Event: Recently, SASAC issued the guiding opinions on central enterprises accelerating the construction of world-class financial management system (hereinafter referred to as the “opinions”), which clearly put forward “promoting central enterprises to further improve the level of financial management ability and accelerate the construction of world-class financial management system”.
Put forward the grand goal of building a world-class financial management system, and digital intelligence technology enables the reform of the financial system. The opinions clearly pointed out the current shortcomings: “the construction of financial control of some central enterprise groups is not in place, the financial management function is not fully played, the financial management means lags behind the technological progress, and does not match and adapt to the high-quality development objectives of central enterprises in the new era”, It also gives the grand goal of “through the efforts of about 5 years, the overall financial management level of central enterprises has significantly jumped to a new level. Through the efforts of about 10-15 years, the vast majority of central enterprises have built a world-class financial management system suitable for world-class enterprises, and a number of central enterprises have the highest financial management level in the world”. Moreover, in the requirements of the reform of financial management concept, it emphasizes “technology empowerment”, Namely: “actively use new technologies such as big data, artificial intelligence, mobile Internet, cloud computing and blockchain, give full play to the advantages of finance as a natural data center, promote the transformation of financial management from informatization to digitization and intelligence, and realize the transformation from accounting scenario to business scenario as the core”.
Emphasize the high integration and relevance of the financial system, and promote the comprehensive docking and integration of business financial information. In terms of improving the financial digital intelligence system, the opinions put forward specific objectives: unify the underlying architecture, process system and data specification, horizontally integrate various financial systems and connect various business systems, vertically connect subsidiaries at all levels, promote a high degree of system integration, avoid data island, and realize “one network, one database and one cloud” of the whole group. At the level of collaborative optimization and integrated management and control of Finance and business, it is clearly proposed to “build a causal data structure, implement subjective, panoramic, whole process and real-time reflection of production, operation and investment activities, realize integrated management and control and collaborative optimization of industry, finance and technology, and promote the transformation of business decision-making from experience driven to data and model driven”. We believe that the proposal of this guidance is expected to accelerate the trend of financial business data integration, so as to strengthen organizational efficiency at the group level, which is an important means of digital transformation of central enterprises.
Head software enterprises with long-term trust of central enterprise customers and product capabilities that deeply cover the integration needs of the group are expected to benefit. We believe that the objectives of group wide integrated management and control, high system integration and comprehensive docking and integration of business and finance proposed in the opinions actually put forward very high requirements for digital suppliers: 1) in terms of breadth, it is necessary to have the ability to fully cover all business lines of central enterprises; 2) In depth, we need to deeply understand the business logic and demand basis of central enterprise customers in order to achieve the docking of financial data and business data; 3) The most important thing is the overall view and foresight. To realize the “one network, one library and one cloud” of the whole group, we need to have a platform level and digital intelligence interoperability product reserve, which has high requirements for the overall understanding and foresight strategic perspective of software suppliers. Therefore, the head suppliers who have accumulated the experience of digital products and services of the central enterprise group for a long time in the past and have an overall and forward-looking layout are expected to benefit directly.
Investment proposal and investment object
1) it is suggested to pay attention to Yonyou Network Technology Co.Ltd(600588) ( Yonyou Network Technology Co.Ltd(600588) , buy). In 2020, the company has prospectively released the group’s platform level strategic product: yonbip, a business innovation platform. Its business scope is moving forward from the ERP field to the enterprise and group digital Internet platform, more closely supporting and connecting the enterprise’s value creation, transformation and upgrading process. Moreover, the company has been deeply engaged in the field of central enterprise financial software and business management software for more than 30 years, and has accumulated profound central enterprise customer resources and high brand recognition.
2) it is suggested to pay attention to Ygsoft Inc(002063) ( Ygsoft Inc(002063) , not rated). The company has been deeply engaged in the field of large-scale group management and control software and financial software for more than 30 years, deeply participated in the information construction of State Grid and China Southern Power Grid, and has a long-term, in-depth and comprehensive understanding of the industrial characteristics, business characteristics, management mode and process of large-scale central enterprise groups, especially the energy industry, Moreover, it has actively expanded large group customers outside the energy industry, and prospectively released high beam DAP intelligent integrated cloud platform products in 2020.
The implementation of the risk warning policy is less than expected, the risk of changes in the external international situation, and the relevant financial expenditure is less than expected
