Group 1 - The company focuses on providing comprehensive IT solutions for the financial sector, with strong market competitiveness and high market share in various financial institutions [1] - In 2023, the company shifted its R&D and business upgrade direction towards artificial intelligence, establishing an AI and financial big data division to enhance its fintech offerings [1] - The company participated in a closed-door meeting with Ant Group to explore new cooperation directions in the AI application market for banking [1] Group 2 - In the first half of 2025, the company's main financial technology business achieved revenue of 520 million yuan, a year-on-year increase of 2.74%, with net profit attributable to shareholders reaching 13.83 million yuan, up 60.35% [2] - The software development and service business generated revenue of 478 million yuan, a 6.87% increase, while the lower-margin system integration and service business saw a decline of 28.70% [2] - The company improved its operational quality by enhancing expense audits and performance assessments, resulting in decreased expense ratios for sales, management, and R&D [2] Group 3 - The company plans to integrate its financial solutions with the DeepSeek platform to leverage AI technology for innovative applications in the financial sector [3] - In the credit field, the company aims to enhance approval efficiency and risk management through intelligent decision-making systems and real-time monitoring [3] - The introduction of DeepSeek into the operations platform will create a Copilot intelligent assistant to improve operational efficiency [3] Group 4 - The company forecasts EPS of 0.12, 0.15, and 0.20 yuan for 2025-2027, with corresponding PE ratios of 210.70, 164.47, and 123.48 [4] - The establishment of the AI and financial big data division is expected to open new growth opportunities for the company [4] - The company has been rated "Accumulate" based on its potential for growth in the fintech sector [4]

Company Overview - Gao Weida Software Co., Ltd. is located in Chaoyang District, Beijing, and was established on April 11, 2003. The company went public on May 28, 2015. Its main business involves providing IT solutions, IT operation services, and system integration services primarily to financial enterprises such as banks, insurance companies, and securities firms. The revenue composition is 91.95% from software development and services, and 8.05% from system integration and services [1]. Stock Performance - As of September 12, Gao Weida's stock price decreased by 2.01% to 24.82 CNY per share, with a trading volume of 5.07 billion CNY and a turnover rate of 4.55%. The total market capitalization is 110.14 billion CNY [1]. - Year-to-date, Gao Weida's stock price has increased by 35.19%. In the last five trading days, it has decreased by 1.27%, while it has increased by 48.62% over the last 20 days and 60.44% over the last 60 days [1]. Financial Performance - For the first half of 2025, Gao Weida achieved a revenue of 520 million CNY, representing a year-on-year growth of 2.74%. The net profit attributable to shareholders was 13.83 million CNY, showing a significant year-on-year increase of 60.35% [2]. Shareholder Information - As of August 29, the number of shareholders for Gao Weida was 56,700, a decrease of 17.68% from the previous period. The average number of circulating shares per person increased by 21.48% to 7,823 shares [2]. - The company has distributed a total of 45.99 million CNY in dividends since its A-share listing, with no dividends distributed in the last three years [3]. Institutional Holdings - As of June 30, 2025, the third-largest circulating shareholder is the Huabao Zhongzheng Financial Technology Theme ETF, holding 2.6551 million shares, an increase of 200,200 shares from the previous period. The Hong Kong Central Clearing Limited is the eighth-largest circulating shareholder, holding 727,100 shares as a new shareholder [3].

