[summary]
As the forerunner of China's informatization, financial it is expected to become the leader of China's digital economy in the future. Yusys Technologies Co.Ltd(300674) is in the leader quadrant of bank IT solutions, ranking high in market competitiveness and development potential. According to IDC, in 2020, Yusys Technologies Co.Ltd(300674) ranked second in the market share of IT solutions in the Bank Of China Limited(601988) industry and first among listed companies. In 2019, the company ranked first in the three fields of credit operating system, regulatory compliance and Internet credit, of which the credit operating system has ranked first in the industry for 10 consecutive years.
Last week, we basically sorted out the key industries of digital economy. Starting this week, we will focus on the interpretation of key targets in the digital industry. Today, we bring you Yusys Technologies Co.Ltd(300674) , one of the leading IT manufacturers of banks.
the company is one of the leading bank IT manufacturers with complete product lines in China
Yusys Technologies Co.Ltd(300674) (hereinafter referred to as " Yusys Technologies Co.Ltd(300674) " or "the company") was established in 1999. The company has a product line covering the whole category of bank it through extensive M & A and endogenous R & D, and actively expands to non bank it business. At present, the company is one of the banking software development and service manufacturers with complete product line in China, with layout in the fields of channel, credit, management and business.
In recent years, the company is gradually expanding to the digital transformation solution field of non bank financial institutions, such as consumer finance, auto finance, financial holding, financial companies, etc.
The company has strong competitiveness in the bank IT market. CCID Consulting report shows that the company is in the leader quadrant of bank IT solutions, and ranks high in market competitiveness and development potential.
In addition, according to IDC's report "market share of IT solutions in Bank Of China Limited(601988) industry, 2020", in 2020, Yusys Technologies Co.Ltd(300674) ranked second in the market share of IT solutions in Bank Of China Limited(601988) industry and first among listed companies. In addition, according to the previous report of IDC, in 2019, the company ranked first in the three fields of credit operating system, regulatory compliance and Internet credit, of which the credit operating system has ranked first in the industry for 10 consecutive years.
The company's software development and service business can be divided into three series: credit products, data products and regulatory products, which are developing at a rapid speed, especially in the credit product series.
(1) credit product series: This series is the company's flagship product. The company has accumulated technology and resources in this field for 15 years. In 2021, the market advantages and attractiveness of the new credit middle platform system scheme and complete credit system group supporting products launched by the credit product line gradually became prominent. They successively won the bid for tens of millions of new credit group construction projects of many banks, consolidating the market leading position of the new generation of intelligent credit service platform (V5 aersa). With the assembled R & D efficiency of this new platform, Further expand the credit product family system of Yusys Technologies Co.Ltd(300674) .
Since 2021, some banks have started bank wide credit systems. Relying on V5 platform, the company has obtained multiple orders from policy banks, joint-stock banks, urban commercial banks, rural credit and other customers.
(2) data product series: the company has a full range of data midrange products developed based on its own distributed and micro service architecture. At present, the company's data product line has completed the full independent research and development of the product capability of the one-stop data capability system, covering the management and application needs of the data life cycle of financial institutions. In the first half of 2021, the company won the bid for a number of head bank data platforms, large data, intelligent marketing and other related projects, and made breakthroughs in trust, leasing and financial holding groups.
(3) regulatory product series: is mainly the company's regulatory submission system product series. This series of products fully covers major financial institutions such as banks, trusts, finance, leasing and consumer finance, and ranks first in market share.
The company participated in the formulation of the supervision 2.0 plan of the CBRC and the construction of the big data platform for the supervision of local banking regulators, and deeply understood the new trends and concepts of the development of banking supervision technology under strong supervision. It is the only company in China that can provide the submission of basic financial data of the people's Bank of China, the filing of new interest rates of the people's Bank of China The manufacturer of the products submitted by the CBRC for connected transactions.
although the industry concentration is not high, it is expected to increase
From the perspective of the competition pattern of bank it, the concentration of bank IT industry is low, Cr5 is less than 25% all year round, and the market share gap between each company is small. Manufacturers such as CLP Jinxin, Yusys Technologies Co.Ltd(300674) , Digital China Information Service Company Ltd(000555) still maintain a leading position. This is mainly due to the strong position of the bank in the market. The bank will choose the best supplier in the industry in all business links, and the main enterprises in the market have their own advantages. The result is that the market is relatively scattered.
According to the data released by IDC, in the bank IT solution Market in 2020, CLP Jinxin and Yusys Technologies Co.Ltd(300674) ranked the top two in the market respectively, with market share of 5.9% and 4.3% respectively. Both of them have the product system of bank it layout in the whole field. In addition, manufacturers that are dominant in the core system, channel system and other subdivided fields, such as Digital China Information Service Company Ltd(000555) , Yunnan Nantian Electronics Information Co.Ltd(000948) , rank third and fourth respectively, with a market share of 4.1% and 3.8%.
Front line enterprises, including companies, are expected to gain greater market space and increase market share. Bank digitization is a long-term and continuous process, which needs to take into account the maturity of technology, the correlation between businesses, the comprehensiveness of data and services and other factors.
Therefore, from the perspective of banks, it is expected that in the future, they will be more willing to find more mature and comprehensive manufacturers to provide digital solutions to meet the needs of more refined and complex business scenarios. Not only in terms of breadth, banks' demands for business depth will also be improved in the future, especially enterprises with strong competitiveness in key fields such as channels, customer operation and credit will be favored by customers.
For leading enterprises, the comprehensive and professional business layout can meet the needs of bank customers, which is expected to achieve faster growth and more market share. Among them, the business layout of the company is relatively complete, and it has advantages in fast-growing fields such as credit, big data, supervision and financial credit creation, and the market share may increase more rapidly.
Yusys Technologies Co.Ltd(300674) highlights
◆ highlight 1: experience of financial information innovation projects precipitates product capacity
2021 is a year for Yusys Technologies Co.Ltd(300674) to fully develop financial information innovation. It has participated in more than 30 information innovation related projects, covering general business scenarios such as OA enterprise management, self-service terminal, marketing management, risk control and compliance, data middle desk and credit middle desk, as well as key scenarios such as payment clearing and core downward movement.
Through the implementation of these projects, the company has accumulated rich experience in information innovation projects covering various business scenarios, formed relevant implementation processes and processes, and refined them into exportable services as products, laying a solid foundation for the comprehensive promotion of information innovation. Benefiting from the high prosperity of the industry brought by financial innovation, it is expected that the growth rate of the company's integration business and software business will increase significantly, and it is expected to continue a good growth momentum in the future.
◆ focus 2: high R & D investment further improves the delivery and implementation efficiency
In 2021, the company paid more attention to product R & D, continuously expanded the R & D team, continued to go deep into the basic process R & D and product refining of credit and data business, accelerated the iterative development of products, gradually improved the modularity and intelligence of products, and reduced the delivery and Implementation cost of products. Focusing on product and technology innovation, the company's R & D investment increased significantly by 54.58% year-on-year in the first three quarters of 2021.
◆ focus 3: the company is an important technical support manufacturer in the application of digital RMB
There are four links from the issuance of digital RMB to the landing of consumption scenario: the first is the issuance link, which is the responsibility of the central bank; The second is the digital RMB operation, which is mainly participated by several financial institutions, including large state-owned banks; The third is cooperative operation institutions, mainly commercial banks and non bank payment institutions; The fourth is the consumption link. The company's role as an application software supplier is mainly in operation, cooperative operation and consumption, especially in operation and cooperative operation.
