\u3000\u3000 Grg Banking Equipment Co.Ltd(002152) (002152)
Remarkable achievements have been made in the transformation of digital finance and urban intelligence. Taking Dawan district as the starting point, it has expanded its business to the whole country
Looking back on the development of Grg Banking Equipment Co.Ltd(002152) for more than 20 years, we find that the company's long-term survival and development are inseparable from each step of business transformation and strategic layout: starting from the production and sales of ATM machines and tools, focusing on money banking, the company first entered the field of financial security and armed escort; With the development of artificial intelligence and big data industry, relying on the industry experience accumulated in financial security business, the company gradually radiates to AI + security, AI + transportation, AI + convenience and other fields, and has made major breakthroughs in smart city and digital government; At the same time, the company actively promotes the intelligent upgrading of financial machinery business, has now transformed into a bank intelligent solution provider, and gradually expands horizontally to the fields of Finance and insurance.
Basic performance: the localization of credit innovation policy has been accelerated, and the intelligent upgrading of bank outlets has ushered in an outbreak period
The main downstream customers of Grg Banking Equipment Co.Ltd(002152) are banks. We believe that in the years of deep cultivation of traditional financial machinery business, the company has established close ties with bank customers and deeply participated in each transformation and upgrading of the banking industry, which has also become the cornerstone of the company's performance growth. From the perspective of the industry, bank outlets have entered the 4.0 transformation stage, and multi-channel, intelligent and self-control have become the main development trend of the industry. The company actively participated in product R & D and upgrading, expanded from ATM machines to intelligent counter machines, and launched bank outlet consulting services to help the intelligent transformation of bank outlets. At the same time, the launch of the financial credit innovation pilot has brought new demand to banks. At present, Grg Banking Equipment Co.Ltd(002152) has developed the full stack solution of credit innovation and carried out pilot testing with more than 20 banks. In the future, the scheme will be replicable nationwide.
Strong supply helps banks layout DCEP business, and the digital economy brings new growth space
1) it is estimated that digital RMB will bring 30.4-50.7 billion yuan of market space for the upgrading of ATM machines, 9.6-16.2 billion yuan of market space for the upgrading of intelligent counter machines and 15.9-22.7 billion yuan of market space for hard wallets. The company closely followed the steps of the central bank and took the lead in the transformation technology related to DCEP in China: the company cooperated with ICBC to build a digital RMB compatible intelligent counter machine, and successfully completed the construction of DCEP system for Bank Of Changsha Co.Ltd(601577) and other customers, so as to realize the connection between urban bank clearing and established operating institutions. The company's market share of financial machines and tools remains the first in the country, with a solid and stable customer group. Under the drastic changes in the industry guided by digital RMB, the company will continue to provide bank customers with the most advanced technical services and solutions, so as to achieve a high increase in the performance of the financial technology industry.
2) the "14th five year plan" for the development of digital economy put forward further requirements for the service level of e-government. With the increasing demand for data and continuous algorithm iteration, the company's self-developed aicore big data platform has the ability to create a digital government solution for data information sharing. In addition, the company has won the bid for Guangzhou "Sui Zhi Guan" project, with a project amount of 130 million yuan. This project is a benchmark project of digital government. In the future, the construction of China's digital government will become the mainstream trend, and the company is expected to open the second growth curve with the experience of benchmarking projects.
Investment advice
Grg Banking Equipment Co.Ltd(002152) as a veteran manufacturer of digital finance, it has both state-owned assets background and rich experience in bank customer service. Driven by the policies of digital RMB, financial innovation and digital economy, the company has the advantages of both customer and benchmark project experience. In the future, it is expected to gradually expand nationwide from Dawan district. We expect to achieve revenue of 7.184/79.42/8.741 billion yuan from Grg Banking Equipment Co.Ltd(002152) 2021 to 2023, with a year-on-year increase of 12.1% / 10.6% / 10.1%; The net profit attributable to the parent company was RMB 807 / 904 / 1 billion, with a year-on-year increase of 15.2% / 12.1% / 10.6%. It was covered for the first time and given a "buy" rating.
