With certainty and prosperity, bank it is ushering in layout opportunities
On January 4, 2022, the central bank issued the financial technology development plan (2022-2025), and the digital RMB (pilot version) app was officially launched. Under the multiple catalysis of policy, technology and market, bank it has the dual attributes of high certainty and high vision, and has been verified at the performance level. At the current time point, most bank it is only more than 20 times the valuation in 2022. We mainly recommend the bank IT sector with high growth of undervalued value, and the benefit targets are Northking Information Technology Co.Ltd(002987) , Yusys Technologies Co.Ltd(300674) , Shenzhen Sunline Tech Co.Ltd(300348) , Global Infotech Co.Ltd(300465) , Tansun Technology Co.Ltd(300872) , Digital China Information Service Company Ltd(000555) .
Event: the central bank released the financial technology development plan, and the digital RMB app was launched
(1) The financial science and technology development plan (2022-2025) puts forward eight key tasks to promote China's financial science and technology from "column and beam erection" to a new stage of "accumulation and momentum", and strive to achieve leapfrog improvement of overall level and core competitiveness by 2025.
(2) The digital RMB (pilot version) app was officially launched in major app stores. Previously, it was a beta version of directional invitation. According to the official introduction, app is an official service platform for individual users. It provides the opening and management of digital RMB personal wallet and the exchange and circulation services of digital RMB. The developer is the digital currency Research Institute of the people's Bank of China.
Bank it has the dual attributes of high certainty and high vision
(1) High certainty: Bank Of China Limited(601988) industry assets are large and growing steadily. In 2020, the total assets of the banking industry will reach 320 trillion yuan, laying the foundation for the banking IT market. In terms of structure, the proportion of assets of large state-owned banks continued to increase, from 37.3% to 40.2% from 2016 to 2020. Large state-owned banks and joint-stock banks have a wide variety of businesses and are constantly increasing and updating. Their IT systems need to be continuously upgraded, upgraded and redeveloped, and their IT investment is rigid expenditure.
(2) High vision: digital transformation is the only way for banks to reduce costs and increase efficiency. Banks take the initiative to integrate financial technology at the strategic level and upgrade from "technology enabled" to "technology led". According to the data of China Academy of information technology, in 2020, the growth rate of IT investment of the six major state-owned banks was 34.54%, far exceeding its revenue growth rate of 4.44%, and the industry showed a high boom.
(3) Industry catalysis: on the one hand, driven by policy guidance and the industry's own needs, the maturity of the financial information and innovation industry continues to improve, and orders are gradually landing. On the other hand, the continuous promotion of digital RMB will also bring deterministic new demand.
Focus on the IT sector of banks with low value and high growth
Consistent with the high investment in bank it, the revenue growth of bank IT companies such as Northking Information Technology Co.Ltd(002987) , Tansun Technology Co.Ltd(300872) , Global Infotech Co.Ltd(300465) in the first three quarters was more than 30%. Looking forward to 2022, under the multiple catalysis of policy, technology and market, the industry is expected to maintain a high prosperity. At the valuation level, most bank it targets correspond to only more than 20 times of the valuation in 2022, and in the history of high activity in the computer sector, bank it usually shows good valuation elasticity. At the current time point, we mainly recommend the IT sector of banks with high growth of undervalued value, and the benefit targets are Northking Information Technology Co.Ltd(002987) , Yusys Technologies Co.Ltd(300674) , Shenzhen Sunline Tech Co.Ltd(300348) , Global Infotech Co.Ltd(300465) , Tansun Technology Co.Ltd(300872) , Digital China Information Service Company Ltd(000555) .
Risk warning: policy promotion is not as expected; The bank's IT investment is less than expected; Industry competition intensifies.