Investment Rating - The report initiates coverage with an "Accumulate" rating for the company [5]. Core Views - The company, a veteran in the banking IT service sector with over 20 years of experience, is expected to create a new growth curve through AI Agent and intelligent financial big data services [2][11]. - The target price for 2026 is set at 30.69 CNY, based on a combination of PE and PS valuation methods, considering the growth potential of the company's innovative business [11][24]. Financial Summary - Total revenue is projected to decline from 1,404 million CNY in 2023 to 1,176 million CNY in 2024, before rebounding to 2,545 million CNY by 2027, reflecting a CAGR of 26.5% from 2025 to 2027 [4][12]. - Net profit attributable to the parent company is expected to grow significantly from 29 million CNY in 2023 to 232 million CNY in 2027, with a notable increase of 148.8% in 2026 [4][12]. - Earnings per share (EPS) are forecasted to rise from 0.06 CNY in 2023 to 0.52 CNY in 2027 [4][12]. Business Overview - The company is a leading provider of IT solutions for the financial industry, primarily serving banks, insurance, and securities firms, with a strong market presence in credit and risk management systems [25]. - The company has established a partnership with Ant Group to explore AI applications in banking, aiming to enhance its service offerings and operational efficiency [11][29]. Strategic Initiatives - The establishment of an AI and financial big data division aims to develop a leading financial AI Agent application service platform, transitioning to a profit-sharing operational model [11][31]. - The strategic investment in DACS positions the company as a bridge to integrate traditional financial systems with Web3.0 and digital currency [11][32]. Earnings Forecast and Valuation - Revenue growth is anticipated across various business segments, with software services expected to grow at 10% in 2025, while innovative business revenue is projected to increase significantly [15][18]. - The company is valued using both PE and PS methods, with a projected PE of 110x for 2026, leading to a reasonable valuation of 27.36 CNY per share [20][22].

Market Overview - The Shanghai Composite Index rose by 1.65% on September 11, with 31 out of 41 sectors experiencing gains, led by the communication and electronics sectors, which increased by 7.39% and 5.96% respectively [1] - The net inflow of capital in the two markets reached 34.518 billion yuan, with 11 sectors seeing net inflows, primarily in the electronics sector, which attracted 21.723 billion yuan [1] Computer Industry Performance - The computer industry saw a rise of 3.71%, with a net capital inflow of 8.479 billion yuan, and out of 335 stocks in this sector, 311 stocks increased in value, while 20 stocks declined [2] - The top three stocks by net capital inflow in the computer sector were Zhongke Shuguang with 1.878 billion yuan, followed by Zhinan Zhen and Inspur Information with 744 million yuan and 555 million yuan respectively [2] Capital Inflow and Outflow - The capital inflow leaderboard in the computer industry included Zhongke Shuguang (10.00% increase), Zhainan Zhen (9.20% increase), and Inspur Information (7.11% increase) [2] - The capital outflow leaderboard featured Gaweida with a slight decrease of 0.24%, followed by Langxin Group with a 4.27% decrease, and Jiadu Technology with a 0.14% decrease [3]

Company Overview - Gao Weida Software Co., Ltd. is located in Chaoyang District, Beijing, and was established on April 11, 2003. The company went public on May 28, 2015. Its main business involves providing IT solutions, IT operation services, and system integration services primarily to financial enterprises such as banks, insurance companies, and securities firms. The revenue composition is as follows: software development and services account for 91.95%, while system integration and services account for 8.05% [1]. Stock Performance - On September 11, Gao Weida's stock fell by 6.1%, trading at 23.84 CNY per share, with a transaction volume of 169 million CNY and a turnover rate of 1.56%. The total market capitalization is 10.579 billion CNY [1]. Shareholder Information - Among the top ten circulating shareholders of Gao Weida, a fund under Huabao Fund holds a significant position. The Huabao CSI Financial Technology Theme ETF (159851) increased its holdings by 200,200 shares in the second quarter, bringing its total to 2.6551 million shares, which represents 0.6% of the circulating shares. The estimated floating loss today is approximately 4.1154 million CNY [2]. Fund Performance - The Huabao CSI Financial Technology Theme ETF (159851) was established on March 4, 2021, and currently has a total scale of 5.731 billion CNY. Year-to-date, it has achieved a return of 26.46%, ranking 1462 out of 4222 in its category. Over the past year, the return is 142.56%, ranking 23 out of 3798. Since its inception, the return is 81.02% [2]. Fund Management - The fund managers of the Huabao CSI Financial Technology Theme ETF are Chen Jianhua and Cao Xucheng. As of the latest update, Chen Jianhua has a cumulative tenure of 12 years and 267 days, managing assets totaling 15.533 billion CNY, with the best fund return during his tenure being 159.42% and the worst being -49.65%. Cao Xucheng has a tenure of 113 days, managing assets of 22.018 billion CNY, with the best return of 71.4% and the worst return of 6.29% during his tenure [3].

