Summary:
The company is an important provider of IT service industry in domestic banking industry. The company provides IT solutions and services to financial institutions dominated by large and medium-sized commercial banks, including IT infrastructure construction, software solutions and IT operation and maintenance services. In the field of IT infrastructure construction, the company has the first-level qualification of computer system integration of the Ministry of Industry and Information Technology, and is one of the few service providers that provide IT infrastructure construction and operation and maintenance services for all state-owned banks at the same time. In the field of software solutions, the company takes the lead in the front-end and channel areas of domestic banking and data management and business intelligence.
Banking IT develops in multi-dimensions and has a broad future. The cross-regional expansion of regional banks makes related IT investment become a hot spot. The rise of new banking forms such as mutual funds, small loans and village banks will also bring huge demand for the construction of IT system. In addition, data center construction, business process transformation and business innovation will release long-term IT investment needs. At present, China's bank IT investment has maintained an accelerated development trend, with a total investment of more than 40 billion yuan in 2015, a growth rate of more than 10%, and a broad market space.
The company is a strong national service provider and a leader in banking data integration. The company has established 31 outlets in major cities across the country, forming an industry-leading network coverage and has a natural advantage in expanding the cross-regional development of small and medium-sized banks. MOIA developed by the company is one of the best data management software in the field of domestic banking data management and business intelligence. at present, it has been used in a number of large state-owned banks and large enterprises, and the company is the leader in the field of domestic data integration.
Profit forecast and investment advice. We estimate that the net profit attributed to the parent company from 2015 to 2017 will be 62.69 million yuan, 75.82 million yuan and 99.24 million yuan respectively, an increase of 16.07%, 20.94% and 30.89% over the same period last year. According to the total share capital of 120 million shares issued 30 million shares, the EPS is 0.52,0.63 and 0.83 yuan respectively. Considering that the company's business structure, revenue scale and expense rate are closer to those of Gao Weida, Anshuo Information and Changliang Technology in the same industry, and with reference to the inquiry valuation of the above-mentioned companies at the time of listing is 17,30,21 times and the listing time, we think that the reasonable PE range of the company is 20-30 times, and the recommended reasonable inquiry range is 10.4-15.6 yuan.