The Winter Olympics may become a milestone in the promotion of digital RMB. With 28 days left before the opening of the Winter Olympics, digital RMB, as one of the most eye-catching scientific and technological business cards of the Winter Olympics, has been continuously implemented in relevant pilot projects and policies recently to prepare for the Winter Olympics. The digital RMB app was put on the shelves of major app stores on January 4, 22, opening up the front end of the digital currency. As a high-profile pilot scenario, the Winter Olympic Games is expected to become a milestone in accelerating the promotion of digital currency.
Digital RMB will bring deterministic opportunities to participants in issuance and circulation. The opportunities in the issuance link are mainly the construction of bank it system: from the perspective of new demand, there are mainly several areas: 1) R & D of digital RMB soft wallet; 2) Development of interconnection platform between operating banks and other banks; 3) Operation and maintenance of digital RMB related infrastructure, etc. From the perspective of system transformation requirements, it mainly includes: 1) the transformation of the whole business system that can support several currencies; 2) Digital RMB corresponding software outsourcing and customization development; 3) Test of digital RMB system, etc. The opportunities in the circulation link are mainly the construction of software and hardware Ecology: the promotion of digital currency needs the support of key participants in the circulation link, including the integration with traditional payment means, the construction of online Ecology (such as meituan, Taobao, etc.), the laying of offline machines and tools, the promotion of offline merchants, etc. Typical payments are Alipay and WeChat. UnionPay commerce, Lakala Payment Co.Ltd(300773) , Newland Digital Technology Co.Ltd(000997) , Xgd Inc(300130) covering the majority of merchants; Provide Grg Banking Equipment Co.Ltd(002152) , Newland Digital Technology Co.Ltd(000997) , Xgd Inc(300130) etc. of hardware products.
Core participants: several currencies resonate with the inflection point of the industry, and the layout is at the right time. Digital RMB has brought incremental demand and potential imagination space to the industry. Back to the fundamentals, bank it and payment acquiring are also at a significant industry inflection point. Bank it: the low point has passed. The revenue disturbance and labor cost rise in 21 years have led to pressure on the growth of apparent profits. However, looking forward to 22 years, the growth rate of the industry is expected to remain at 15-20% driven by digital currency and financial information innovation, while the leading manufacturers are expected to achieve higher growth rate by virtue of scale effect. The safety margin of current valuation is high, which is in the quantile of 30% in recent 3 years; Payment acquirer: during the rebound, the acquirer business is expected to double-click the increase of flow and rate with the economic recovery. At the same time, the machines and tools benefit from the catalysis of several currencies, intelligence and going to sea. The year-on-year growth rate of 21h1 is more than 50%.
Investment suggestion: Digital RMB brings opportunities for manufacturers in the issuance and circulation links, and bank it, acquirer and hardware manufacturers are expected to benefit fully. Bank it suggests paying attention to Yusys Technologies Co.Ltd(300674) , Global Infotech Co.Ltd(300465) , Westone Information Industry Inc(002268) , Shenzhen Sunline Tech Co.Ltd(300348) , Digital China Information Service Company Ltd(000555) , Tansun Technology Co.Ltd(300872) , Northking Information Technology Co.Ltd(002987) , Feitian Technologies Co.Ltd(300386) ; Acquirers and hardware manufacturers suggest paying attention to Newland Digital Technology Co.Ltd(000997) , Xgd Inc(300130) , Lakala Payment Co.Ltd(300773) , Grg Banking Equipment Co.Ltd(002152) , etc.
Risk tip: the promotion process of digital currency is not as expected; The competition in the banking IT industry has intensified; Repeated outbreaks have led to less than expected economic recovery
