Xinchuang service leader, covering for the first time, giving a "buy" rating
The company is a leader in Xinchuang services, focusing on database, operating system, storage and other IT infrastructure, providing operation and maintenance services and intelligent operation and maintenance products. In 2021, the company's revenue from the financial industry accounted for more than 83%. With the acceleration of innovation in the financial industry and the acceleration of software and hardware alternatives such as domestic databases, the compatible debugging of new and old systems will also bring more business opportunities, and the company is expected to accelerate its growth in the future. We estimate that the return net profit of the company from 2022 to 2024 is 1.50,2.01,273 million yuan respectively, the corresponding EPS is 2.25,3.01,4.10 yuan respectively, and the corresponding share price PE is 27.2,20.4,15.0 times respectively. Cover for the first time, giving a "buy" rating.
IT has a broad space for operation and maintenance, and Xinchuang brings good opportunities.
(1) with the expansion of enterprise business scale and the accumulation of data, the IT infrastructure is becoming more and more complex, third-party OPS service providers have the advantages of response speed and price, and the demand for OPS continues to grow. According to the data of Beijing Software and Information Services Association and iResearch Consulting, it is estimated that the domestic IT infrastructure operation and maintenance service market will exceed 300 billion yuan in 2023, of which the third-party operation and maintenance service market will exceed 150 billion yuan, which has a broad space. (2) IT operation and maintenance service vendors work closely with customers, have a full understanding of customer IT architecture and requirements, and can provide database lifecycle services. In the context of Xinchuang, IT operation and maintenance service manufacturers are becoming more and more important and are expected to fully benefit.
The company focuses on the financial industry and will accelerate its growth in the future.
(1) the company has accumulated rich customer resources in finance and other fields, including Bank of China Ltd., Bank of Communications, Agricultural Bank Of China, etc., and has maintained long-term and stable cooperation, of which customer income in the financial industry accounted for more than 83% in 2021.
(2) the company has complete technical support capabilities in the database field, and can provide full lifecycle services for databases from consultation, planning, implementation, operation and maintenance management, optimization to large version upgrades, especially for large and super-large enterprise databases, and maintain good business cooperation with many database giants at home and abroad. (3) the innovation of the financial industry is accelerating, the replacement of software and hardware such as domestic database is accelerated, the compatible debugging of new and old systems will also bring more business opportunities, and the company is expected to accelerate its growth in the future.
Risk tips: customer demand is lower than expected; market competition intensifies; market expansion risk.