Main points of investment:
The government IT points to the operation. According to the comparison of information policies over the years, the policy is changing from the pursuit of "face-saving project" to the pursuit of results. The effect of traditional IT is different from that of modern IT: 1) the traditional IT architecture can not effectively improve the industrial economic efficiency (the cost of IT,CT facilities is high, the construction standards of various systems are not unified, and the value of collected data can not be mined). 2) the development of modern cloud computing enables enterprises to obtain rich IT services and complete all kinds of data collection at low cost, and the development of big data technology makes it possible to operate all kinds of value-added services and platforms. It can be seen that the future government will be results-oriented and encourage operation.
With 15 years of exploration, "Digital Fujian" takes the lead in operation. Xi Jinping, then governor in 2000, made an important decision to build a "digital Fujian", completed the overall framework design, and made three major improvements to the top-level design in 15 years. The new "Digital Fujian" policy is extremely strong, which requires practical service to the public and small and medium-sized enterprises, and has meticulous responsibility units in related fields. Compared with other provinces, "Digital Fujian" has been in the stage of fully integrating the existing platform, exploring the operation mode, and effectively serving the public and enterprises.
In essence, Xingyongji is the operation leader of "Digital Fujian", and the three major platforms guarantee short-term performance and long-term space. From the perspective of equity, the policy side has fully recognized the Star Rongji model and will promote "Digital Fujian" on the basis of Xing Rong Ji Company. The area of the Internet of things is expected to be rich in projects, ensuring short-term performance and operating space. Small and medium-sized enterprise service platform is the first to directly hit the pain point of small and medium-sized enterprises in China, government affairs, deep SaaS, Internet of things, finance and other integrated services may have been laid out, and form a benign complementarity with operators, such as cooperation is expected to quickly occupy the national market. According to the official website of Fujian Electronic Information Group, it is expected that the Star Rongji Party member platform will be promoted nationwide next year, and the follow-up service fee to determine the income and operating space is worth looking forward to.
At present, there are three mainstream cloud computing methods to serve small and medium-sized enterprises, and Star Rongji may be the first to achieve service results. At present, small and medium-sized enterprises have poor information foundation, primitive business processes and broad demand space. Three kinds of cloud computing methods (Internet service, city park private cloud or star banyan base multi-level cloud) are expected to solve the application service problems of small and medium-sized enterprises. Compared with Ali nailing services, it will take time for industry private cloud docking applications. Xingrongji multi-level cloud model has clear ideas, low cost, and the ability to provide e-government, deep applications, Internet of things, finance and other comprehensive services. It is expected to quickly occupy the cloud service market.
The cost mismatch dividend indicates a reversal in the company's performance. During the period of decline in performance in the past two years, the company's per capita salary and the number of employees have risen, and the rate of management expenses (management expenses / income) has risen rapidly since 2013, judging that new business research and development affects short-term performance, but it has become a profit dividend since 2016. Since 14 years, the salary growth has been slower than the expense growth, which indicates that the growth trend of the company's management expenses will slow down and the performance may be reversed. At the same time, in the original business, the import value of the quality inspection platform and the localization of software will support the reversal of performance.
The division estimates that Rongji Software has a market capitalization of 39.8 billion yuan, giving a "buy" rating for the first time. It is estimated that the operating income of the company from 2015 to 2017 is 7.9,10.5 and 1.22 billion yuan, and the net profit belonging to the parent company is 0.13,1.44 and 253 million yuan respectively. Using the segment valuation method, the original business market value of the company is 12.54 billion yuan, and the market value of Xingrongji business is 38.44 billion yuan. The company owns 71% equity of Xingrongji company, and the total market capitalization of the integrated company is 39.8 billion yuan. For the first time, coverage gives a "buy" rating.
