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润和软件(300339)公司动态点评:金融科技稳步推进 与华为海思合作不断深入

Runhe Software (300339) Company News Review: Fintech is steadily advancing, and cooperation with Huawei Hisilicon continues to deepen

川財證券 ·  Aug 23, 2019 00:00  · Researches

Event

On August 22, Runhe released its 2019 semi-annual report. During the reporting period, the company realized operating income of 1.066 billion yuan, up 21.53% over the same period last year; total profit was 106 million yuan, up 1.83% over the same period last year; net profit of shareholders belonging to listed companies was 109 million yuan, up 11.52% over the same period last year; net profit belonging to shareholders of listed companies after deducting non-recurrent profits and losses was 99 million yuan, an increase of 6.68% over the same period last year.

Comment

The company takes the opportunity of digital upgrading of the domestic financial industry to steadily promote the financial technology business. During the reporting period, the company's financial technology services business achieved an operating income of 604 million yuan, an increase of 11.82% over the same period last year. As of August, the company has served a total of nearly 160 customers in the traditional financial field, and successfully implemented more than 1600 financial science and technology projects. Recently, the company has successively won the bid for three major projects: the new generation customer marketing operation platform of Bank of Nanjing, the retail integrated management platform of Tianjin Bank, and the intelligent decision-making system of Sichuan Agricultural Credit.

With the deepening of cooperation between the company and Huawei, the HiHope AI ecosystem has been initially established. During the reporting period, the company's intelligent terminal information business achieved operating income of 258 million yuan, an increase of 87.84% over the same period last year. Runhe software HiHope AI open source community has carried out close cooperation with industry top chip vendors and operating system vendors, including Huawei Hayes, Renesa Electronics, Suoxi Electronics, Google, Texas Instruments Inc, Infineon, Microchip, NXP and so on, and initially built a HiHope AI ecosystem with AI chip as the core, covering developers, boards, product prototypes, downstream customers and scenarios, and comprehensive software and hardware service support.

In order to consolidate its market position and enhance its core competitiveness, the company has increased its R & D investment. The company's R & D investment in the first half of 2019 was 136 million yuan, an increase of 57.29% over the same period last year. During the reporting period, the company completed the research and development of the "new generation distributed financial core system" with Ant Financial Services Group. At the same time, the company continues to invest in research and development of chip and edge computing capabilities, and builds a new generation of AI computing platform HiHope, including HiHope hardware development platform, HiHopeAI-Engine, HiHope open source community and so on.

Profit forecast

It is estimated that the EPS from 2019 to 2021 will be 0.51,0.63 and 0.77 yuan respectively, corresponding to the closing price of 16.07 yuan on August 22, and the PE will be 31.77,25.35 and 20.92 times respectively.

Risk hint: the demand for special steel is not as expected and the progress of asset restructuring is not as expected.

The translation is provided by third-party software.


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