The company understands the IT needs of banks and will continue to benefit from the development of bank informatization. In the medium and long term, the company's financial services license and the accumulation of science and technology financial technology are expected to work together to help achieve integrated Internet financial services.
The three main industries continue to grow at a high rate, and bank customers take root to expand big data's services: the company's financial information business has grown substantially driven by intelligent printing machines; e-commerce business continues to grow by more than 100%; mobile commerce services continue to infiltrate in the financial field by using the company's bank customer resources. According to Sadie consultant data, China's banking IT solution market in 16-18 years CAGR is about 23%. The company has ploughed the bank IT market for more than ten years, has accumulated a good customer base and service experience, and will continue to benefit from the development of bank information technology by constantly updating its products according to the needs of bank IT. In addition, the company has raised an additional 362 million yuan for the construction project of the bank data analysis application system, which has been examined and approved by the CSRC, which will promote the penetration of big data and cloud computing technology in the banking system, improve the operational efficiency of banks and improve the financial service capabilities of banks.
The layout of the license plate is becoming more and more perfect, and the credit information business is ready to go: the company already has Internet insurance and credit information license, and initiated the establishment of East Asia Qianhai Securities (26.1%) and Anke Life Insurance (15%). Yi'an Insurance (15% shareholding) has accumulated over 100 million premium income since its opening in February of 16 years. In addition, it has actively expanded the innovative types of Internet traffic insurance and is growing rapidly. Huadao Credit (40% shareholding) is one of the first 8 private credit institutions in China to be allowed to carry out preparations for personal credit information business. Yimei Softong, a subsidiary, has introduced Yibai as a strategic investor and has learned and accumulated rich data analysis and processing technology. in the future, it will benefit hundreds of billions of individuals in multiple business scenarios as a supplement to central bank credit reporting.
Give full play to plate coordination to build a comprehensive science and technology financial ecological circle: the company will carry out financial services business based on the layout of credit information, insurance and so on. China's consumer finance has entered a period of outbreak. Guoyu Financial Services, the company's holding subsidiary, has carried out loan aid business in December 16 to help telecom operators carry out 0 yuan consumption stages. In the field of consumer finance and supply chain finance, the company's complete financial license on the one hand will attract more scene resources, on the other hand, it will provide comprehensive financial services in series, such as capital, scenario, risk assessment, risk protection and so on. The company is expected to rise abruptly based on Fintech technology.
"prudent recommendation-A" investment rating. Regardless of additional dilution, it is estimated that the EPS for 17-18 is 0.150.19 yuan, corresponding to the PE of 138107times. With reference to the industry comparable company valuation level and the company's own competitive advantage, give prudent recommendation-A rating.
Risk hint: the development of innovation business is limited, and the progress of credit license is not as expected.
