Leading application software development and data service providers: unlike most industry information service providers in the market, the company is based on the independently developed application middleware-"Xinchen switching platform". Provide application software development and information solution services for banks, air traffic control and other industries. In recent years, the company operates steadily, the investment in market development and R & D continues to increase, and the ownership structure is clear and concentrated. IPO fundraising projects include: 1) national air traffic control data information service system research and development project, 2) channel integration platform research and development project, 3) new generation trade financing settlement system research and development project, 4) new generation exchange platform research and development project, etc., with the supplement of capital channels, the company's comprehensive competitiveness is expected to be further improved.
Downstream banking, air traffic control areas of strong demand, rapid infiltration of information. There is a strong demand in the downstream areas of the company, which mainly includes: 1) in the banking industry, information construction has become the pillar of the sound operation of the banking industry, and the positive feedback effect is significant. According to the forecast of IDC, the market scale of IT solutions in China's banking industry will reach 61.2 billion in 2020, with a CAGR of 21.9% in 5 years. 2) in the field of air traffic control, information construction is the foundation of aviation business and the core guarantee of aircraft flight safety. The trend of accelerating the construction of air traffic control data system in China is obvious.
High investment in building application middleware-"Xinchen switching platform", the expansion of new industries downstream can be expected: the company attaches great importance to the improvement of independent R & D innovation capability, and the proportion of R & D investment is significantly higher than the industry average. Under this background, taking data exchange and processing as the core value system, the company abstracts the general information data exchange technology model and independent functional modules based on the independently developed application middleware-"Xinchen Exchange platform". It has the advantages of reusability, easy scalability and low cost. The company is rich in customer resources, including banking financial institutions, large and medium-sized state-owned enterprises and institutions, government agencies and air traffic control units, and so on. Word-of-mouth effect will help market development in the future. In the long run, the further improvement of the penetration rate of banking informatization in the downstream areas, the increased demand for informatization by the government and enterprises and institutions, and the company's strong competitiveness and influence in the field of military air traffic control information data and information services will continue to promote the sustained, steady and healthy development of the company's main business. It is expected that the company will continue to use the "morning exchange platform" as its core competitiveness, increase related R & D investment, and expand in other downstream industries, including the media.
The first "prudent recommendation-A" rating: from 2016 to 2018, the EPS is expected to be 0.44,0.54,0.67 yuan respectively, corresponding to the current price of 127 PE 105 PE. Considering that as one of the few listed companies involved in middleware-related business, the technical perspective has a certain scarcity value, and based on the above-mentioned "morning exchange platform", it is easy for the industry to reuse and expand. For the first time, the coverage was given a "prudent recommendation-A" rating. Risk hint: the demand growth rate of downstream industries such as banks and air traffic control slows down; the progress of industry expansion is lower than expected.