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【华泰证券】四方精创:5月27日上市首日定价报告

華泰證券 ·  May 26, 2015 00:00  · Researches

The company is an enterprise with large commercial banks as its core customers and is committed to providing professional IT service outsourcing to banks in mainland China, Hong Kong and Macau. Its main business includes software development services (including IT consulting), application maintenance and system integration. Our customers are mainly large commercial banks. Currently, it has provided IT service outsourcing services to well-known domestic and foreign commercial banks such as Bank of China, Bank of China Hong Kong, Bank of East Asia, Bank of East Asia, Yongheng Bank, Daxin Bank, and Agricultural Bank. It has the core customer advantages of large commercial banks. Major domestic and foreign commercial banks are core customers, laying the foundation for the company's continuous development. There is a large gap in the scale of IT investment among various banks, and large commercial banks are the main investors in bank IT investments. Judging from the IT investment scale of various banks in mainland China in 2013, the IT investment of 5 large state-owned commercial banks accounted for 52.20% of the total IT investment in the banking industry, 12 joint stock commercial banks accounted for 17.20% of the investment, and the remaining more than 3,000 small and medium-sized banks of various types accounted for only 30.60% of the investment. Large commercial banks are the main market for bank IT service outsourcing, which is the foundation for the company's continued growth. It has the advantages of multi-platform technology covering large, medium, small and microcomputers. Bank IT systems can be divided into three levels: basic hardware, operating systems, and application software. The company's business is application software development. The development and operation of application software requires an operating platform composed of hardware and operating systems. According to the size of processing capacity and level of complexity, operating platforms can be divided into mainframe development platforms, medium-sized computer development platforms, small computer development platforms, and microcomputer development platforms. Currently, business systems based on mainframe platforms are generally concentrated in large state-owned commercial banks and some strong joint stock banks. Other small and medium-sized commercial banks mainly use small and medium-sized commercial banks. Judging from technical barriers, mainframe platforms are developed based on the ZOS/MVS/ESA environment, and CICS, COBOL, and JCL are usually developed using CICS, COBOL, and JCL. These technologies are closed, have a long talent training cycle, and require a mainframe platform as a training environment, so the entry threshold for system development business based on mainframe platforms is high. The company currently has a mainframe platform development team of nearly 400 people. Rich industry experience, full process service advantages. Bank IT outsourcing services include IT planning, requirements analysis, design, programming, testing, and maintenance of multiple business processes, each of which has different technical content and added value. IT planning, requirements analysis, and design are areas with relatively high technical content and added value, while this part of the business time and human resources are relatively low; programming and testing take up most of the time in the entire project process, and the added value is relatively low. Corporate banking customers include large, medium, and small commercial banks. The diversity of customers determines the diversity and complexity of needs. The company has the opportunity to provide services for different stages of IT projects in different banks, has accumulated professional technology and experience in the entire process of planning, demand analysis, design, programming, testing, and maintenance of IT projects, and has cultivated more than 1,000 professionals familiar with different technologies and business categories. The company can provide bank customers with IT outsourcing services in terms of technology, business and scale. It is estimated that the company's EPS after dilution in 15-17 will be 0.92 yuan, 1.08 yuan, and 1.28 yuan. The company is an enterprise that provides professional IT service outsourcing to banks in mainland China, Hong Kong and Macao. Based on considerations of the winning rate, individual stock fundamentals, valuation, and current market sentiment, we expect the price range of this IPO to be 26.90-27.01 yuan on the first day of listing. Investors who have won the bid are advised to continue holding.

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