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计算机：化债对于计算机行业影响最大的三个方向
Guotai Junan Securities·2024-10-14 03:39

Industry Investment Rating - The report assigns an "Overweight" rating to the computer industry [2][3] Core Views - The report highlights the positive impact of debt resolution on the computer sector, particularly in three key areas: financial IT, Xinchuang (信创), and government IT [4] - Financial IT is expected to benefit from technological empowerment in asset management companies (AMCs), with companies like Yuxin Technology potentially transitioning to a SaaS model [4] - Xinchuang is seen as a primary investment direction for local governments post-debt resolution, with potential for strong recovery in government-related Xinchuang investments [4] - Government IT spending is expected to rebound, benefiting companies like New Point Software and Digital China, with potential for increased profitability as projects progress [4] Recommended Stocks - Key recommended stocks include Yuxin Technology (300674 SZ), Jingbeifang (002987 SZ), Kingsoft Office (688111 SH), Chinasoft International (301236 SZ), TOWEI Information (002261 SZ), New Point Software (688232 SH), and Digital China (300075 SZ) [4][6] - Beneficiary stocks mentioned include Taiji Computer, Hygon Data, Runhe Software, Boss Software, and Zhongke Jiangnan [4] Valuation and Performance Metrics - Yuxin Technology: Closing price of 18 69 RMB, 2024E EPS of 0 47 RMB, 2024E PE of 39 77 [6] - Jingbeifang: Closing price of 16 20 RMB, 2024E EPS of 0 55 RMB, 2024E PE of 29 45 [6] - Kingsoft Office: Closing price of 246 27 RMB, 2024E EPS of 3 72 RMB, 2024E PE of 66 20 [6] - Chinasoft International: Closing price of 58 17 RMB, 2024E EPS of 0 66 RMB, 2024E PE of 88 14 [6] - TOWEI Information: Closing price of 18 98 RMB, 2024E EPS of 0 07 RMB, 2024E PE of 271 14 [6] - New Point Software: Closing price of 31 41 RMB, 2024E EPS of 0 73 RMB, 2024E PE of 43 03 [6] - Digital China: Closing price of 16 83 RMB, 2024E EPS of 0 41 RMB, 2024E PE of 41 05 [6] Related Reports - The report references several related studies, including "Tax Reform Enters Implementation Phase, IT Construction Demand Accelerates" and "Pure Blood HarmonyOS Public Beta, HarmonyOS Ecosystem Accelerates" [5]