Bitcoin has recently gained momentum. From the beginning of the year to August 13, bitcoin prices have risen from $956.18 to $4,405.89, an increase of 3.23 times. In less than a month from July 17 to August 13, the gains have doubled and bitcoin prices have entered a rapid upswing. Although the price was adjusted at the beginning of the month when bitcoin cash (BCC) appeared, as of August 13, bitcoin prices did not fall, but rose by more than 30%. From the beginning of the emergence of a dollar can reach 1,300 bitcoins. In the past eight years, bitcoin prices have soared more than 5 million times.
The Firecoin Blockchain Research Center said that the global bitcoin industry has been enjoying good news in recent days. Countries are accelerating the development of clear bitcoin management programs, which has boosted the global bitcoin price to record highs. In addition, the Bitcoin Quarantine Witness Expansion program is locked and will be activated soon. Once the quarantine witness is activated, the number of transactions that can be accommodated in a single block of Bitcoin increases, and the problem of bitcoin network transfer congestion will be alleviated. With the recent rise in bitcoin prices, overseas institutions such as Goldman Sachs have recently released analysis reports on Bitcoin, and have recognized the investment value of Bitcoin in the report, increasing investor confidence in Bitcoin.
What is a blockchain? I am afraid to start with the famous Bitcoin. Bitcoin was born in 2009, and with the growth of Bitcoin's trading volume, the blockchain has entered the public eye. The blockchain records the transaction record data on the entire Bitcoin network, and the data is shared by all Bitcoin nodes. Through the blockchain, we can query the history of each bitcoin transaction, and we can update who owns it from time to time. These currencies can also be publicly verified.
Simply put, the blockchain is similar to a ledger, recording all bitcoin transaction information. This ledger is stored on each bitcoin node on the Internet, and each node has a complete backup. The ledger is stored in partition blocks, and each block contains a portion of the transaction records. Each block records the id of the previous block, forming a chain, hence the name blockchain. When you initiate a bitcoin transaction, you only need to broadcast the transaction information to the P2P network. The miner records your transaction information as a new block and links it to the blockchain, and the transaction is completed. The blockchain industry chain is mainly divided into [underlying technologies] (distributed technologies and chips such as distributed storage, encryption, communication, etc.), [development layers] (innovative developments such as protocol, sidechain, lightning network, API, etc.), [applications] Layer] (money funds, value assets, credit enhancement, etc.).
Related concept stocks:
Yuanguang Software 002063, Diagnostic Unit : Technology Innovation, Power Sales, Kaihua Zhang
Traditional business-based, electric power and energy intelligence
The company is deeply involved in the informationization of the power industry and has more than 20 years of industry experience. The customers use the major power companies in the power industry as their customer base. With the continuous development of the smart grid, the company's revenue sources are stable. The company keeps pace with the development trend of the industry. The company continues to increase R&D investment, and first releases two emerging fields of bureau sales and energy Internet. It is expected to become a new profit growth point for the company in the future.
Electricity reform drives demand for electricity sales, and sales informationization has become a new growth pole.
In March 2015, the State Council issued the “Several Opinions on Further Deepening the Reform of the Power Systemâ€, and the new round of power reform was launched. The electricity sales market is open to private capital, and private capital is encouraged to build electricity sales market. The sales companies have been set up in succession to drive the demand for informationization. The company has been deeply involved in the informationization field of the power industry for many years and has accumulated rich technical experience and customers. Resources, industry changes bring new opportunities to the company's development. Under the background of breaking the monopoly and releasing competition on the selling side, the company actively established a joint sales company to obtain a sales license and is expected to share the dividend of the electricity reform policy.
Additional development for technological innovation, laying the foundation for product upgrades
The company intends to raise funds to build 600,869, shares attending services based AI energy management software and BDaaS wisdom, if funds are available to a card layout and industrial upgrading trend in the field of traditional strengths to accelerate the company's products, and lay a solid foundation for the company's long-term development. The current electric power reform and energy Internet is the background of the industry. The former project takes artificial intelligence as the core, realizes the deep integration of "big, material, mobile, cloud" and enterprise management, and solves the pain points of enterprise collaborative interaction and balanced development, which is in line with current customers. The upgrade trend of demand; the latter project includes cloud data center, energy big data platform, power sales cloud platform, energy enterprise big data solution, etc. The company can focus on breaking the distribution business and provide overall cloud service for the new placement company. Simultaneous power
Related companies provide energy big data services, and new demand in the industry is about to break out.
Earnings forecast and investment suggestion: The company has both superior business (group resource management and financial management), energy intelligent business and project management, and continuously digging deeper customer demand, horizontally expanding the scope of application outside the industry, and actively expanding energy and coal. After returning to the growth channel under the strategic planning of the new field. The new demand brought by the electricity reform and the company's newly established power sales companies will benefit from industry reforms and are expected to share the electricity trading market cake. The company's EPS for 2017-2018 is expected to be 0.3 and 0.4 yuan respectively, corresponding to PE and 44 times, respectively. It is optimistic about the company's reverse growth and gives a "buy" rating.
