Event: the company announced that it recently received a special evaluation certificate for the basic capability of distributed transactional database issued by China Institute of Information and Communications.
Database products have passed the official test of the Institute of Information Technology and Communications, and domestic substitution in key industries is expected to accelerate. 1) according to the announcement, in the 10th batch of big data product capability evaluation conducted by China Institute of Information and Communication, the company's "GOLDILOCKS distributed Database V3.1" meets the basic capability test requirements of distributed transactional database in terms of basic capability, compatibility ability, management ability, high availability, scalability, security capability, etc. 2) the company's high-performance GOLDILOCKS distributed memory database products with complete independent intellectual property rights apply advanced distributed technology in architecture, and have strong performance guarantee. At the same time, in the environment of cluster deployment, it provides flexible horizontal expansion ability to cope with diversified system operation requirements, and can be suitable for banks and other financial Internet transactions and insurance. Securities, artificial intelligence, telecom operators and national networks and other areas with ultra-high performance, large concurrency, real-time data processing requirements. 3) through the special evaluation of the China Academy of Information and Communications, the company will speed up the process of domestic replacement of high-end databases in key industries such as finance and telecom operators.
The bank IT is subdivided into the leading domestic enterprises, and the founder gene decides that the financial IT and database can be deeply distributed. 1) the company is the leading IT solution provider for banks in China. From more than 20 years of development history, the company in the bank IT online technology accumulation is rich, and R & D forward-looking. At present, it has covered 300 + bank customers, and the total number of landing projects has reached 2000. 2) the real controller has 15 years of experience in overseas top financial database to ensure the company's strategic development direction in the field of financial IT and database. In particular, the company formally acquired a 67.15% stake in South Korea's SUNJESOFT Co., Ltd. with advanced 73 million yuan in 2018 to enter the high-end domestic database market.
Database localization of 10 billion-level market demand, the company's intellectual property rights and performance advantages. 1) the global database software market is worth US $46.1 billion in 2018 and is expected to reach US $54.9 billion in 2021, with a compound annual growth rate of 9.1%. China's database software market is growing steadily, and the China Research Institute of Industry estimates that the market size will reach 20 billion yuan by 2020. Oracle, IBM and other enterprises occupy the main domestic market share for a long time because of their first-mover advantages and high technical barriers. 2) the trend of information innovation driven by policies, domestic databases may open up tens of billions of replacement space, especially in the financial sector. Domestic databases launched by technology giants such as BABA and Huawei have come to the fore in some scenarios and have been gradually replaced by a number of mainstream banks. 3) in 2018, the company acquired 67.15% of South Korea's SUNJE SOFT, and owns the complete independent intellectual property rights of Goldilocks, a distributed memory database product developed by SUNJE SOFT. Moreover, the company's products have experienced a number of global top customer cases, such as SK Telecom, China Unicom, etc., its performance is reliable and mature, can meet complex business needs. Under the trend of the innovation industry of IT infrastructure, the company's database products have outstanding advantages in intellectual property rights and performance, and are expected to enjoy the localization dividend of the 10 billion-level market.
Maintain a "buy" rating. According to the key assumptions, the operating income from 2020 to 2022 is expected to be 1.206 billion yuan, 1.575 billion yuan and 2.046 billion yuan respectively, and the net profit from 2020 to 2022 is expected to be 67 million yuan, 95 million yuan and 146 million yuan respectively. Consider the leading position of bank IT segment industry and the trend of database innovation industry, maintain the "buy" rating.
Risk hints: the database business does not advance as expected; the risk of rising staff compensation; the risk that the forecast hypothesis is different from the actual situation.