development status quo, E-commerce enterprises profitability is not stronger than the traditional retail. Taking into account the traditional retail coverage of the overall population, the type of goods, as well as people's pursuit of shopping experience, we believe that the traditional retail industry will not be subverted by E-commerce, referring to the United States, Europe and other developed market experience, the future of our traditional retail business will still occupy the dominant position. As a kind of technological innovation, the electric dealer will accelerate the management and integration of the supply chain, and gradually net to expand the online business and realize the coordinated development of the line/line in the future.

Focus Technology: lower than expected performance, the continuity of the slow growth of member's performance impact is still

Focus Technology 002315 Computer industry

Research institutions: Haitong Securities (600837, shares bar) analyst: Chen Mifeng Date: 2012-01-31

Earnings forecasts and investment advice:

Because the tax preferential policy is difficult to anticipate, for the sake of prudence, we anticipate the company 2011, 2012 EPS respectively is 1.40 yuan, 1.66 yuan. While the share price has been a big adjustment over the past year, slower performance growth and lower systemic valuations have led to a less attractive share price. The target price is 41.57 yuan in 2012, at 25 times times P/E. Maintain a long-term "buy" rating, but the impact of short-term member growth slowdown will continue, value-added services are still difficult to make a qualitative breakthrough, and there is no suitable catalyst.

Suning Appliance: Management to complete overweight

Suning Appliance 002024 Wholesale and retail trade

Research Institute: Huatai Union Securities Analyst: Bang Hao Date: 2012-01-12

The company announced today the management to complete the overweight behavior, from December 13, 2011 to January 12, 2012, the company vice Chairman Mr. Weimin, President Kim Jinming, Vice President Mengxiangxie, Vice President Jingun and other core management staff through the Shenzhen Exchange System total increase of 23.63 million shares of the company , accounting for about 0.338% of the company's total equity, and an increase of 8.46 yuan, slightly below the current (January 12 closing price of 8.68 yuan). Among them, four executives increased their holdings of 10.41 million shares (0.149%), the average price was 8.49 yuan, and the other 12 core managers totaled 13.22 million shares (0.189% per cent of total capital) and 8.44 yuan in average.

In a detailed analysis of the "Great White Horse puzzle" in the last three quarterly reviews, as a result of the company's high dependence on the stock of old stores, so in the lower growth rate of the same store, the increase in gross margin was basically swallowed up by the rapid rise of labor, rent costs, while the old shop net profit flat or even negative growth, is the third quarterly quarter performance lower than expected main reason In the four quarter, either the demand-side downturn or the high cost side, compared with the three quarter has not significantly improved. We expect four quarterly net profit growth of 10%, annual EPS of about 0.675 yuan (not diluted, including laox value of the performance thickening).

Looking ahead this year, cost pressures remain, but they have eased over the past year. 12 Expired 52 (last year more than 100), the staff wage increase will return to normal (we are expected to 13%-15%), while the company will close some of the poor operating stores, although the need to pay 3 months of default rent, but the overall profitability still has a boost. Therefore, in the case of a relatively predictable cost side, the demand-side growth rate (mainly the same-store growth) will be the key to this year's performance forecast.

From the New Year's Day consumption data, home appliance industry has suffered a cold winter, both in relation to the overall economic downturn, but also by the "Old for new" policy exit impact. In the short term, home appliance sales in the policy vacuum period, even if the follow-up policy, taking into account the "old for the new" on the future consumption of overdraft, the effect may not be expected to achieve. Therefore, we believe that the decisive factor driving home appliance consumption is still the loosening of macro policy and the overall economic recovery, and the release and promotion of residents ' willingness to consume.

We temporarily maintain the 11-13-year fixed increase in the eps=0.65, 0.8 and 0.95 of the profit forecast unchanged (we believe that the company in 12 the possibility of a downgrade, we will see the Spring Festival consumer data and home appliances sales stimulus policy issued time and intensity, to make further judgments and amendments).

Risk tip: The overall growth of household appliances industry decline, the same store growth rate is low; The competitive environment for the business-to-consumer is becoming increasingly fierce.

East Letter Peace: internal and external improvement is expected to sync, performance release is expected to accelerate

eastcom Peace 002017 Communication and communication equipment

Research Institute: Founder Securities (601901, stock) Analyst: Sheng Date: 2012-02-01

Investment points

We are different from the market view: External demand to start: 2012 In the Social Security card (loading financial functions), financial IC card needs to start, the company's revenue will grow rapidly. Internal control improvement: The company's management system, incentive system is expected to further improve the company to inventory and management level to upgrade. External demand start-up and internal control improvements will combine to accelerate the release of the company's performance.