Risk warning: 1. The profitability of electricity sales information is not as good as expected; 2. There is a bottleneck in technology upgrading, and energy intelligentization is not as good as expected.
UF network 600588, diagnostic stock : cloud service R & D investment peak or will have been expected to usher in the harvest
1 R & D investment peak has passed, is expected to usher in the harvest
Since 2014, the company has increased its transformation of cloud services and financial services, and has invested heavily. According to the company's annual report data, the research and development expenses for 2014-2016 were 692 million yuan, 889 million yuan, and 1.072 billion yuan. Among them, 1,100 billion yuan of research and development expenses in 2016 were invested in cloud services and financial services, and the transformation investment was gradually increased. We believe that the company's investment in transformation business has passed, and the cloud service and financial services business has developed rapidly, and it is expected to gradually harvest.
From the impact on performance: (1) In 2016, the company's pure software products still have a growth rate of 14%, and the gross profit margin of the product has remained above 95% in recent years (the gross profit margin of software products in 2016 is 98.3%), indicating that the company's software productization ability and profitability are still very strong. (2) We believe that the company's investment in transformation business is expected to decrease year-on-year in 2017, and the annual performance is expected to gain certain support.
2 cloud service transformation effect is obvious
4D is the leader in domestic map data and location services. Here is the world's leading map service provider. Its joint venture company provides China map data and dynamic information services to HERE's global location service platform customers, and is an integral part of Here's global location service platform. Four-dimensional HERE is expected to create the only integrated location service solution in the world. The solution is expected to break through geographical constraints and provide a unified geographic location for customers around the world. At present, it is difficult for other domestic and overseas competitors to do this, highlighting the company's business barriers and core advantages.
3 positive impact two: broaden the business model and accelerate the realization of data
UF's cloud service transformation is gradually achieving significant results.
(1) From the income side, in 2016, cloud service revenue exceeded 100 million yuan, which was 117 million yuan, a year-on-year increase of 34.4%. In 2014-2016, cloud service revenues were: $710,000, $81 million, and $117 million, respectively.
(2) From the perspective of the number of cloud service enterprise customers, in 2016, the number of enterprise customers in the cloud service business was about 2.68 million, an increase of 235% year-on-year. In 2014-2016, the number of cloud service customers was: 150,000, 800,000, 2.68 million, and the number of 2017Q1 cloud service customers was 2.98 million.
(3) In terms of cloud service downstream customer structure, we believe that in 2017, UF cloud service is expected to be rapidly promoted in large and medium-sized enterprises. On the one hand, large and medium-sized enterprises have increased their demand for cloudization; on the other hand, the company's cloud service products for large and medium-sized enterprises have become increasingly mature, and the standardization of versatility has gradually increased. With the rapid advancement of cloud services in large and medium-sized enterprises, UF's cloud service revenue is expected to increase rapidly.
4 "UF cloud" products are put into operation, cloud business is expected to get fast
In 2017, UF's cloud strategy is more clear. As the core of the UF 3.0 strategy, UF proposes UF Cloud. On April 19, 2017, “UF Cloud†was officially released and launched online. “UF Cloud†locates the socialized commercial application infrastructure and enterprise service industry sharing platform, and provides social business application cloud services, which are composed of PaaS, SaaS, BaaS, DaaS and software integration services, including UF cloud platform and domain cloud. , industry cloud, Changjietong small and micro enterprise cloud, enterprise financial cloud and cloud market.
Unlike IaaS, which provides basic IT services, UFIDA will provide a technology-oriented platform for enterprises, including public infrastructure services such as communications, payment, electronic invoicing, approval, forms, and printing. We believe that the "UF Cloud" product is expected to accelerate the integration of UF's existing mature cloud products and rapidly advance the UF 3.0 strategy.
5 push the equity incentive plan, the incentive mechanism is more perfect
The company announced the equity incentive plan, and the total amount of equity rights to be granted to incentive objects was no more than 57.98 million shares, accounting for 3.96% of the company's total share capital. (1) Stock option incentive plan: It is proposed to grant 3,865,600 shares of stock options to the incentive object, accounting for 2.64% of the company's total share capital. The source of the stock is the company's issue of the company's stock to the incentive object. (2) Restricted stock incentive plan: The company intends to grant a total of no more than 19,362,400 shares of the company's restricted stock to the incentive object, accounting for 1.32% of the company's total share capital. The stock source is the company's stock repurchased from the secondary market.
The equity incentive plan awarded a price of 15.88 yuan per share. The number of participants was 1,444, including senior management and other key personnel. The unlocking ratios for the next three years are: 40%, 30%, and 30%. The performance indicators for unlocking are: based on 2016 operating income, the growth rate of operating income in 2017-2019 is not less than 10%, 20%, 30%. We believe that the equity incentive plan is expected to further improve the company's incentive mechanism and promote the rapid development of the company's business.
