Hundsun Technologies Inc(600570) (600570)
event:
In December 22, 2021, Hundsun Technologies Inc(600570) WeChat official account issued information: Hang Seng new generation asset management system O45 was officially launched on Warburg foundation.
comment:
O45 was successfully launched in Huabao fund, opening a new era of asset management technology in the fund industry
As early as February 20, 2019, Huabao fund signed a strategic cooperation memorandum with the company to build a new generation of core investment management platform. On September 25, 2020, the new generation asset management system o45 was launched at the Bund conference in Shanghai. On December 20, 2021, after 21 months of joint efforts, the project team successfully launched o45 in Huabao fund and switched operation smoothly. This launch is the first launch of o45 in the fund industry, which means that a new era of asset management technology in the fund industry has been officially opened. O45 meets the needs of the business development of Huabao fund, solves the limitations of the original system, and undertakes the integration of main processes and terminals in the three-year digital transformation plan of Huabao fund.
O45 is a new generation of distributed asset management system with fully upgraded product features
Based on the new generation of distributed micro service technology base of Hang Seng, o45 has the characteristics of greater openness and expansibility. It innovates in system architecture, coupling, system performance, system capacity, interface openness, technical platform, version management and operation management, and truly realizes the decoupling of different services. O45’s powerful technology core allows day trading to accommodate tens of millions of transactions; With real-time risk control technology, the trading and risk control judgment of a 300 stock basket can be completed in one second. In addition, o45 has comprehensively evolved in many aspects. For example, o45 supports all products and businesses, covers domestic and foreign transaction varieties, helps Huabao fund get through the domestic and foreign real-time risk control system, and is an asset management platform integrating instruction, transaction, risk control and liquidation of assets at home and abroad.
In the era of large asset management, o45 is expected to lead the digital transformation of the industry
With the improvement of Chinese residents’ wealth level, the progress of financial technology and the continuous improvement of relevant policies and regulations, China’s asset management industry is ushering in unprecedented development opportunities. By the end of June 2021, the scale of existing asset management products of Chinese financial institutions had totaled 92.6 trillion yuan, of which public funds accounted for 27%, ranking second. At the same time, the launch of the science and innovation board and the pilot landing of investment advisers are constantly expanding the trading market and varieties. With the transformation and development of asset management business, the asset management system supporting business development also needs iterative upgrading. O45 is committed to building the core hub of investment management of asset management institutions and an important cornerstone of the integrated ecosystem of investment management, which is expected to help the digital transformation of the asset management industry.
Investment advice and profit forecast
With the rapid development of China’s capital market, the financial IT industry has ushered in a high growth cycle. As a leading manufacturer, the company is expected to fully benefit. It is predicted that the operating revenue of the company from 2021 to 2023 will be RMB 5.037, 6.040 and 7.199 billion, the net profit attributable to the parent company will be RMB 1.472, 1.753 and 2.131 billion, the EPS will be RMB 1.01, 1.20 and 1.46/share, and the corresponding PE will be 63.24, 53.13 and 43.69 times. The company’s R & D investment is large and all are expensed, and the net profit margin is low, so the PS valuation method is more reasonable. In the past five years, the company’s PS has mainly operated at 10-30 times. With the continuous promotion of capital market reform, the industry is expected to maintain a high boom. The company is expected to enjoy a high valuation level and maintain the company’s target PS of 22 times in 2022, with the corresponding target price of 90.92 yuan. Maintain the “buy” rating.
Risk statement
The macroeconomic downturn affects the IT investment of downstream customers; The implementation of financial technology policies is lower than expected; New product R & D and marketing are lower than expected; The industry competition intensifies and the overall profitability of the industry decreases.
