\u3000\u3000 Primeton Information Technologies Inc(688118) (688118)
China's leading software infrastructure platform manufacturer. The company is a leading professional manufacturer in the field of software infrastructure platform in China. It focuses on the needs of building independent and controllable software infrastructure in finance, telecommunications, government affairs, energy, advanced manufacturing and other industries. Relying on self-developed software infrastructure products and perfect solutions, the company helps customers reshape their IT architecture and improve their digital transformation ability. At present, the company's software basic platform products and technical services cover three technical fields: cloud application platform software, big data middle platform software and basic middleware software, forming a business system of "software products + technical services" with standard software as the carrier and platform customization implementation services and application development services as the characteristics.
Financial information innovation is expected to accelerate, and the information innovation sector ushers in new opportunities. Since 2021, Xinchuang has expanded from Party and government Xinchuang to industry Xinchuang, and the telecommunications and financial fields have been the first to start. Previously, Xinchuang in the financial industry was relatively conservative and the pilot process was slow. However, the implementation of financial Xinchuang is expected to accelerate in 2022, and the relevant catalogue and policy expectations are strong.
The financial industry is the key industry and advantageous field of the company. The financial industry is not only the vertical industry that the company focuses on, but also the advantageous field of the company's basic platform products and technology applications. The company's multiple series of products and solutions are deeply applied to more than 100 large and medium-sized banks, insurance, securities and other financial institutions, and has nearly 1000 successful cases in the field of IT infrastructure in the financial industry. In 2021, we will focus on launching Puyuan financial technology business enabled middle platform software and solutions to help users in the financial industry improve the efficiency of business middle platform construction, standardize the middle platform application development process and methods, and support the efficient delivery and reliable operation of middle platform applications. As of H1 2021, the company's financial business revenue has accounted for more than 50%, further consolidating the vertical industry advantage.
The company is expected to fully benefit from financial Xinchuang. As an important member of the Xinchuang ecological chain, the company has stable and mature Xinchuang products such as application server middleware, large file transfer platform and enterprise service bus, and can help users quickly complete the migration adaptation under the Xinchuang environment such as platform migration, application migration and business system development based on the low code development platform, so as to accelerate the implementation of Xinchuang. At present, the company has carried out a wide range of information innovation practice in the financial field, actively promoted the adaptation verification, technical breakthrough, standard formulation and ecological work of financial information innovation business scenarios, and many products have passed the adaptation certification of the financial information technology innovation ecological Laboratory of the people's Bank of China.
Investment suggestion: we estimate that the company's operating revenue from 2021 to 2023 will be 430, 538 and 672 million yuan respectively, the net profit attributable to the parent company will be 41, 62 and 93 million yuan respectively, and the EPS will be 41, 62 and 93 yuan respectively. It will be covered for the first time and given a "buy" rating.
Risk tip: new business expansion is not as expected; The implementation of the policy was less than expected.
