The company specializes in providing IT construction and operation and maintenance services for banks, and in recent years, it continues to optimize the income structure and increase the proportion of gross profit software and IT operation and maintenance business; transaction cloud and data line business have advantages, which will benefit from the cloud IT system of banks in the future.
Event: the company released its annual report that the annual operating income was 981 million yuan, down 12.56% from the same period last year, and the non-net profit deducted from the mother was 56 million yuan, down 2.28% from the same period last year. The company's annual comprehensive gross profit margin was 19.69%, an increase of 2.07 percentage points over 15 years.
Optimize the income structure to improve profitability. The company mainly provides IT construction and operation and maintenance services for large commercial banks. Due to the decline in the scale of IT infrastructure investment by its main customers, IT infrastructure construction business income, which accounted for more than 60% of the company's revenue in the past 16 years, fell 19.81% compared with the same period last year. At the same time, the company strengthened the resource investment and market expansion of software and IT operation and maintenance services with higher gross profit margin, and the sales revenue of IT operation and maintenance services increased by 30.99% in 16 years.
Coupled with the strengthening of cost control by the company, the gross profit margin of the three major products increased slightly, with the annual comprehensive gross profit margin rising by 2.07 percentage points over 15 years to 19.69%. There is still a lot of room for optimization of the company's revenue structure, and the increase in the proportion of IT operation and maintenance and software business with high gross profit margin will drive the company's profitability to a new level.
Consolidate financial transaction cloud and data line solutions to welcome the "cloud era" of banks. The CBRC's response to the 13th five-year Plan
At the end of the banking industry, the proportion of cloud computing architecture put forward quantitative requirements, in the distributed environment, the proportion of the overall investment scale of IT operations and maintenance is gradually increasing is the general trend. The company has a total of 1214 technical and R & D personnel, accounting for 87.15% of the total staff, and has outstanding advantages in terms of professional quality, creativity and industry experience. In terms of the company's products, financial transaction and data line solutions already have certain advantages. Starring, a proprietary software product, provides financial transaction cloud platform solutions, which can help users to easily and quickly migrate traditional IT application systems to cloud computing architecture; the company's enterprise-class big data management platform, with independent platform software iMOIA and BDPAS as the core, is widely used in data management and business intelligence applications. The company's platform software products are the basic platform for the exchange of key transaction information and data of the bank's IT system, with stringent product reliability requirements, and continuous investment around cloud data center infrastructure construction, intelligent operation and maintenance and big data management innovation application, which will benefit from the cloud banking system architecture in the future.
Investment advice: "prudent recommendation-A" rating. It is estimated that the EPS for 17-19 will be 0.64, 0.88, and the current price will be 1.18 times that of PE in 64-47-35. With reference to the valuation level of comparable companies in the industry and the company's own competitive advantages, it will be given a "prudent recommendation-A" rating.
Risk tips: traditional customers and business demand decline, new customer expansion is not up to expectations; industry competition intensifies.