Investment points: according to the half-year 2014 performance forecast issued by Anshuo Information, the company expects to achieve a net profit of 12 million yuan to 15 million yuan belonging to shareholders of listed companies in the first half of 2014, down 0.4% and 20.32% from the same period last year.
Summary of the report:
The main business develops steadily, and the system integration and management expenses affect the profits of the current period. Due to the instability of the system integration business and the increase in R & D expenses, the management expenses increased rapidly compared with the same period last year, so the company's net profit declined in the first half of the year. Through the analysis of the company's historical operating results, we can see that the system integration business has little impact on the annual net profit, and the company's first-half performance accounts for a small proportion of the annual performance. Due to the growth of the industry, we expect the company to achieve steady growth throughout the year.
With high investment willingness and strong investment capacity, bank IT will be the most certain market for growth in the next three to five years. Institutional reform and technological innovation will promote the overall transformation of traditional banking business, and increasing pressure will greatly enhance the willingness to invest in IT. From the institutional level, interest rate marketization and RMB internationalization will bring demand for renewal and upgrading of core and peripheral systems. Basel 3 and banking refinement promote the rapid growth of risk management system Xiaobai Maimai Inc management system. From the technical level, the rapid development and comprehensive infiltration of information technology promote the transformation of the traditional banking industry. At the same time, banking is also the most capable industry to invest.
Implement the "one horizontal and one vertical" development model to ensure the growth of the company in the future. The credit management system is highly replicable in the pan-capital industry, and the company is expected to expand customers along three paths to non-bank financial institutions such as brokers and trusts, to micro-banking institutions such as village banks, and to financial institutions such as micro-loan companies, in order to open up the company's market space. At the same time, the company will also be based on the credit management system, expand risk management systems, business intelligence systems and data products to enhance customer revenue contribution.
It is predicted that the company's 14 / 15 EPS will be 0.83 yuan and 1.14 yuan, maintaining the "buy" rating, with a target price of 57 yuan.