Event: the company released its mid-2021 report.
The performance is in line with expectations. From January to June in 2021, the company achieved operating income of 4.193 billion yuan, an increase of 32.24% over the same period last year. The net profit belonging to shareholders of listed companies was 166 million yuan, an increase of 8.59% over the same period last year.
Financial information innovation opens up space. The company focuses on the development of financial technology business, based on the integration of infrastructure, building a technological innovation platform, smooth market expansion, successfully applied to become the people's Bank of China Financial Information Innovation Ecological Laboratory authorized laboratory, and gradually carry out financial science and technology application pilot. The company actively promotes information technology application innovation, works closely with upstream and downstream enterprises to carry out adaptation, verification, tuning and tackling key problems, and provides innovative solutions for information technology application in finance and other industries. The company actively carries out the full ecological business layout of the data center, plans the data center operation and cloud management service business, and steadily promotes the construction of the data center project of the financial cloud base in Songjiang.
The reorganization of assets opened the curtain. The company launched a major asset restructuring project, it is proposed to issue shares from 12 shareholders, including CLP Digital Technology (Group) Co., Ltd., East China Computing Technology Research Institute, CLP Guorui Group Co., Ltd., and Guoyuan Industrial Investment Fund Partnership of China Electric Power Co., Ltd. (limited partnership). Its total stake in Baifei Electronics is 100.005%.
Through the acquisition of Baifei Electronics, it can help support the company to form the ability to provide "cloud-edge-to-end" integrated digital solutions, and form a pattern of "taking solutions as traction to drive the development of its own products". Enhance the key technical capabilities of listed companies to provide industry solutions, constantly broaden the breadth of digital transformation, and tap the depth of digital transformation. Drive the integrated development of its own key software and hardware.
Investment suggestion: the company, as a strategic shareholder of the top "national team" of China Electric Power Group and China Arms equipment Group, is located in Shanghai, the center of scientific innovation in the world, and is located in Shanghai as a rare listed company platform. no matter the major shareholders' positioning of the company's asset securitization platform or the new vision of the main asset quality and focusing on the digital transformation and development of the industry, are undergoing profound "qualitative changes" by leaps and bounds. We are firmly optimistic about the broad development prospects of the company, considering that the audit and evaluation of the underlying assets of the recent restructuring have not yet been completed, and the estimated valuation and proposed pricing of the underlying assets have not yet been determined, for the sake of prudence, we do not consider the increase in the performance of the assets to be acquired for the time being. The company's EPS from 2021 to 2022 is expected to be 0.90,1.07 yuan respectively, maintaining the buy-A rating.
Risk hint: the progress of restructuring is not as expected.