Since the beginning of the year, the policy has continued to be overweight and superimposed, and the pilot application scenarios of the Winter Olympic Games have been implemented. The digital RMB has set off an upsurge in the secondary market, and many concept stocks have gained a sharp rise. Among them, Hengbao Co.Ltd(002104) (002104) gained 8 boards in 10 days, with a stage increase of more than 80%, becoming the “most beautiful boy” in the sector.
On February 13, Hengbao Co.Ltd(002104) (002104) issued a stock price change announcement, which unveiled the mystery of the company’s digital RMB related business for the first time. It said that at present, it only generates a small amount of business income related to digital RMB, has not yet formed a scale, and has little impact on the performance.
digital RMB related businesses are not in scale
The reporter of securities times · e company noticed that since 2021, Hengbao Co.Ltd(002104) investor interaction platform has been filled with many questions and answers about digital RMB business. At that time, the reply caliber of the company showed great enthusiasm for participation, saying that it would “grasp the development opportunity of digital currency, make use of the company’s technology accumulation and customer resources in the field of digital security, financial technology and other aspects, and actively explore the opportunities of digital currency market”. However, while affirming the prospect, Hengbao Co.Ltd(002104) also pointed out the risk many times in its reply, saying that the current digital RMB is still in the pilot stage and will not have a great impact on the performance in 2021.
In the change announcement released today, Hengbao Co.Ltd(002104) further reiterated the above views. At present, focusing on digital RMB products and solutions, the company has carried out series layout, technology and product reserves, cooperated with customers to carry out pilot scene construction, and realized scene landing and a small amount of supply; However, in terms of performance contribution, the above-mentioned business has not yet formed a scale, and the company is still in the initial stage of development, so it is impossible to accurately predict its growth and revenue scale.
According to the data, Hengbao Co.Ltd(002104) takes smart card, security terminal, mobile payment and overall system solution as the main technical direction, and provides intelligent products and digital security solutions and other services to the fields of finance, Internet of things and digital security. The main products include smart IC card, security products and system platform. According to the semi annual report data, the company’s business card printing business achieved a revenue of 340 million yuan in the first half of 2021, accounting for 81.33%; The revenue of module business was 74.84 million yuan, accounting for 17.8%.
How can existing businesses and technologies emerge in the field of digital currency? Although there is no clear statement at present, an interactive answer of Hengbao Co.Ltd(002104) reveals some clues. The company said that in the financial services exhibition of China International Trade in services Fair held in Beijing in September this year, the company showed the audience the diversified scenarios of digital RMB application through four application scenarios of “digital travel, digital tourism, digital consumption and digital park”. At the same time, in order to bridge the “digital gap”, the company provided a variety of wallet products Collection product solutions, Hard Wallet issuance and exchange technology and other services and solutions.
Digital RMB may bring huge imagination space, but at this stage Hengbao Co.Ltd(002104) seems to be facing the urgent problem of how to improve the profitability of existing businesses. In 2020, affected by the impairment of goodwill and intangible assets, the company fell into the lowest profit since listing, with a net profit of only 1.72 million yuan. According to the performance forecast, the beneficial investment income increased, Hengbao Co.Ltd(002104) the profit in 2021 is expected to be 45 million yuan – 67.5 million yuan, with a year-on-year increase of 25-38 times, but the net profit after deduction is only 113.96% – 192.48%, between 4 million yuan and 26.5 million yuan.
concept stock Carnival
The soaring market similar to Hengbao Co.Ltd(002104) is frequently staged in the digital RMB sector. According to Wande data, the digital currency index (884871) rose 10.97% in the past week and 22% in the last three months. Among them, Beijing Cuiwei Tower Co.Ltd(603123) has increased by more than 240% since the beginning of the year, and Shenzhen Emperor Technology Company Limited(300546) has increased by nearly 120%; Guangzhou Kingteller Technology Co.Ltd(002177) although the performance was bad, it also gained three consecutive trading limits in the past three trading days.
According to the Research Report of Anxin securities, only from the perspective of commercial bank infrastructure and system transformation, the whole digital RMB transformation is expected to drive a total investment scale of 116.5 billion, including 50.7 billion yuan in ATM transformation market, 11.4 billion yuan in intelligent counter market, 19.2 billion yuan in POS transformation market, 33.9 billion yuan in hard money package market and 1.3 billion yuan in bank it system transformation market.
However, industry insiders said that at present, the digital RMB is in the pilot stage, the business model is still being explored, and the market scale and pattern are also taking shape. We should be vigilant against the rising market.
Due to the standard of stock price changes, a number of digital RMB concept stocks issued changes and risk warning announcements to respond to market rumors and clarify business conditions. It is worth mentioning that Shenzhen Emperor Technology Company Limited(300546) has also received a letter of concern from the exchange. At present, it has not replied to the relevant letter.
According to the Beijing Cuiwei Tower Co.Ltd(603123) change announcement, its holding subsidiary Haike RONGTONG is mainly engaged in the third-party payment business, and its income comes from the offline bank card receipt handling fee. The new digital RMB payment method does not change the income source and structure. Its cooperation with the bank is only to build the receipt business port of digital RMB, and does not involve relevant research and development work. At present, the digital RMB payment method has not brought incremental business income. It is mutually replaceable with traditional payment methods such as card swiping and code scanning, and will not have a significant impact on the overall acquiring business scale and operating performance.
Unlike Beijing Cuiwei Tower Co.Ltd(603123) , Shenzhen Emperor Technology Company Limited(300546) did not mention the digital RMB business in the change announcement, but previously disclosed the company’s layout in relevant fields to investors in interactive trading for many times, saying that it would form the import business opportunity of digital currency through aggregation payment business. 546 {whether the company actively meets the requirements of the stock market and reduces the number of orders held by its shareholders, and whether it actively pays attention to the hot spot of the stock market} and {3006} whether it meets the requirements of the stock market.
In terms of performance, Beijing Cuiwei Tower Co.Ltd(603123) is expected to realize a net profit of 140-180 million yuan in 2021, with a year-on-year increase of 72.16% – 121.35%; Among them, Haike RONGTONG expects a net profit of 185-215 million yuan, a year-on-year increase of 0.55% – 16.86%; Shenzhen Emperor Technology Company Limited(300546) it is expected to turn losses into profits in 2021, with a net profit range of 8.35 million yuan to 12.5 million yuan.
