Oriental Fashion (603377)： Cooperation with the Ministry of Public Security to deepen the technology element
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Oriental Fashion (603377): Cooperation with the Ministry of Public Security to deepen the “technology” element
The event company issued an announcement and signed the Supplementary Framework Agreement on Cooperation between the Ministry of Public Security Road Traffic Safety Research Center and Oriental Fashion Driving School Co., Ltd. with the Road Traffic Safety Research Center of the Ministry of Public Security.
A brief comment is that the partner is directly under the Ministry of Public Security, which is good for the company’s driving training business development company. In August 2013, the company has established a strategic cooperative relationship with the Road Traffic Safety Research Center of the Ministry of Public Security.
The Road 重庆耍耍网 Traffic Safety Research Center of the Ministry of Public Security is a scientific research institution directly under the Ministry of Public Security in the field of traffic management. It has long undertaken and participated in the formulation of major traffic management policies and technology research and development, and has an impact on the formulation of norms in the transportation industry.
The cooperation between the company and the research center can not only better grasp the development trends and trends of transitional driving regulations, benefit its own driving training business, but also deepen the promotion through industry regulations.
The theme of the cooperation is “technology” and “education”, highlighting its influence. From the perspective of the cooperation content, in 2013, the two sides have jointly 天津夜网 established a driver and driver test experimental base, which is mainly used to conduct driver test and training research experiments.Carry out traffic safety promotion, examination equipment display and experience exchange, as well as personnel training and team building.
This cooperation supplements the framework agreement to further deepen the cooperation between the two sides. Based on this, in the future, the two sides will build and build an innovative technology incubation platform for the traffic management industry through resource sharing, and open up the entire production-learning-research-use chain.Through the introduction of new ideas, new technologies, new products, and deepening the influence of their respective industries, the two sides are expected to achieve win-win through cooperation.
In addition, the company believes that the impact of “technical” elements on the driving industry includes the use of high-tech interactive multimedia display technologies such as 3D, 4D, holographic projection, VR, and simulated driving to create a professional learning system for traffic safety knowledge popularization and simulation exercises: 1) Through strengthening the visual and audio sensory effects of the show, teach traffic safety knowledge to this book and other visitors more effectively; 2) In 2018, the company released VR teaching in the field of driving training and education.Signed the “VR Car Driving Simulator Service Contract” and continued to increase VR simulation operation training.
Judging from the feedback results, VR tools can better train driving test technology and learn more about the safety and civilization awareness of this book-training in emergency situations, complex road driving, mechanical performance limit operation, defensive driving, bad weather and other items.
According to the company’s practice results, the qualification rate of books learned through VR and real car interspersed training in subject two and subject three is higher than traditional training methods.
The potential growth space is contradictory, optimistic about the company’s growth ability. The company’s growth ability comes from two aspects: 1) The driving training business expands in different places and continues to increase market share.The Zibo project has been opened on June 6. 2) The acquisition and acquisition of Hairuo Tonghang (has been renamed Oriental Fashion General Aviation Co., Ltd.) to expand the field of aviation training.
Investment suggestion: We believe that through cooperation with the R & D Center of the Ministry of Public Security and the company’s expansion in different places, the company’s influence in the industry is gradually expanding, and the brand’s influence will be further expanded in the future, which is conducive to scale advantages.
At the same time, the company’s restructuring of off-site projects has gradually reduced its losses, and the pace of new project advancement is in line with expectations.
The company’s EPS for 2019-2021 is expected to be 0.
48 yuan, corresponding to PE, 42, 40, 37 times, maintaining the “buy” level.
Risk reminders: the overall market growth rate; the return cycle of the new driving school is lengthened; the heavy asset expansion causes financial pressure; and the regional competition pattern deteriorates.