Internal control is expected to improve, to inventory and improve the profitability of the company's management system and incentive system is expected to further improve. Similar to the business structure of the Heng Bao shares (002104, shares bar) compared to the level of the company's cost rate (2011Q3 company and Heng Bao share cost rate of 22.57% and 15.65% respectively) shows that the company's internal control has further room for improvement. In addition, the company stock ratio (2011Q3 company and Heng Bao stock ratio of 68.52% and 32.68% respectively) relatively high, if effective to inventory, profitability and capital utilization efficiency will be significantly improved.

Horizontal expansion: Rapid growth of emerging business, Social Security card is the largest incremental source of products horizontal expansion smooth, product line layout gradually improved. In the traditional main telecommunications sector, the company SIM card business growth is stable, overseas markets become an important growth space. In addition, the company has expanded rapidly in the areas of social and public utilities, financial payments and security. During the 35 period, Social Security card (load financial function) and financial IC card will be in the rapid promotion and popularization stage, the market space is expected to reach 8 billion and 10 billion respectively. Companies in the field of social security card to occupy the leading edge, if the company 20% of the market share, the next 4 years is expected to bring the company 1.6 billion yuan revenue increment; In the financial field, the company has customer advantages, will fully benefit from the financial IC card needs to start. Vertical extension: Value-added services are starting to expand the future growth of the company's vertical industrial chain of continuous expansion of value-added services to expand growth space. Upstream: The company module packaging production line has been put into use, can effectively reduce the company's product production costs, and to ensure the supply of upstream products. Downstream: The company has established the goal of transforming to system solution provider and platform operation service provider. The company and China UnionPay exclusive cooperation N3 smart card Multi-application platform is the carrier of the company's strategic transformation, value-added services will open up the company's growth space.

The target price is 14.7 yuan, give the company "overweight" rating we expect the net profit of 2011-2013 to belong to parent company is 34.77 million yuan, 67.42 million yuan and 90.96 million Yuan respectively, EPS is 0.16 yuan, 0.31 yuan and 0.42 yuan, respectively, corresponding PE is 70.30, 36.25 and 26.87. Combined with the smart card can be compared to the company and industry valuation level, to give the company 2013 35 times times PE, the target price of 14.7 yuan. First to give the company "overweight" investment rating. Risk hints Social Security card, financial IC card market start-up progress than expected;

Business Treasure: Investment Highlights

1. Business Treasure is China's leading third-party business-to-business E-commerce platform. Companies are "Small portal alliance" strategy of the implementation of the chemical, textile and apparel industries have a dominant position. Business Treasure platform toll customers steady growth, the company based on domestic trade, and gradually expand to the field of foreign commerce, the future prospects. Company is the current domestic market share ranked fifth Business-to-business E-commerce platform operators. At present, the domestic main third-party business-to-business platform operators for Alibaba, global Resources Network, Focus technology (002315, shares bar), HC Network and Business treasure.

2. Multi-site operations: The company's operating sites include China Chemical Network, the Global Chemical Network, China Textile Network, Chinese apparel (000902, share bar) network, medical network and other industries, small portal Alliance website Business Treasure, China Exhibition Network and other value-added services website. In addition, the company also operates business through E-commerce services, trade show services such as line services.

Heng Bao shares: maintain a strong market share, mobile payment card business or will accelerate

Heng Bao shares 002104 electronics industry

Research Institute: CIC Securities analyst: Wang Peng Writing date: 2011-11-15

Event:

The company issued a notice, and China Telecom on mobile payment card business signed a procurement contract, involving a total of 13.56M and 2.4G a total of four varieties, the contract amount amounted to 106 million yuan.

Carrier purchase scale expands rapidly, mobile payment business or acceleration. It is understood that the telecommunications mobile payment card in the total size of the bidding in 2.4 million, compared to the same period, the expansion of the tender price compared with the previous years, the decline of about 20%. The contract has been implemented in succession and is expected to be completed by the first half of next year. Since major operators have set up payment companies and are active in the mobile payment business, we believe that the large-scale purchases by the telecoms industry suggest that operators have started the mobile payment business in its entirety. With the rapid growth of 3G users and the popularity of mobile internet, we judge the carrier mobile payment business or will enter the acceleration period.

