Hang Seng Electronics (600570): Achievement of bright results, a new round of high growth has begun
I. Overview of the incident It is reported that the company’s 2019 performance preview disclosed that Hang Seng Electronics expects to achieve a net profit attributable to shareholders of listed companies of approximately 12.
91 to 13.
4.2 billion, an increase of 6 every year.
4.5 billion to 6.
9.7 billion, an annual increase of about 100% to 108%.
Second, the analysis and judgment of the performance forecast is dazzling, optimistic about the company’s new round of performance growth. The company expects the net profit attributable to the mother to increase by zero to 100% to 108%, mainly due to the growth of the main business and the increase in the fair value of financial assets.Impact of tradable financial assets.
At the same time, the non-net profit after exclusion is about 7.
7.3 billion to 8.
1.5 billion, an annual increase of about 50% to 58%. We believe that the growth of the main business mainly comes from the recovery of the capital market, the increase in IT spending by financial institutions, and the increase in performance brought about by the construction of science and technology boards. The financial market institutional reform will continue rapidly in 20 years.Advance, optimistic about the company’s 20-year performance growth.
The financial market continues to deepen reforms, and the system is launched. In the next 20 years, the high-speed growth of the financial market will continue to deepen reforms. The implementation of the system will bring a new round of growth.
The details of the new third board reform have been implemented one after another, and the selection layer has changed the continuous bidding trading mechanism and the stock transfer transformation system to bring incremental space; meanwhile, the cancellation of the restrictions on the foreign exchange shareholding ratio of securities brokerage funds will bring a large number of financial IT system construction orders.Oriental International provides integrated solutions, and the company is expected to expand more customers; gradually, financial market reforms such as new asset management regulations and MOM products will release incremental demand from downstream customers. The company’s investment in MOM products, public investment and consulting, financial budgeting, and wealth management subsidiariesAnd other businesses have comprehensive integrated solutions to provide strong support for future performance growth.
Financial technology is actively deployed. Emerging products continue to decline, and the “Fintech Development Plan” is gradually proposed, which clarifies the development path of future financial technology. The company actively deploys in cloud computing, AI, and blockchain, and emerging products continue to decline.
Recently, the NewCloud platform jointly released by the company and Alibaba Cloud provides a full-stack cloud solution, accelerating the financial system to the cloud, and helping financial institutions transform to meet customer business needs.
At the same time, with the blockchain technology gradually entering the industry landing cycle, the Fantai chain launched by Hang Seng is based on HSL2.
0Technical architecture helps financial institutions to implement alliance blockchain business applications, streamline processes and improve efficiency. AI technologies such as knowledge maps are used more widely in business scenarios such as asset management.
Third, investment recommendations We predict that the net profit attributable to mothers will be 13 in 2019-2021.
470,000 yuan, EPS 1.
05 yuan, corresponding to the current PE is 54/49/43 times.
As a leading company in the financial IT industry, in the context of financial supply-side reforms, the company’s future growth of financial IT business is highly certain. At the same time, the company’s advantages in the field of financial technology are optimistic. Selecting comparable companies in the industry is 82/76 in 19-20We maintain the “Recommended” level.
4. Risk warning: policy advancement is less than 北京夜网 expected, business development is less than expected