Main points of investment:
According to the results forecast for the first three quarters of 2014, the company's net profit attributable to shareholders of listed companies during the reporting period was 17.63 million yuan to 20.27 million yuan, an increase of 0% 15% over the same period last year.
Summary of the report:
Income growth is steady, and personnel costs and fund-raising project costs affect profit growth. During the reporting period, the company's credit and risk control business developed steadily, but the increase in investment in fund-raising projects and new business, coupled with the increase in the number of employees brought about by the company's business expansion, led to an increase in labor costs. the growth of the company's net profit was slightly affected. During the reporting period, because the company was rated as a key enterprise in the national planning layout, the income tax rate dropped to 10% from 15% in the same period last year, and the reduction in income tax helped to achieve a certain increase in profits.
The business of traditional credit and risk control systems has grown steadily. The corporate credit system is replicable to a certain extent, and good technology accumulation is expected to help companies expand from small and medium-sized bank customers to brokerages, trusts and other non-bank financial institutions, micro-loan companies and other Internet financial enterprises, and open up the corporate market space. In addition, with the advantage of credit business, the company's business naturally extends to risk management business. With the attention of the banking industry to loan risk control and the accumulation of credit management business in the banking industry, the company has been able to develop rapidly in the field of credit risk management and become another engine for the development of the company.
The company has a deep foundation in data technology and has great advantages in carrying out credit information business. The company has been deeply engaged in the financial IT industry for a long time, has a deep accumulation of special IT framework and data for the financial industry, and has a preliminary accumulation for the company to carry out credit information business. The company has formed a "credit + risk control" business line in banking IT business, serving a large number of joint-stock banks and city commercial banks, and achieved good results, supplemented by credit information to extend the layout of business lines forward. in the next few years, the company is expected to form a "credit + credit + risk control" business chain.
It is predicted that the company's 14 / 15 EPS will be 0.83 yuan and 1.14 yuan, maintaining the "buy" rating, with a target price of 65 yuan.