Events:
On December 28, 2015, Rongji Software holding son Rongji signed a "Business Cooperation Agreement" with Industrial Bank Fuzhou Branch, covering corporate finance, Internet of things finance and Internet of things public services.
Main points of investment:
The financial value of "Digital Fujian" operating platform is recognized. Star Rongji Company undertakes the operation tasks of three major platforms, namely, the Internet of things platform of "Digital Fujian", the service platform of small and medium-sized enterprises and the platform of Party members. The cooperation with Industrial Bank Fuzhou Branch is the verification of the financial value of the three major platforms recognized by financial institutions.
The most comprehensive multi-dimensional data of "government affairs, enterprises and banks" directly hits the data source of credit information application, and the top-down model has the political premise of extensive promotion. The cooperation agreement between the two sides shows that the two sides will rely on the information service platform for small and medium-sized enterprises to build an one-stop, high-efficiency and low-cost financial service system for enterprises, and connect government-related credit platforms and service platforms. At present, all kinds of Internet financial models are mainly based on Internet testing, and it is often difficult for banks to change their business processes after the formation of the credit information system. The Xingrongji model carries out top-level planning for the government, and the government, enterprises and banks jointly explore the business process model, and Fujian Province is the leading province in the unified construction of the provincial information platform, so that the platform has the ability to provide government affairs (industry and commerce, finance and taxation, courts), enterprises (ERP and other business flows), banks (related information), and to create the most comprehensive data source credit information model.
It is expected that this cooperation is only the initial appearance of the value of Xingyongji, and the 15-year accumulation of "Digital Fujian" is just around the corner. "Digital Fujian" was put forward by Xi Jinping, then governor of Fujian Province in 2000. After many top-level framework designs, "operation" has been regarded as the core mode of information implementation in the future through continuous investment and trial and error. From the perspective of equity and planning, Xingrong Base is dominated by the operation of "Digital Fujian", and it carries several key platforms, such as the Internet of things, services for small and medium-sized enterprises, and party members, and inferred from the content of the company's investors, several major platforms are ready for national promotion. From the 13-14 annual report of Rongji Software, it is speculated that the company has been ahead of other A-share companies in the layout of cloud services and operation models since the early years. The company has accumulated many years of operation and 15 years of trial and error experience of "Digital Fujian". It is expected that the company is ready and various business layouts will gradually surface.
Maintain the profit forecast, maintain the "buy" rating, and use the segment valuation method to get the company's market capitalization of 39.8 billion yuan. 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 market capitalization of the company is 39.8 billion yuan. Maintain a "buy" rating.
