计算机行业预算一体化+电子凭证有望加速：新一轮财政政策催化，财政IT哪些方向受益？

Investment Rating - The report gives an "Overweight" rating for the fiscal IT industry, indicating a positive outlook for the sector [2]. Core Insights - The report highlights that the new round of fiscal policies is expected to benefit fiscal IT vendors, particularly through the acceleration of budget integration and electronic vouchers [2][4]. - Key areas of policy focus include increasing fiscal spending, tax reductions, and enhancing support for key groups, all of which require robust budget management systems [4][6]. - The fiscal IT sector is poised for growth due to the upgrade of budget management systems and the promotion of electronic vouchers, with potential market spaces estimated at over 10 billion for budget integration and 69.9 billion for electronic vouchers [2][11]. Summary by Sections Fiscal Policy Impact on IT Vendors - The report discusses how recent fiscal policies, including increased debt limits and special government bonds, will necessitate enhanced budget management systems [4]. - The integration of fiscal IT systems is crucial for effective monitoring and management of national finances, including cash management and transfer payments [4][6]. Growth Opportunities in Fiscal IT - The upgrade to Budget Management Integration System 2.0 is expected to enhance capabilities and support new fiscal policies, with a projected completion by 2025 [7][11]. - The electronic voucher system is set to expand significantly, with a nationwide market potential of 69.9 billion, driven by new regulatory requirements for accounting software [11][12]. Beneficiary Companies - Key beneficiaries identified include: - Bosi Software: Leading in fiscal IT with extensive coverage across provinces and a strong position in electronic voucher systems [12][16]. - Zhongke Jiangnan: Focused on electronic payment solutions and budget management, with significant advancements in healthcare data applications [20]. - Shuifu Co.: Positioned to benefit from the rollout of the unified electronic tax system and compliance products [19]. - Xindian Software: Expected to see growth from its digital procurement solutions and public resource trading platforms [21]. Financial Performance and Projections - The report provides financial performance metrics for key companies, indicating resilience in revenue growth despite external challenges [12][22]. - Projected revenue growth rates for these companies suggest a positive outlook, with significant contributions expected from new product offerings and market expansions [22].