Main points of investment
The merger of customs and entry-exit inspection and quarantine functions has been completed, and the integration of customs and inspection has become a trend. At the beginning of 2018, the organizational Reform Plan of the State Council made it clear that "the administrative responsibilities and teams of entry-exit inspection and quarantine of the former General Administration of quality Supervision, Inspection and Quarantine were transferred to the General Administration of Customs". Subsequently, the two departments started the transfer work. In April 2018, the General Administration of Customs issued the "Framework Plan for the Comprehensive Integration of National Customs clearance and Inspection Services" to guide the rapid, comprehensive and deep integration of new customs inspection services in the future. Under the background of customs inspection integration, the General Administration of Customs needs to carry out system transformation work on the original China electronic inspection and quarantine backbone system, such as function development, function optimization, function expansion, performance optimization, security reinforcement and docking with other business systems, to ensure that the full integration of customs inspection business is implemented.
Relying on the original advantages in the field of quality inspection, the company's information project helps the integration of customs inspection. Rongji Software has been ploughing in the field of quality inspection for many years, has rich experience in software development, service and construction in the enterprise side of Sandian Engineering, and is a leading service manufacturer of "Golden Engineering". However, since the beginning of this year, due to the changes in the functions of entry-exit inspection and quarantine management, the progress of the company's quality inspection information project has slowed down. With the formal completion of the transfer and establishment of relevant institutions, the landing speed of information projects is expected to be accelerated. Rongji Software won the bid for the customs inspection business of the General Administration of Customs and merged with the procurement project of e-CIQ backbone system transformation, with a contract amount of 36.76 million yuan. The construction content mainly includes a total of 22 items, such as "cooperating with H2018 system construction and adjusting backbone system (B system) function". The company is expected to rely on the original project advantages in the field of inspection and quarantine to enter the customs information market.
Profit forecast and investment advice: it is estimated that the EPS from 2019 to 2020 will be 0.07yuan and 0.1yuan respectively, giving a rating of "prudent overholdings".
Risk hint: the progress of the project is lower than expected; the customs informationization is the competitive threat of the original manufacturers.