1. Company Profile The company is an enterprise with large commercial banks as its core customers and is committed to providing professional IT service outsourcing to banks in mainland China, Hong Kong and Macao. Its main business includes software development services (including IT consulting), application maintenance and system integration. Our customers are mainly large commercial banks. Currently, it has provided IT service outsourcing services to well-known domestic and foreign commercial banks such as Bank of China, Bank of China Hong Kong, Bank of East Asia, Bank of East Asia, Yongheng Bank, Daxin Bank, and Agricultural Bank. 2. Competitive advantage 1. It has the core customer advantages of large commercial banks. Major domestic and foreign commercial banks are core customers, laying the foundation for the company's continuous development. There is a large gap in the IT investment scale of various banks, and large commercial banks are the main investors in bank IT investments. Looking at the IT investment scale of various banks in mainland China in 2013, the IT investment of 5 large state-owned commercial banks accounted for 52.20% of the total IT investment in the banking industry, the investment of 12 joint stock commercial banks accounted for 17.20% of the investment, and the remaining 3,000 small and medium-sized banks of various types accounted for only 30.60% of the investment. Large commercial banks are the most important market for bank IT service outsourcing, which is the foundation for the company's continued development. 2. It has the technical advantages of covering large, medium, small and microcomputers on multiple platforms. Bank IT systems can be divided into three levels: basic hardware, operating systems, and application software. The company's business is application software development. The development and operation of application software requires an operating platform composed of hardware and operating systems. According to the size and complexity of processing capacity, operating platforms can be divided into mainframe development platforms, medium-sized computer development platforms, small computer development platforms, and microcomputer development platforms. Currently, business systems based on mainframe platforms generally focus on large state-owned commercial banks and some strong joint stock banks. Other small and medium-sized commercial banks mainly use small and medium-sized commercial banks. Judging from technical barriers, mainframe platforms are developed based on the ZOS/MVS/ESA environment, and CICS, COBOL, and JCL are usually developed using CICS, COBOL, and JCL. These technologies are closed, have a long talent training cycle, and require a mainframe platform as a training environment, so the entry threshold for system development business based on mainframe platforms is high. The company currently has a mainframe platform development team of nearly 400 people. 3. Rich industry experience, full process service advantages. Bank IT outsourcing services include IT planning, requirements analysis, design, programming, testing, and maintenance of multiple business processes. The technical content and added value of each business process are different. IT planning, requirements analysis, and design are areas with relatively high technical content and added value. At the same time, this part of the business time and human resources are relatively small; programming and testing take up most of the time in the entire project process, and the added value is relatively low. Corporate banking customers include large, medium, and small commercial banks. The diversity of customers determines the diversity and complexity of needs. The company has the opportunity to provide services for different stages of IT projects in different banks, has accumulated professional technology and experience in the whole process of IT project planning, demand analysis, design, programming, testing and maintenance, and has cultivated more than 1,000 professionals familiar with different technologies and business categories. The company can provide bank customers with a full process of IT outsourcing services in terms of technology, business and scale... 3. Profit forecasting and valuation anticipate that the company will be diluted 15-17 years after dilution EPS is 0.92 yuan, 1.08 yuan, and 1.28 yuan. The company is an enterprise that provides professional IT service outsourcing to banks in mainland China, Hong Kong and Macao. The current issue price is 18.76 yuan, and the issue price-earnings ratio is 22.98 times. Considering the valuation situation of comparable companies and the room for industry growth, the subscription rating is highly recommended. Risk warning: Risk of revenue decline due to increased market competition; risk of customer concentration.