13.56M will become mainstream, the company benefits significantly. The biggest difference between the telecom purchase and the previous year is that 13.56M card is the main proportion. Company in the 13.56M field has its own antenna technology (at present only the holding of odd and Heng Bao two master), in this field has obvious technology and brand advantages. The bidding company won the share of more than 50%, but also maintain the traditional advantages in the telecommunications market. Although the 13.56M price is lower than 2.4G card 50%, but due to the company's own technical advantages, its margin is higher than 2.4G card 50%. Taking into account the 13.56M has a broad market base in the financial sector, and the financial market is the company's strengths, so the popularization of 13.56M payments will benefit the company significantly.

Mobile market is expected to break through to further open the market space. According to the previous research, the company acquired the Oriental British card company is currently operating well, is actively participating in the new phase of mobile SIM card bidding. We believe that the company in the telecommunications, Unicom pay cards have shown the brand and technology advantages, and SIM card business is also one of the advantages of the business, so the company to borrow Dongfong in the mobile market to achieve a breakthrough should be understandable. Taking into account the largest mobile user base that moves, we think that the breakthrough in the mobile market is significant to the company.

Earnings forecasts and ratings. We have judged that the revenue from this contract will be confirmed in the first half of next year, but the pace of expansion of the mobile payment business is within our previous expectations. So we maintain the company's earnings forecasts. The company is expected to 2011-2013 EPS for 0.28 yuan, 0.36 yuan, 0.50 yuan, maintain a "recommended" rating.

Risk hints. EMV of bank cards is slower than expected. Do??? 6?? Inshizichuan

New countries: Tariff reduction does not affect the growth of POS machine industry

New countries 300130 Electronics industry

Research institute: Jin Yuan Securities analyst: Chuo Hongtian Date: 2012-02-14

Credit card rate reduction is a big probability event, long-term look is positive. Some time ago, media reports, a Ministry of the formulation of a proposal for discussion made clear that the card issuing bank service charges will be based on the amount of credit card 0.3% charge, capping 100 yuan; UnionPay's transfer fee will be based on 0.05% of each transaction amount, capping 5 yuan. For POS peer transactions, no transfer fee shall be charged. We believe that the credit card rate reduction on the receipt of the industry's impact is multifaceted, long-term view of the receipt of the industry is positive, the POS machine industry continues to grow at high speed.

UnionPay 2012, the price of a large area, the company won the bid. The company is one of four companies shortlisted for UnionPay's bidding. In 2012, the latest tender for UnionPay, the company's 7 package of 6, become the biggest winners. Fujian's 5-mark, Whilfons and Newland are 3, the rich in the bid out. The company expects the market share of UnionPay to rise from 36% in 2011 to 38% this year. But the bid price dropped by an average of 10% to 15%. Comprehensive consideration of product price decline, component costs and staff wages, the company expects next year's gross margin will fall by about 6%.

The company will continue to increase investment in research and development. The company now has more than 200 people's research and development staff, last year added more than 70, is expected to recruit more than 100 this year. In addition to the development of new POS terminal models, the company is also vigorously promoting research and development for industry customers with payment liquidation function of the electronic payment system, mainly for such as tobacco, gas stations and other industries customers.

Earnings forecasts and investment advice. We believe that the offline POS payment will also grow at a high speed, the POS industry can maintain about 30%-40% of the growth, such as mobile payment technology standards determined after the three major carrier procurement may start. Companies in the technology, qualifications and prices have advantages, the company is expected to 2011-2013 EPS is 0.66, 0.85 and 1.11 yuan, the profit compound growth rate of about 30%. The current price is about 12 years 20 times times PE, we think can give 2012 26 times times PE, the company's reasonable price should be 22.1 yuan, to give overweight investment rating.

Risk: POS prices continue to fall sharply; The new market is not as good as expected.

Pass Electronics: Additional investment projects will strengthen competitive advantage

Pass Electronic 002197 computer industry

Research Institute: Huatai Union Securities Analyst: Lu Shan Date: 2011-11-09

The company issued a notice, the proposed non-public offering of not more than 50 million shares, the issue of the reserve price of 11.95 Yuan/shares, raise funds not more than 555 million yuan.

The investment project covers the whole industry chain of financial payment, including POS machine, self-service terminal, electronic commerce terminal, security chip, etc., and will expand the research and development center, and repay the bank loan and replenish liquidity.

