Main points of investment:
According to the report of the third quarter of 2014, the company achieved operating income of 127 million yuan in the first three quarters, an increase of 16.70% over the same period last year, and a net profit of 18.456 million yuan belonging to common shareholders of listed companies, an increase of 4.69% over the same period last year.
Summary of the report:
The company entered the peak period of revenue and profit recognition in the third and fourth quarters, and the performance in the third quarter was good, and the fund-raising projects were included in the current expenses to affect the profits of the current period. The third and fourth quarters, especially at the end of the year, is usually the peak period of customer payment. The company's total revenue and net profit in the third quarter achieved rapid growth of 139.53% and 149.75% respectively, indicating that the company's main business is prosperous, and its annual and future performance is expected. The company's management expenses increased by 93.85% compared with the previous period, mainly because the promotion of fund-raising projects were included in the current management expenses, thus affecting the profits of the current period.
The banking industry is in a period of great change, and the bank IT ushered in the dawn of development. Under the influence of economic transformation, interest rate marketization and Internet finance, the banking industry is in a period of great subversion and great change. Great changes often contain great opportunities. The business of traditional banks is in urgent need of innovation and transformation. It has become an industry consensus to improve the importance of IT and increase investment in IT. Under the background of self-control, domestic bank IT suppliers usher in unprecedented opportunities. At the same time, the innovation of business model is expected to grab a larger dividend of industry change.
Horizontal customer replication and vertical business extension is the future growth direction of the company. At present, the company's main customers are joint-stock banks and city commercial banks. in the future, the company will extend to the three major markets of village banks, non-bank financial institutions and pan-financial institutions, and build a cloud platform for small and medium-sized customers. At the same time, credit management business and risk management business are the company's current main business, the company will further expand business intelligence and data business, especially in the credit market, the company has set up subsidiaries to enter this hundreds of billions of blue ocean market.
In 14 / 15, the EPS of the forecast company is 0.74 plus 0.99 yuan respectively, with a target price of 65 yuan for 6-12 months, maintaining the "buy" rating.