中邮证券：首次覆盖京北方给予买入评级

Core Viewpoint - The report highlights Jingbeifang as a leading financial technology service provider in China, emphasizing its strong technological capabilities and potential involvement in the stablecoin industry, with a buy rating assigned for investment consideration [1][6]. Group 1: Company Overview - Jingbeifang is a prominent financial technology service provider in China, focusing on advanced technologies such as artificial intelligence, big data, cloud computing, blockchain, privacy computing, and digital twins to support clients' digital transformation [2]. - The company reported a revenue of 4.636 billion yuan in 2024, reflecting a year-on-year growth of 9.29%, with a net profit attributable to shareholders of 312 million yuan [2]. Group 2: Technological Capabilities - Jingbeifang has significant technical reserves in the stablecoin industry, participating in the IT infrastructure development and application pilot projects for digital currencies in mainland China and Hong Kong [3]. - The company has developed core products including a blockchain public service platform, a supply chain financial service platform, and a digital renminbi system, establishing a comprehensive software product and system construction capability [3]. Group 3: Client Ecosystem and Market Strategy - The company has built a diverse client ecosystem, actively expanding its business boundaries in cross-border payment, and has established a full-chain penetration in this area [4]. - Jingbeifang is focusing on non-bank financial institutions and internet platform companies to develop innovative applications in cross-border trade and supply chain settlement [4]. Group 4: Policy Environment and Market Opportunities - The recent enactment of the stablecoin legislation in Hong Kong has provided a legal framework for stablecoins, facilitating the application of blockchain technology in cross-border financial scenarios [5]. - Jingbeifang is leveraging this policy environment to enhance its business cooperation with digital currency operating institutions and to deepen the integration of RWA technology with supply chain financial platforms [5]. Group 5: Investment Outlook - The company is projected to have earnings per share (EPS) of 0.42, 0.48, and 0.58 yuan for the years 2025 to 2027, with corresponding price-to-earnings (PE) ratios of 37.66, 32.49, and 26.90 [6].