\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 588 Yonyou Network Technology Co.Ltd(600588) )
On March 2, SASAC issued the guiding opinions on central enterprises accelerating the construction of a world-class financial management system (hereinafter referred to as the “opinions”). Driven by the policy, the progress of financial digitization of central enterprises has accelerated. The company is in a leading position in the financial software market and maintains the buy rating.
Key points supporting rating
The introduction of the policy directly requires the acceleration of the financial digitization process of central enterprises. The opinions emphasize that central enterprises should achieve the objectives of intelligent accounting and automatic statement preparation in the process of financial transformation, and use multidimensional internal computing and AI technology to establish a more flexible resource allocation and risk control system. Driven by policies, the process of financial digitization of central enterprises has accelerated. The company is a leading enterprise of financial software and platform, with the first market share. At the same time, it serves a number of important central enterprise customers, and the benefit expectation is obvious.
Deepen business cooperation and win the whole scene of “3 + 2 + n” digital intelligence. On February 28, UFIDA held a business partner conference and put forward the “3 + 2 + n” plan. Taking the three main products yonsuite, cloud erpu9cloud and cloud erpu8cloud as the starting point, superimpose the two innovative platforms of Youshi space and UFIDA communication cloud, and realize the business coverage of the whole scene of digital intelligence by increasing cooperation with business partners.
The breakthrough of key customers is smooth, and the competitiveness of the company is further improved. According to the company’s official wechat report, UFIDA recently successfully signed a contract with China Salt Group, the leader of the Asian salt industry, and once again cooperated with the Three Gorges group to undertake the “upgrading of human resources and financial system” project. In recent years, relying on its mature BiP platform, UFIDA has made continuous breakthroughs in key customers and group customers. With the increase of customer coverage of high-end enterprises, the company’s strategic goal of upward extension is gradually realized.
Valuation
Adjust the net profit forecast from 2021 to 2023 to 717 million, 1055 million and 1648 million, EPS to 0.21 yuan, 0.31 yuan and 0.48 yuan (due to the increase of cloud service characteristics and cost investment, the apparent net profit is revised down by 38 ~ 43%), and the corresponding PE is 144x, 98x and 63x. The company maintained the momentum of cloud and localization and maintained the buy rating.
Main risks of rating
The implementation of the policy is less than expected; The growth of digital intelligence business is less than expected; The expansion of key customers is less than expected.
