The market of the call center industry is vast, and the demand for call center outsourcing services in the financial industry is strong. The company is the leading enterprise in the financial direction of the call center and will benefit directly.
Main points of investment:
Maintain the profit forecast, maintain the target price of 11.75 yuan, and maintain the "overweight" rating. It is predicted that the operating income in 2020-21-21 is 37.53 million yuan, and the net profit is 5.727 billion yuan, corresponding to EPS0.2/0.47/0.54. Considering the rapid growth of the company's financial outsourcing services sector, it will be given 25 times PE in 2021 to maintain the target price of 11.75 yuan.
The financial product marketing service scheme of "integration of online e-commerce" is recognized by large financial enterprises, and the two R & D centers of Beijing and Shenyang are developing intelligently. The company launched the financial product marketing service program of "integration of online e-commerce" and won the praise of many financial enterprises. BPO business has entered a period of development, with information partners throughout China Life Insurance Company Limited, Pacific Insurance Group, New China Life Insurance Group, Everbright Bank, Huaxia Bank, Industrial Bank, Bank of Shanghai and other large enterprises in China's financial industry, becoming industry leaders. At present, nearly 300 R & D personnel in the two R & D centers in Beijing and Shenyang are making every effort to intelligent layout.
The volume of the financial market is growing rapidly, and the market space for call center outsourcing is more than 10 billion. The financial industry call center industry chain is mature and complete, the upstream, middle and downstream division of labor is clear, the call center business is in the middle reaches, and the function is transformed from service to transaction and marketing. With the decline in the growth rate of bank profits in recent years and the increase in the demand for cost reduction by outsourcing, it is estimated that the market space of the financial industry call center industry will be about 20 billion yuan in 2020, which has a very broad development prospect in the future.
Catalyst: large-scale construction of 5G operators, increased downstream demand for financial outsourcing services
Risk hint: the company's internal control level is not as good as expected, and the downstream customer expansion is not as expected.
