Technical foundation: Cloud printing is a remote network printing service based on modern communication, computer, printing technology and logistics system. With the improvement of economic living standards, a large number of personalized and high-end printing needs have emerged, and cloud printing receives and optimizes demand through web servers, is produced through efficient plate-making technology and large-scale high-speed printing equipment, and then relies on modern logistics and distribution. Fast delivery. Compared with the traditional printing form, cloud printing has a strong comparative advantage in the middle batch of high-end printing field, while ensuring quality, it achieves convenience, speed and low cost. We summarize the core features of cloud printing as: online ordering, automatic versioning, and the most advantageous areas are medium-volume, personalized, and high-end demand.
Demand basis: There are more than 100,000 printing companies in China, with 3.44 million employees, and the output value reached 951 billion yuan in 2012. Cloud printing has outstanding advantages in the field of medium-volume, personalized, high-end demand. According to the situation in Taiwan and Europe and the United States, we estimate that the potential domestic demand should be more than 45 billion yuan, and with the development of the Internet and the development of printing technology, There is room for further expansion.
Successful case: In developed countries in Europe and America, Vistaprint is committed to providing customized business printing products, its sales revenue increased from 16.85 million US dollars in 2002 to 1.02 billion US dollars in 2012, a compound growth rate of 50.7%; in 2012, its number of users It reached 14.4 million, the order size reached 27.7 million, and the average value of orders was 36.8 USD. In Taiwan, China, Jianhao has developed into a large-scale network printing company since its joint edition. In 2012, its sales revenue reached 2.5 billion Taiwan dollars (approximately 510 million yuan), and its net profit margin could reach more than 20%. Domestic practice: In the Chinese mainland market, there are no printing service companies based on cloud concepts like Vistaprint or Taiwan Jianhao. Evergreen Co., Ltd. has cooperated with Taiwan Jianhao to invest in the establishment of Evergreen Jianhao. Using its mature business model and its self-developed system software, as well as the financial strength and industry influence of both parties, it has established an overall cloud printing operation in Tianjin. It will be promoted nationwide and the website is expected to be launched in the first half of 2014.
Investment proposal: Cloud printing has a good technical foundation and a huge demand base. The development experience of Vistaprint and Taiwan Jianhao shows the strong competitiveness and huge potential of cloud printing. In China, Evergreen shares the advantages of Taiwan Jianhao to open up a bright future for cloud printing. According to the order situation and the progress of new business, we expect Evergreen to achieve operating revenues of 643, 837 and 1,085 million yuan in 2013-2015, and EPS of 1.190, 1.405 and 1.809 yuan respectively. Evergreen shares outstanding competitiveness in the post-press equipment market, and the potential for innovative business is huge. Combined with the performance, we continue to give the company a "buy" rating with a reasonable value of 39.09 yuan. Risk warning: Cloud printing as an emerging network service, the market acceptance in mainland China is affected by many factors such as price level, user habits, network penetration rate, etc. The progress and profitability of cloud printing business developed by Evergreen Co., Ltd. are uncertain ; Evergreen's post-press equipment demand is subject to the risk of fluctuation due to macroeconomic impact.
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