\u3000\u3000 Hundsun Technologies Inc(600570) (600570)
China’s financial it leader maintained the “buy” rating
The company issued a performance forecast for 2021. In the context of the digital transformation of the financial industry, the demand for securities it continues to release, and the company has great prospects. The successful implementation of the new generation o45 system in the fund industry is expected to open up new growth space. Considering the impact of non recurring profits and losses on profits, we adjusted the profit forecast. It is estimated that the net profit attributable to the parent company from 2021 to 2023 will be 1.469 billion yuan, 1.890 billion yuan and 2.391 billion yuan respectively (formerly 1.583 billion yuan, 1.957 billion yuan and 2.314 billion yuan), EPS will be 1.00, 1.29 and 1.64 yuan / share (formerly 1.08, 1.34 and 1.58 yuan / share), and the PE corresponding to the current stock price from 2021 to 2023 will be 59.1, 45.9 36.3x, maintaining the “buy” rating.
Benefiting from the financial innovation policy, the income has achieved rapid growth
It is estimated that in 2021, the revenue will be about 5.469 billion yuan, with a year-on-year increase of about 31.06%, realizing rapid growth, mainly benefiting from financial innovation policies; The net profit attributable to the parent company was about 1.469 billion yuan, a year-on-year increase of about 11.18%; The net profit deducted from non parent company was 948 million yuan, with a year-on-year increase of 29.29%. In the fourth quarter alone, the revenue is expected to be 2.348 billion yuan, a year-on-year increase of 27.97%, and the net profit deducted from non parent company is 674 million yuan, a year-on-year increase of 42.00%.
The company has benefited from the continuous emergence of new demand for securities it
The securities industry continues to innovate and develop. Market reforms such as the comprehensive registration system, the Beijing stock exchange and the merger of the main board and the small and medium-sized board have brought new IT system construction needs. At the same time, with the continuous promotion of capital market reform and financial digital transformation, as well as the gradual start of financial information innovation, the prosperity of the industry is expected to continue. As China’s financial it leader, the company has significant technical and customer advantages, complete product lines and stable industry status, and is expected to continue to benefit.
O45 has successfully landed in the fund industry and is expected to open up growth space
In December 2021, o45 was officially launched in Huabao fund, which is the first application of o45 in the fund industry. After more than ten years of precipitation, O32, the previous generation product of o45, has become the most widely used investment management system in asset management institutions. In the era of large asset management, asset management institutions such as funds, securities companies and bank financial management subsidiaries put forward higher requirements for investment management system. O45 has completed comprehensive innovation in system architecture, coupling and system performance. It will play an exemplary role in the successful launch of Huabao fund. In the future, it is expected to promote and upgrade in asset management institutions and open up new growth space.
Risk warning: the product promotion progress is less than expected; Technology research and development is less than expected
