宇信科技(300674)公司首次覆盖报告:银行IT领军 成长动能充足

Yuxin Technology (300674) Company's First Coverage Report: Bank IT Leaders Have Enough Momentum to Grow

開源證券 ·  09/28

Bank IT leader, covering for the first time, giving a "buy" rating

The company is the leader in bank IT, with significant resource advantages and leading market share in a number of niche areas. With the acceleration of finance, bank IT is expected to remain high, the company has plenty of orders on hand, and there is plenty of momentum for future growth. In August 2023, the company, as the No. 1 supplier, was shortlisted for China CITIC Bank Corporation's 6.5 billion yuan Xinchuang order, which is expected to provide strong support for performance growth in the next few years. We estimate that the return net profit of the company from 2023 to 2025 is 3.52,4.41 and 552 million yuan respectively, the corresponding EPS is 0.50,0.62,0.78 yuan respectively, and the corresponding share price PE is 34.6,27.6,22.1 times respectively. Cover for the first time, giving a "buy" rating.

The promotion of financial information innovation is accelerating, and the bank IT remains high.

The banking business is numerous and complicated, and there are many fine molecular systems of IT. Under the promotion of the digital transformation of banks and financial innovation, the demand for IT construction remains high. In the future, the construction of Xinchuang will be deepened from the peripheral systems such as OA to the core areas, the complexity of the system and the corresponding amount of value are expected to continue to improve, and financial Xinchuang will usher in a golden period of development. According to Sadie consultant data, it is estimated that the market size of bank IT solutions in China will reach 123.1 billion yuan by 2027, with a broad space.

Daxing has significant advantages in resources and sufficient momentum for future growth.

(1) the company has remarkable advantages in resources, and its development is driven by one body and two wings. The company has been deeply engaged in the field of bank IT for many years, and the bank has a significant resource advantage and a leading market share in many sub-areas. The demand for IT construction of large banks is stronger, and they also have the ability to make large-scale investment. According to IDC data, state-owned banks and joint-stock banks account for nearly 70% of bank IT investment. At the same time, the company's integrated two-wing strategy continues to promote, innovative business gross profit margin of more than 70%, has become the company's new profit growth point, overseas business breakthroughs, benchmarking projects continue to land, the future is worth looking forward to.

(2) Xinchuang Dadan accelerates its landing, and its growth momentum is sufficient in the future. Benefiting from the continuous promotion of Xinchuang, the company's related orders and revenue have accelerated significantly. In August 2023, the company was shortlisted for China CITIC Bank Corporation 6.5 billion yuan Xinchuang infrastructure project. as the first supplier, the company has an annual order amount of 30%. Based on this, it is estimated that it will contribute 1.958 billion yuan to the company's income. In addition, the company's software business orders are expected to continue to land, providing strong support for performance growth in the next few years, with sufficient momentum for future growth. We expect that the follow-up bidding of other banks is also expected to continue to land, and the company is expected to continue to benefit in the future with the advantage of customer resources of large banks.

Risk tips: bank IT investment is not as expected; market competition is intensified; overseas market expansion is not as expected.

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