I. Overview of events
Recently, Rong Zhilian issued an announcement: subject to the examination and approval of the M & A Committee of listed companies of the China Securities Regulatory Commission, the company issued shares and paid cash to purchase assets and raise supporting funds.
II. Analysis and judgment
After the adjustment, the plan was adopted, and the process of acquiring Zanrong Electronics was further.
1. A small adjustment of the plan was adopted, which did not affect the acquisition process. On August 25, 2017, the company adjusted the total fund-raising amount of the original plan from 514 million yuan to 430.8 million yuan, of which the total supporting funds for the "R & D center" was reduced from 200 million yuan to 116.8 million yuan, while the transaction cash consideration of 294 million yuan and intermediary fees of 20 million yuan remained unchanged. This adjustment does not constitute a major adjustment.
2. Zanrong Electronics is a leading provider of bank storage system integration solutions with obvious synergy. Rongzhilian's main business is system integration, system products and technology development and services, and has accumulated more customers in telecommunications, manufacturing, energy, biology and other industries. In order to cope with the high competition in the industry, the company intends to further focus on the financial industry business and expand the financial industry customers on the basis of serving the industries with advantages of the above-mentioned companies. As a provider of storage system integration solutions, Zanrong Electronics has long focused on providing services for enterprises in the financial industry, has rich service experience, and has maintained a stable cooperative relationship with large financial institutions such as China Merchants Bank and Industrial and Commercial Bank of China. The financial industry is rich in customer resources.
2. We believe that the restructuring of the company is progressing smoothly, and in the future, we can quickly acquire the ability, technology and experience of Zanrong Electronics to provide system integration solution services to customers in the financial sector, and enter the financial industry market at the same time. And access to large-scale financial institutions customers, for the company to achieve the financial industry focus has taken a solid step.
The point of view is reiterated: financial big data has broad prospects, and project construction will support business expansion.
1. Financial big data industry ushered in the opportunity for development. (1) the application market space is huge: according to the statistics of big data Exchange in Guiyang, the size of China's financial big data application market reached 1.6 billion yuan in 2015 and is expected to exceed 130 billion yuan in 2020. The financial industry is expected to enter big data's fast-track era. (2) the policy support is obvious: from the financial policy guidance documents such as "guidance on increasing Financial support for New consumption areas" and "promoting inclusive Financial Development Plan (2016-2020)" to "Action platform for promoting big data's Development", "Cloud Computing and big data key Special implementation Plan" and other big data technical planning plans, all clearly pointed out to support the development of financial big data industry. (3) the conditions for the rapid development of the industry are as follows: first, all kinds of financial industries accumulate a large amount of valuable data in the course of business development, which will produce great commercial value after mining and analysis by using big data technology; on the other hand, the financial field has great convenience in capital, equipment, talent and technology, and has the ability to adopt big data's latest technology.
2. Praise the construction of data center to consolidate the foundation of business development. The total investment of data R & D project is 247.423 million yuan, including site cost, equipment cost, software purchase, basic data purchase, commissioned development, commissioned test verification and R & D personnel expenditure, etc. Based on the related technical foundation of Zanrong Electronics, around the deep industry application of big data technology in the financial field, a series of research work on financial big data technology will be carried out to consolidate the business development foundation for the company in the field of financial IT business.
3. We believe that the construction of the Financial big data Center can achieve the effect of integrating the business resources and customer resources obtained by this restructuring. and on this basis to promote listed companies and target companies to provide more and better multi-dimensional services for enterprises in the financial field, such as technical support and product support, become the core competitiveness for companies to gain competitive advantage in the financial field.
Third, profit forecast and investment suggestions
It is estimated that the company's EPS from 2017 to 2019 is 0.45,0.67 and 0.82 yuan respectively, and the current share price corresponds to 43x, 29x and 23x, respectively. Considering the sound development of the company's data center business foundation, the financial IT industry is expected to usher in an explosive period, giving the company 50-55 times PE in 2017, with a reasonable valuation of RMB 22.50-24.75 in the next six months, maintaining the company's "highly recommended" rating.
Fourth, risk tips:
The competition in the car networking industry intensifies; the biological cloud business development falls short of expectations; and the promotion of new technologies falls short of expectations.