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The printing industry is facing big changes, and cloud printing is one of the transformation directions. In 2013, printing enterprises above designated size achieved revenue of 510.695 billion yuan, an increase of 14.07% year-on-year; total profits reached 40.77 billion yuan, an increase of 11.43% year-on-year. Despite the stable growth, with the development of technology, high-tech electronic products such as e-books, tablet computers, and smartphones are popularized, the industry is facing great disintermediation pressure, and some leading printing companies in the industry have begun to gradually shift their business to paperless or Customized business transformation, such as transformation to e-cigarette, Internet lottery, and electronic invoice business.On the other hand, we believe that with the continuous integration of information technology, Internet technology, electronic technology and other major fields with the printing industry, we provide customers with The "cloud printing" service that emphasizes personalized customization will be one of the important strategies for traditional printing enterprises to adjust and transform.
"Cloud printing" has successful development in China. "Cloud printing" technology is a combination of printing technology and digital information technology. It generally includes four parts, an application that can send printing tasks, a cloud printing service network that delivers printing tasks, printing production equipment, and logistics services. Compared with traditional printing methods, "cloud printing" can achieve low-cost personalized customization. See Table 2. We believe that there is fertile soil for the development of "cloud printing" in China: 1. The commercial printing output value will reach 46.4 billion yuan in 2015. Since the cost of cloud printing can be reduced by 30%, the replacement space is large, and the market size is estimated to be 40 billion; 2. Cloud printing Foreign countries have successful models for reference, not concepts; 3. Cloud printing can meet the demands of domestic customers for more and more customized printing and small batches.
The "cloud printing" market barrier comes from the scale effect. In addition to stabilizing the capacity of the printing and typesetting equipment that needs to be invested, cloud printing investment also needs to print plywood systems and back-end logistics distribution systems on the front-end investment line.If the initial printing scale is not large and the investment amount is large in the initial stage, it will be very likely Faced with short-term profit risk, in addition, because most of the printing of cloud printing is from small-batch orders of customers, so only after the economic scale reaches a certain amount, can economic benefits be achieved.The industry experience is generally 100 million yuan to start to achieve break-even , The internationally successful companies we quoted, their cloud printing business revenues are more than 500 million yuan
Investment strategies and recommendations:
The cloud printing industry is gradually entering the introduction period, and it is recommended to focus on domestic cloud printing pioneers. We estimate that the output value of China's commercial printing and processing output will reach 46.4 billion yuan by 2015. With a 70% replacement ratio, there is also a potential space of 32 billion yuan, and the future of personalized printing is too promising. It is conservatively estimated that this market also has 10 billion levels, and the market capacity is expected to be around 40 billion yuan.We recommend that the industry has begun Shengtong (002599, unrated), Evergreen (300195, unrated), Phoenix Media (601928, unrated) and other companies that are gradually developing business.
risk warning
Cloud printing platforms need to use the network to achieve drainage, which is a type of e-commerce. New entrants in the industry face fierce competition. If the scale of the printing market cannot be rapidly expanded and economies of scale are realized, the initial profit will face certain risks.
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