It is proposed to issue 510 million yuan of convertible bonds, focusing on distributed PaaS platform projects. On February 9, the company issued the “Prospectus for Issuance of Convertible Corporate Bonds and Securities to Unspecified Targets (Declaration Draft)” and announced that its application to issue convertible bonds to unspecified targets was accepted by the Shanghai Stock Exchange. The total amount of capital to be raised by issuing convertible corporate bonds to unspecified targets this time does not exceed RMB 510 million (including principal amount). After deducting the issuance fee, the total amount of capital raised will be used for distributed PaaS platform projects and supplementary liquidity.
Among them, the total investment amount for distributed PaaS platform projects is 483 million yuan, and it is proposed to use the raised capital of 360 million yuan. The project is to be implemented in Shanghai. The planned construction period is 24 months. It is proposed that by investing in advanced software and hardware equipment in the industry, introducing industry elites, developing distributed PaaS platforms and carrying out related technical research in the newly purchased office building, thereby enhancing the company's main business scale and comprehensive competitive strength, consolidating and enhancing the company's leading position in the industrial informatization solutions market, and meeting the future transformation and development needs of the company's products.
“Distributed+PaaS” is becoming an inevitable trend in IT transformation. With the continuous development of the cloud computing industry, distributed system architecture has become an inevitable trend in IT architecture transformation in many industries such as finance and the Internet. Among them, “distributed+PaaS” is one of the main directions of cloud computing technology development, and this business type will fully benefit from the explosion of the PaaS market. The distributed system architecture not only has the characteristics of strong scalability, high processing efficiency, and strong fault tolerance, but can also greatly reduce the investment costs of bank IT infrastructure. More importantly, it is also a supporting technology for big data, machine learning, artificial intelligence, and blockchain. Currently, with a combination of internal and external factors such as safe and controllable national strategies, massive and concurrent access requirements, changes in economical business models, and fintech, the task of transforming the IT architecture of commercial banks in China is becoming more and more urgent. As open source and open distributed technology gradually matures and is fully verified in Internet companies, the transformation of commercial bank IT architectures to distributed has become an inevitable trend. So “distributed+PaaS”
System architecture has become an inevitable trend in IT architecture transformation in many industries.
The company actively explores the PaaS market, and fund-raising projects continue to deepen the company's PaaS development. In recent years, the company has actively explored the PaaS market. When Xinzhiyun was first launched in 2015, its “D2B2C model” had PaaS attributes. With the official implementation of the “Cloud Computing World” and “New to the Cloud 2.0” strategies in recent years, the company's cloud platform development has entered a new stage. Currently, corporate cloud platforms are mainly divided into “financial clouds” and “enterprise clouds”. This fund-raising project combines the company's existing products with emerging technologies such as cloud computing, big data, blockchain, etc., and comprehensively upgraded to a new distributed PaaS platform, serving many industries such as finance and manufacturing, adding bricks and tiles to China's industrial upgrading. Furthermore, the implementation of this project will effectively meet the needs of the company's future business to gradually transform into distributed PaaS platform solutions, adapt to industry development technology trends, thereby enhancing the company's main business scale and comprehensive competitive strength, and consolidating and enhancing the company's leading position in the industrial informatization solutions market. We believe that the company has actively promoted the PaaS market in the past. Through this fund-raising project, we can continue to deepen the company's development advantages in the PaaS field.
Profit forecasts and investment recommendations. We believe that the company has formed a certain position in the industry and accumulated certain customer resources. At the same time, the company is actively constructing a PaaS ecosystem and exploring various new business models based on the advantages of existing high-coverage products and customers with a high reuse rate. This fundraising project continues to focus on PaaS development. The implementation of the project can effectively meet the needs of the company's future business to gradually transform into distributed PaaS platform solutions, and the company is expected to further open up market space in the future.
We predict that the company's 2021-2022 EPS will be 0.58/0.74 yuan respectively; given the 2022 dynamic PE35-44 times, corresponding to a six-month reasonable value range of 25.77-32.39 yuan, maintaining the “superior market” rating.
Risk warning. The growth rate of the industry fell short of expectations, and the risk that new product development fell short of expectations.