Core Viewpoint - The company, Gao Weida, is maintaining strong strategic partnerships with various collaborators to provide better solutions and services to clients, while focusing on high-quality development by leveraging quality resources along the industry chain [1] Group 1 - The company is actively engaging with numerous partners to enhance business-level strategic collaboration [1] - The company aims to continuously monitor and utilize quality resources from both upstream and downstream of the industry chain [1] - The focus is on promoting high-quality development for the company [1]

Core Viewpoint - Recent regulatory policies have led to rapid growth in the retail credit market, presenting significant opportunities for banks and financial technology companies [1][2] Group 1: Retail Credit Market - The retail loan market shows substantial growth potential, but banks face challenges such as insufficient data support and difficulties in adapting to internet company models [1] - High Weida (300465) aims to capitalize on this market opportunity by providing intelligent data solutions that cover the entire loan lifecycle [1] Group 2: High Weida's Strategy - High Weida has developed a comprehensive data service system centered on "AI modeling + financial big data + AI Agent," addressing pain points in retail credit [1] - The system includes pre-loan marketing, customer profiling, risk assessment, tracking customer information during the loan process, and post-loan asset management [1] Group 3: Collaboration with Internet Companies - Collaborations with internet companies are crucial for High Weida's data business development, enhancing its technical capabilities and data resources [1] - The acquisition of internet service providers has laid a foundation for High Weida to build customer profiles and optimize data flow [1][2] Group 4: Industry Outlook - The rapid development of the digital economy and the marketization of data elements present growth opportunities for fintech companies with data processing and AI modeling capabilities [2] - High Weida's strategic advantages in policy sensitivity, technical strength, and partnerships with internet giants position it well for accelerated growth in the data market [2]

Company Overview - Gao Weida Software Co., Ltd. is located in Chaoyang District, Beijing, and was established on April 11, 2003, with its listing date on May 28, 2015 [1] - The company primarily provides IT solutions, IT operation services, and system integration services to financial enterprises, including banks, insurance, and securities [1] - The revenue composition of the company is 91.95% from software development and services, and 8.05% from system integration and services [1] Stock Performance - On September 5, Gao Weida's stock rose by 5.66%, reaching a price of 25.56 CNY per share, with a trading volume of 614 million CNY and a turnover rate of 5.70% [1] - The total market capitalization of Gao Weida is 11.342 billion CNY [1] Shareholder Information - Among the top ten circulating shareholders of Gao Weida, Hua Bao Fund's Hua Bao Zhong Zheng Financial Technology Theme ETF (159851) increased its holdings by 200,200 shares in the second quarter, bringing its total to 2.6551 million shares, which accounts for 0.6% of the circulating shares [2] - The estimated floating profit from this increase is approximately 3.6375 million CNY [2] Fund Performance - Hua Bao Zhong Zheng Financial Technology Theme ETF (159851) was established on March 4, 2021, with a current size of 5.731 billion CNY [2] - Year-to-date, the fund has achieved a return of 26.1%, ranking 1122 out of 4222 in its category; over the past year, it has returned 145.48%, ranking 9 out of 3795; and since inception, it has returned 80.5% [2] Fund Management - The fund manager, Chen Jianhua, has a tenure of 12 years and 261 days, with a total fund asset size of 15.533 billion CNY, achieving a best return of 148.5% and a worst return of -49.65% during his tenure [3] - Co-manager, Cao Xucheng, has been in the role for 107 days, managing assets totaling 21.71 billion CNY, with a best return of 71.92% and a worst return of 6.53% during his tenure [3]

Group 1 - The company, Gao Weida, reported that as of August 29, 2025, the number of shareholders is 56,719 [2]

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