\u3000\u3 Shengda Resources Co.Ltd(000603) 383 Fujian Apex Software Co.Ltd(603383) )
Continued high growth in the first quarter and maintained the “buy” rating
The company released the first quarter report of 2022, and achieved a revenue of 98.86 million yuan, with a year-on-year increase of 38.21%, continuing a high growth in the first quarter. The company is a leader in the financial it segment. A5 Xinchuang has achieved diversified ecological support for domestic servers, operating systems and persistent databases, and is expected to fully benefit from the localization trend; At the same time, the company expands its product line through foreign investment and constantly opens up growth space. We keep the profit forecast unchanged. It is estimated that the net profit attributable to the parent company from 2022 to 2024 will be 180, 237 and 312 million yuan, EPS will be 105, 1.39 and 1.82, and the corresponding PE of the current stock price is 26.0, 19.7 and 15.0 times, maintaining the “buy” rating.
Event: the company released the first quarterly report of 2022
In the first quarter of 2022, the company realized a revenue of 98.86 million yuan, a year-on-year increase of 38.21%, and a net profit attributable to the parent company of 2.11 million yuan, a year-on-year increase of 13.45%. The rapid growth of revenue was mainly due to the year-on-year increase of project acceptance in the first quarter.
Leading financial it segments are expected to benefit from the localization trend
The company is a leader in the financial it segment and remains a leader in CRM and operations. A5 Xinchuang edition of the company is the first fully online distributed core trading system with full memory, full business and self-control in the securities industry. It has realized diversified ecological support for domestic servers, operating systems and persistent databases, and is expected to fully benefit from the trend of localization in the future; The company’s independent and controllable middle platform system of live5 smart technology has been put into practice, which has helped the digital transformation of the financial industry.
Expand product lines to open up growth space, and equity incentive is expected to stimulate growth vitality
Through foreign investment, the company has continuously expanded its product line and increased its layout in the fields of wealth management and asset management. In March 2021, invest in Beifa technology, improve the layout of wealth management and asset management, and jointly launch “new generation intelligent wealth management platform W5” with Beifa technology; In December 2021, investment holding Shanghai Furong launched two core products: integrated investment research business support platform and one-stop investment research data enabling platform, which have been applied to some customers. At the same time, the company started personnel expansion and strengthened the technology R & D layout of each business line. With the grant of equity incentive, it is expected to fully stimulate the growth vitality and the company is expected to enter the accelerated growth period.
Risk warning: product promotion is not as expected; Industry competition intensifies.
