\u3000\u3000 Shanghai Guao Electronic Technology Co.Ltd(300551) (300551)
Event: the company announced that Mr. Li Ruiming, the general manager of the company, plans to increase his holdings of the company's shares by centralized bidding, block trading or other means permitted by laws and regulations, with an increase amount of no less than RMB 10 million and no more than RMB 20 million;
The company issued the announcement on the acquisition of 51% equity of Beijing Dongfang Gaosheng Investment Consulting Co., Ltd. and the completion of industrial and commercial change registration.
Digital currency equipment provider. According to the report of the securities times, the company has designed and developed a split teller teller machine. The cashier machine is a cash circulation teller cashier machine tailored according to the current situation of Bank Of China Limited(601988) . The equipment can support the recharge and withdrawal of soft and hard wallets, as well as the opening of digital RMB soft and hard wallets. The self-service equipment can meet the equipment needs after the scale promotion and use of digital RMB. In terms of digital RMB Hard Wallet, the company is participating in the pilot of digital RMB Hard Wallet products of some banks. Since January this year, the six major banks have fully launched the hardware wallet pilot, and multi-modal products including visual card, fingerprint card and wearable have appeared one after another. The market space of digital currency Hard Wallet machines and tools is huge, and the performance flexibility of the company is considerable.
According to our grassroots research, at present, the unit price of digital currency cashier is about 40000 yuan. The application scenarios include bank outlets, shopping malls, railway stations, etc. it can be considered that the number is basically the same as that of ATM. According to the data of forward-looking Data Research Institute, the stock of ATM is about 1 million, so the cashier market of digital currency is about 40 billion yuan.
The unit price of digital currency hard wallet is about 100 yuan, which has the advantage that it can be paid offline without network. A comparable data is bank cards. According to the analysis report on China's inclusive financial indicators (2020), the number of bank cards per capita in China is 6.34. Considering its stronger use attribute as a zero wallet, assuming that there is one digital currency Hard Wallet per capita, the market is about 130 billion yuan.
Dongfang Gaosheng is an important step in transforming the company into a financial software platform provider. Established in 1998, Beijing Donggao (Beijing Dongfang Gaosheng Investment Consulting Co., Ltd.) is a leading comprehensive securities information service provider in China. It is committed to creating a new securities information service model of "platform + expert + scenario", driven by financial technology and investment research ability, and realizing the digitization of operation management with investment research middle platform system, teaching system and multi scenario support system, Enable experts, investment advisers and service personnel in the field of securities investment.
Qianyu technology provides a financial derivatives software platform. Qianyu technology, the holding subsidiary of the company, focuses on the development of option trading system and is a leading option software provider in China. At present, the on-site and off-site systems for high-end option trading have been completed. It has a strong series connection function for the open spot options, commodity options and various types of financial trading commodities, including stock trading, now and in the foreseeable future.
Investment suggestion: the general manager of the company announced to increase his holdings in the company, demonstrating his confidence in the future development of the company. At the same time, we are optimistic about the company's potential digital currency business. It is estimated that the company's EPS in 21-23 years will be 0.11 yuan, 0.27 yuan and 0.40 yuan respectively, giving a buy rating.
Risk tip: the landing of digital currency is not as expected; Industry competition intensifies.