6 Profit Forecast and Investment Proposal
UF's cloud service transformation is gradually achieving results. With the reduction of investment required by cloud services, the company's overall performance is expected to gradually recover. We expect the company's EPS for 2017-2019 to be 0.32/0.42/0.54 yuan.
7 risk tips
Cloud service business grew less than expected risk, systemic risk.
Feitian integrity 300386, diagnostic stock : overseas business stable performance blockchain storage imagination space
Feitian Integrity (300386) released its 2016 annual report, achieving an operating income of 889 million yuan, a decrease of 2.43% from the same period of the previous year; achieving a net profit of 119 million yuan, a year-on-year decrease of 34.86% and an EPS of 0.29 yuan. The company intends to distribute a cash dividend of 1 yuan (including tax)/10 shares to all shareholders based on the total share capital of 418 million shares.
I. Increase in operating income in foreign markets
In 2016, domestic demand for major products decreased and market competition intensified, so the unit price of products continued to decline. Administrative expenses increased, up 12.99% year-on-year, and financial income and software tax rebate decreased, resulting in a decrease of 2.43% in operating income. The operating income of foreign markets increased by 20.65% year-on-year, and the positive expansion of foreign markets eased the decline in the company's performance.
Second, there is still space in overseas markets.
Traditional online banking products - U-Shield and OTP have been popularized in domestic banks, with fierce competition and limited room for growth in the future. With the development of mobile payment and the emergence of no card withdrawal, the number of bank cards has shown a downward trend, and the space of traditional products in the domestic market will be difficult to increase. However, foreign market update iterations are slower and existing products are more expensive, so there is still room for overseas markets. At present, the company's active smart cards have been shipped to overseas markets, with major customers from Europe and Taiwan. The company will continue to enter the overseas market with its technical advantages and price advantages while maintaining its domestic market share.
Third, the acquisition of upstream enterprises deep integration
On January 14, 2017, the announcement completed the acquisition of 91.36% equity of Hongsi Electronics, and Hongsi Electronics officially became the holding subsidiary of the company. Hongsi Electronics is an upstream enterprise with complete independent intellectual property rights and technological leadership in random number chips, dedicated high-performance cryptographic algorithm chips and commercial information security SOC chips. After the completion of the acquisition, the company will fully combine its capabilities and technical advantages in COS operating system and related application development with the chip design capabilities of the underlying companies, and promote product innovation and business development through technology iteration. We believe that the company will deepen the integration of its advantages, which will help expand the market in the fields of network security, financial payment, intelligent transportation, secure smart home and Internet of Things security.
Fourth, the layout of the "blockchain" to seize the strategic highlands
As the basic technology of Bitcoin, blockchain has the characteristics of distributed, decentralized, de-trusted, non-tamperable and cryptographic security. In recent years, blockchain technology has developed rapidly, and various industry exhibitions have also opened up a wide range of application demonstrations. The need for digital currency key protection has also emerged. On August 25th, the company reached a strategic cooperation with Bubbi Network Technology Co., Ltd., which focuses on blockchain technology innovation. The two parties will focus on the core technologies and products, identity authentication and private key protection in the blockchain field. Extensive cooperation. On September 23, the company released CoinPass Bio, the industry's first digital currency fingerprint hardware wallet based on blockchain technology, to provide basic key security services for digital currency applications. We believe that with the rapid development of the central bank's digital currency issuance, the blockchain technology based on industry applications will develop rapidly, and the company will enjoy the dividend of this emerging market with its first-mover advantage in the blockchain field.
V. Earnings forecast and investment advice
The company's 17-19 year EPS is expected to be 0.44, 0.56 and 0.77 yuan respectively. The smart card industry market is huge, the company's product structure will be optimized and adjusted, and future performance is expected to be good. The natural advantages and advance layout in the blockchain field give the company a certain card advantage. Give the PE interval of 60-70 times in 2017, corresponding to the valuation range of 26.4-30.8 yuan in the next 12 months, and give the “strongly recommended†rating for the first time.
risk warning. 1. Product development falls short of expectations; 2. Policy risk; 3. Business promotion is less than expected.
Thickened Sweater include padded crew neck sweatshirts and padded sweatshirts. Blended fabrics containing cotton.
Collar splicing ribbed double car line design, the body is soft, three-dimensional sense is very strong; highlight the trend of loose fit, collar, cuffs, hem using high-density double ribbing, close to the body line, beautiful windproof, long wear without deformation.
Thickened Sweater ,Thick Knit Sweater,Thickened Sweater For Ladies,Thick Wool Sweater
Guangzhou Huiben Trading Co., Ltd. , https://www.huibentshirt.com