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新致软件(688590):中国领先的金融PAAS平台公司

Xinzhi Software (688590): China's leading financial PAAS platform company

海通證券 ·  Aug 23, 2021 00:00

A leading integrated service provider of financial IT solutions. The company was founded in 1994, the main business includes insurance companies, banks and other financial institutions and other industry end customers to provide IT solutions, IT operation and maintenance services. The company has developed a large number of high-quality products, including insurance channel solutions, financial big data solutions, financial risk control and early warning monitoring solutions, etc., with deep overall development experience and technical reserves. Industry customers to achieve full coverage from giants to small and medium-sized enterprises, the company's leading position.

The high repurchase rate brings steady growth, and the ability of the platform promotes the increase of gross profit margin. Based on the company's rich industry application solutions and ecological business support system, customer stability and repurchase rate remain high.

The high repurchase rate means a stable source of income and profit, which has laid a solid foundation for the company's sustained growth in the past few years. The scale of corporate profits continued to grow rapidly from 2017 to 2020, and the compound growth rate of homed net profit from 2017 to 2020 was 32.90%. The rich application module overlay platform was built to optimize the gross profit margin level. From 2017 to 2019, the company's gross profit margin was 26.70%, 27.84% and 30.51%, respectively. In 2020, the company's gross profit margin and net profit margin reached 32.56% and 7.92%, respectively.

Continue to expand their dominant position of the new financial cloud PaaS. In recent years, the company has actively developed the PaaS market. When the company launched the new cloud in 2015, its "D2B2C model" had the PaaS attribute. With the formal implementation of the "Cloud Computing World" strategy in 2016 and the "New Cloud 2.0" strategy in 2019, the company's cloud platform development has entered a new stage. At present, the company's cloud platform is mainly divided into "financial cloud" and "enterprise cloud".

Among them, the financial cloud platform combines the characteristics of the financial industry and brings together new and third-party products and services. at present, it has launched 38 solutions, including sales backtracking platform, and three kinds of SaaS services, including foreign regulation data services, covering all financial business lines, including banking, insurance, securities, funds, etc.

We believe that the company's leading position in financial IT plays a positive role in promoting the development of financial PaaS, making the company develop from "product provider" to "ecological builder", and further improve the competitiveness of the company.

From the solution to the product Fiserv, give the new PaaS a clear development path. Fiserv is the world's leading financial services technology solution provider. It uses the self-developed enterprise service framework to integrate new technology products and services into many current platforms, and has achieved good results in providing a variety of IT services for banks, credit unions, other financial institutions and other customers. at present, the market capitalization of the company has exceeded 80 billion US dollars. The development trajectory of Xinzhi is similar to that of Fiserv, both of which start with financial industry solutions and gradually develop to PaaS. We believe that with the continuous development of the new PaaS ecology, the company's future development track is expected to copy the Fiserv path and become the leader in financial PaaS.

Profit forecast and investment advice. We believe that the company has formed a certain industry status and accumulated certain customer resources. at the same time, based on the existing advantages of high coverage products and high reuse rate, the company has actively built PaaS ecology and explored a variety of new business models, which is expected to further open the market space in the future. We predict that the company's 2021-2022 EPS is 0.58 EPS 0.74 yuan respectively, and gives the dynamic PE54-60 times in 2021, corresponding to the 6-month reasonable value range of 31.33-34.81 yuan, maintaining-better than the market rating.

Risk hint. Under the influence of the epidemic, the business was not as good as expected.

The translation is provided by third-party software.


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