航天信息(600271.CN)

Aisino Corporation:New Partner,New Journey

时间:16-06-22 00:00    来源:兴业证券

Wincor Nixdorf is a German corporation that provides retail and retail banking hardware,software, and services. It is engaged primarily in the sale, manufacture, installation and serviceof self‐service transaction systems (such as ATMs), retail banking equipment, lottery terminals,postal terminals, software and services for global financial and commercial markets. Ranking topthree among ATM and ePOS suppliers, Wincor Nixdorf sells its products to 14 of top 25 retailbanks. The Company stepped into Chinese market in 1980s. Over 50,000 of its POS devices havebeen installed since then. It also participated in drafting national standard for cash register withtax control functions.

Aisino will probably enjoy significant (1) Aisino is going to play dominating roles in the jointventure with 51% stakes in it. Wincor Nixdorf and its core team members take 44% and 5%ownership respectively. (2) The joint venture will act as the sole agent distributing WincorNixdorf’s products in China in the future. Aisino and Wincor Nixdorf are going to share clientresources and product lines of the two companies may be integrated as well. (3) Aisino is able tofurther enhance its technical strength through the cooperation. Wincor Nixdorf’s experience indealing with retail clients is also a great benefit for the Company.

Earnings Forecast and Investment Recommendations: We made EPS forecast for the Company atCNY 1.01 in 2016, CNY 1.43 in 2017 and CNY 1.74 in 2018. Reiterate BUY.

Potential Risks: official agreement, private placement, replacement of business tax by VAT.