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【广发证券】新晨科技:深耕数据交换与处理,募资提升核心竞争力

[GF Securities Co., LTD.] Xinchen Science and Technology: deep ploughing data exchange and processing, raising funds to enhance core competitiveness

廣發證券 ·  Sep 11, 2016 00:00  · Researches

Based on Xinchen exchange platform, deep ploughing data exchange and processing.

With data exchange and processing as its core value system, the company provides software products and services such as channel, business and data exchange applications to banking, air traffic management industry, government agencies and large and medium-sized state-owned enterprises and institutions. The application middleware Xinchen switching platform independently developed by the company is the basic technology platform for all kinds of solutions of the company, which has the functions of information data exchange and processing, message format conversion, intelligent routing and so on. it can be used as a basic development platform to further develop other kinds of application software.

High investment in R & D, years of deep ploughing to establish a high-quality customer base.

Since its inception, the company has established data exchange technology as the core of the company's research and development, and the proportion of R & D investment in revenue has exceeded 20% for three consecutive years. At present, the company's core technology platform has hundreds of successful application cases in China. Over the years, it has also established a high-quality and stable customer base. The 13-15 year income of the company is 420 million, 384 million and 414 million respectively, and the net profit is 49.71 million, 35.15 million and 35.16 million respectively.

Raise funds to upgrade products and enhance core competitiveness.

No more than 22.55 million new shares will be issued with an issue price of 8.21 yuan. The fund-raising investment project will be used for the upgrading of existing products and the research and development of new products at the same time. After the completion of the project, it will further enhance the company's technical level, expand the company's influence in banking, air traffic control and other information fields, effectively enhance the company's core competitiveness, and enhance sustainable profitability.

It is estimated that the performance in 16-18 is 0.43 yuan per share, 0.49 yuan per share and 0.56 yuan per share respectively.

It is estimated that the company's operating income will grow by 9.89%, 10.82% and 11.47% respectively, and its net profit will grow by 10.0%, 13.9% and 14.3% respectively. It is estimated that the diluted EPS is 0.43 yuan per share, 0.49 yuan per share and 0.56 yuan per share respectively.

Risk hint.

The risk of increased customer concentration; the risk of seasonal fluctuations in the company's performance; the risk of uncertainty caused by joint controllers; the risk of bad debts in accounts receivable.

The translation is provided by third-party software.


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