In 2011, POS terminals will be the first to benefit the industry chain.
The new country's industry position and cost advantages ensure that the company achieves higher growth than the industry average growth rate. UnionPay is the leader in the POS industry. For financial security reasons, UnionPay has put forward higher certification and bidding qualification requirements for POS manufacturers, which has created a high qualification barrier, which has created a pattern of oligopoly in the financial POS field. The new country is the fastest growing POS manufacturer in the last three years. The company adopts a platform-based R&D architecture and replaces some hardware functions with software, which effectively reduces the manufacturing and maintenance costs of POS machines. The company's gross profit margin is higher than its main competitors based on the fact that the product price is lower than the industry average. We believe that the company's industry leading position and cost advantages will ensure that the company will achieve higher growth than the industry average growth rate in the next three years.
Mobile phone on-site payments, industry-specific micropayment applications and overseas markets have provided companies with new growth points. As mobile and UnionPay tend to be unified in mobile payment standards, and more and more mobile phone manufacturers are launching mobile phones with built-in NFC functions, we believe that the conditions for large-scale promotion of mobile phone on-site payment are mature, and explosive growth is expected in 2011. POS terminals and so on will be the first to benefit the industry chain. At the same time, in addition to mobile phone on-site payment, monopoly industries such as railway, electric power and petroleum will also form larger demand for micropayment. The company has already reserved technology and products for mobile payment and other industries. As UnionPay has gained a greater voice in the mobile payment standard, it will benefit the new countries in the UnionPay procurement system. At the same time, the company has entered the US market through OEM, and plans to open up the Middle East market such as Iran in 2011.
The company's product price pressure is not large, and it can maintain high profitability. UnionPay adopts a protective bidding pricing policy, which is valid for two years. The diversification of the company's products and customer structure, as well as the company's product price is lower than the average level of the industry and major competitors, so the company's product price reduction pressure in the next three years Not big, it is expected to maintain the current high gross margin level.
Into the third-party acquiring service business, to transform to the platform service provider. The company cooperated with Guangzhou Yangchengtong to promote the application of micro-payment for bus cards. The company is responsible for the layout and maintenance of POS terminals. We believe that the cooperation with Yangchengtong will not bring much profit contribution in the short term, but it can accumulate experience and lay the foundation for the company to copy the model and apply for the qualification of third-party acquiring service agencies. In the future, the company will transform into a third-party acquiring platform service provider.
For the first time, a buy rating is given with a target price of 52.44 yuan. We predict that the company's EPS for 2010-2012 will be 0.92, 1.38, and 2.09 yuan respectively, refer to the comparable value and average value of PE in 2011, and take into account the company's high growth rate of 45% and the company's leading position in the next three years. The company was given 38 times PE in 11 years and the target price was 52.44 yuan, giving the company a Buy rating for the first time.
Shop modern dining room and kitchen chairs in modern and contemporary style. We supply Modern Dining Chairs with Outstanding Service, Unique Designs, exceptional quality, value pricing and fast delivery. Dine in comfort and style with Dining Room Chairs from Modern Luxury Furniture factory directly. Choose our elegant, creative and stylish modern dining chairs to compliment your deco. The unusual designer modern dining chairs are widely accepted by our valuable clients including furniture dealer, shop and architect companies from US and Europe. 2018 new designs of modern dining chairs in extremely comfortable and exceptional quality are becoming popular with our reliable after sales service. Choose Modern Luxury Furniture factory, choose the business partner in fast growing lane. Our selection includes Upholstered, Wooden, Stainless steel, fiberglass, fabric and leather modern dining chairs. These simple, yet classic, designs never seem to go out of style.
Modern Dining Chair,European Modern Dining Chair,American Modern Dining Chair,Black Modern Dining Chairs
DELO SOFA , https://www.modernluxuryfurnitures.com