Hanxin Technology (837092)
Main points:
Focus on three core businesses and create a regional leading brand.
As a solution provider of information system integration, the company is committed to providing information system solutions and related services for government, enterprises and institutions, including intelligent information system design, selection and procurement of relevant equipment, implementation and installation, development and commissioning, operation and maintenance, etc. The company has two provincial innovation platforms, Shandong enterprise technology center and Shandong one enterprise one technology center. It has successively won the honorary titles of “specialized and special new” small and medium-sized enterprises in Shandong Province, Shandong gazelle enterprises, Yantai innovation driven leading enterprises, and 2020 China’s top 500 invisible unicorns, It is one of the first qualified units of classified information system integration / software development / operation and maintenance in Shandong Province. As of March 31, 2021, it has 18 patents and 66 computer software copyrights. In 2020, the company’s main business income was 254 million yuan, with a compound growth rate of 24.51% from 2018 to 2020; In the first half of 2021, the net profit attributable to the parent company reached 21 million yuan, a year-on-year increase of 69.97%.
The demand for digitization is strong, and the industry’s profit has increased steadily.
According to the relevant data in the statistical bulletin of software and information technology service industry in 2020 issued by the Ministry of industry and information technology, the revenue of China National Software And Service Company Limited(600536) and information technology service industry was 3058.7 billion yuan in 2013 and 8161.6 billion yuan in 2020, with an average annual compound growth rate of 15.05%; The per capita business income increased from 651000 yuan in 2013 to 1158000 yuan in 2020. In 2017, China launched the digital government pilot project. In 2018, the State Council issued the “guiding opinions on accelerating the construction of the online government service platform for national integration”, calling for the further promotion of “Internet plus government services”. The data governance research center of Tsinghua University released the 2020 digital government development index report in October 2020. The development of digital government in Shandong Province ranks sixth at the provincial level, and the development gradient is of high quality. It is in a leading position in terms of the functional perfection of the organization, the breadth of policy planning and the coverage of the e-government platform. By the end of 2020, Shandong Province has 2640 hospitals and 4469 schools; Yantai has 186 hospitals and 315 schools above junior middle school. With the development of digital construction, the company still has a large market space in Shandong Province and Yantai city.
Based on the five core elements, it has significant business advantages.
The core elements of the company’s business development include business expansion ability to obtain orders, bargaining ability to integrate the supply chain, design ability of system integration scheme, implementation ability of software and hardware integration, service level of later operation and maintenance, etc. Since its establishment, the company has successfully implemented more than 800 information and intelligent projects, completed 12 medium-sized projects and 13 large-scale projects of more than 10 million yuan from 2018 to 2020. In terms of revenue, the average annual compound growth rate of the company’s operating revenue from 2018 to 2020 reached 24.45%, with a strong growth momentum, far exceeding the industry average. In terms of gross profit margin, the company’s comprehensive gross profit margin is close to Zhejiang Zhengyuan Zhihui Technology Co.Ltd(300645) and Hunan Creator Information Technologies Co.Ltd(300730) and slightly higher than Hengfeng Information Technology Co.Ltd(300605) with a wide range of business segments.
Risk statement
Business risk, financial risk, technical risk, raised capital risk, etc.
