Industry views and key recommendations
1. Summary of deductive double play and core logic:
In the past month, we continued to emphasize that financial it is ushering in investment opportunities: in September 2021, in a panic, we proposed that computers “only lose time, not space”; In early December 2021, we first promoted “financial it” in our annual strategy and organized teleconferences; On January 3, 2022, we boldly proposed that “computers at the end of 21 years are like semiconductors at the end of 18 years”; On January 9, 2022, we reiterated the financial it and stressed that it is very likely to be the winner of this year’s computer investment
There are three reasons why we are so optimistic about financial it:
1) low + undervalued value superimposed performance reversal: under the resonance of supply and demand, the income profit scissors difference in 22 ~ 23 years is a high probability event.
2) more landing scenarios of digital currency: looking forward to 22 years, digital currency is expected to be applied in yuanuniverse, NFT, Spring Festival red envelope, the whole scenario of Winter Olympic Games and subway travel.
3) financial it is expected to achieve full localization in 25 years: the replacement of underlying chips and databases brings the need for software adaptability transformation. The localization of OA, for example, has emerged. With the maturity of technology and the further deepening of software substitution, we believe that financial it is expected to achieve full localization in 25 years.
2. Follow up space at this time point, time:
In the past two weeks, financial it has generally increased by 10 ~ 30%. At this time point, we think the spatial angle is still large. Taking bank it as an example, referring to white horse Yusys Technologies Co.Ltd(300674) and black horse Northking Information Technology Co.Ltd(002987) , the market unanimously expects peg to be between 0.5 and 0.7. We believe that there is a large expectation difference in the fundamentals of the industry, and it is expected to usher in a new era in the future.
3. Follow up catalyst, five guesses in 22 years:
1) digital currency to expand subway application scenarios;
2) digital currency to expand the application scenario of meta universe;
3) financial localization, moving towards 100% replacement;
4) financial localization, core system technology has been verified;
5) high performance of listed companies.
4. Focus on the subject matter:
White horse mainly recommends Kingdee International, Shenzhen Sunline Tech Co.Ltd(300348) , Hundsun Technologies Inc(600570) , Shanghai Weaver Network Co.Ltd(603039) , Yusys Technologies Co.Ltd(300674) , China Greatwall Technology Group Co.Ltd(000066) , Yonyou Network Technology Co.Ltd(600588) , black horse mainly recommends Beijing Infosec Technologies Co.Ltd(688201) , Fujian Apex Software Co.Ltd(603383) , Beijing Seeyon Internet Software Corp(688369) , Beijing Tongtech Co.Ltd(300379) , and it is recommended to pay attention to Northking Information Technology Co.Ltd(002987) , China National Software And Service Company Limited(600536) , Qingcloud Technologies Corp(688316) , Tansun Technology Co.Ltd(300872) , Primeton Information Technologies Inc(688118) , Digital China Information Service Company Ltd(000555) , Beijing Baolande Software Corporation(688058) .
Risk tip: the macro economy is depressed, the plate policy has changed significantly, and the international environment has changed significantly.