We believe that the financial POS machine has a good development space, there are three reasons: (1) The amount of credit card per capita in China is much lower than that of comparable countries, and the number of credit cards per thousand people in Japan, Korea, Taiwan, Malaysia and mainland China is 2518, 2370, 843, 332 and 172 respectively. There are still a lot of room for improvement in China, (2) there is a stable proportional quantity relationship between the number of POS machines in China and credit card issuance, and the promotion of credit card issuance will drive the growth of POS; (3) The company's POS machine for the additional investment project is in line with the new standard of the People's Bank of China's PBO2.0 financial IC card POS terminals, in March 2011, the People's Bank of China formally issued "the People's Bank of China to promote the application of financial IC card", "Twelve-Five" period will be fully advanced financial IC Over the years, the company has been the Bank of China (601988, shares bar) more than 20 financial institutions such as telephone epos and other equipment suppliers, good customer relations and project experience for the Financial IC card POS products sales bring a guarantee.

The new annual output of 30,000 self-service terminals will expand the company's advantage in this product line. The company has accumulated a set of solutions to ensure the security of financial payments, with a clear technical advantage in the design of self-service terminals with financial payment functions. Company in the self-service terminal market has achieved a leading edge, 2011 1-September to reach a contract order more than 2000 units. The company plans to build 60,000 rural e-Commerce special Terminal project has a huge market space, if each administrative village set up three farm shop, each shop layout a special terminal for rural E-commerce, the market capacity is expected to be more than 1.8 million units.

We believe that if the issue of additional projects can be implemented smoothly, will further enhance the competitiveness of the company. We predict that the company 11, 12, 13 EPS for 0.38, 0.51, 0.72 yuan, corresponding to 38.4 times times, 28.3 times times, 20 times times PE, maintain overweight rating.

Risk hints. New product promotion progress is lower than expected, the issuance process has certain uncertainty.

Crystal Source Electronics: To meet the arrival of smart card chip faucet

Crystal Source Electronics 002049 Electronics industry

Research institution: Jin Yuan Securities analyst: Chuhong days, Chan Wenli Date: 2011-12-29

Events: Through the China Securities Regulatory Commission listed companies merger and reorganization of the Audit committee in 2011, the 38th Working Conference audit, the company issued shares purchase assets and related transactions obtained conditional approval.

The reorganization has been approved to eliminate the final uncertainty, the company's business will be fully integrated upgrade.

The approval of the reorganization has allowed market fears to be lifted and the company can achieve full integration of the business. For traditional quartz crystals, we can use the strong IC design ability of the same side microelectronics, realize the key technology breakthrough and gradually master the core technology of crystal oscillator, promote the upgrade of the traditional products, improve the gross profit margin, and completely transform the business model of traditional foundry encapsulation. For the same side microelectronics, through the listing can improve the corporate governance structure; At the same time, IC design is a talent-intensive industry, through the listing can further improve the management and technical team incentives to further enhance the attractiveness of talent, so that the IC design business has been further enhanced.

The same side microelectronics is a truly smart card chip faucet, the domestic smart card market growth company most benefited. We recommend the Crystal Source Electronics (002049, stock bar) more than 1 years time, here we again emphasize the same side microelectronics smart card chip leading position. Smart card can be divided into three categories: identity, telecommunications, finance, in the field of identity identification, especially in the second generation of identity cards in the field of the same side microelectronics market share of more than One-fourth, is one of the highest domestic market share of enterprises, the company Telecom SIM card market share of nearly 30%, a significant lead The financial card has just started in China, we believe that with its deep technology accumulation and strong market ability, we are expected to become the biggest beneficiary of the financial card. The domestic smart card is in the full advance of the high-speed growth period, we believe that after the second generation of identity card transient fluctuations, the company's growth path in the next five years is very clear: 2012-2014 Social Security IC card, mobile payment card, 2014-2016 second generation ID card replacement peak; 2013-2016 the growth rate of the financial IC card issuer is increasing year by year. The company's product line layout has been completed, only to the market start can be heavy.

We maintain the original profit forecast, is expected to achieve 2011-2013 sales revenue of 718 million yuan, 1.058 billion yuan and 1.425 billion yuan, vested in the listed company shareholders net profit of 133 million yuan, 196 million yuan and 271 million yuan, the company EPs for 0.55 Yuan, 0.83 Yuan and 1.12 yuan to maintain the buying rating. (2011-2013 for the performance after the table)