金证股份20241210

Company and Industry Overview * Company: Jinzheng Information Technology Co., Ltd. (Jinzheng) * Industry: Financial Technology, IT Distribution, Digital Economy * Focus: Financial IT, IT Distribution, Digital Economy Key Points Business Performance * Revenue: 34.78 billion yuan in the first three quarters, down 14.07% year-on-year. * Financial IT: Growth of nearly 20% in previous years, but only a moderate performance this year due to the financial industry's cost reduction and budgetary constraints. * Non-financial IT: Impacted by macroeconomic environment, with IT distribution and smart city businesses facing challenges. Strategic Focus * Double Foundation Business: Focus on securities and wealth management IP businesses. * Third Foundation Business: Self-owned technology. * New Generation Core Trading System: Launched for securities and wealth management. * FS2.5 and A8: Core products for securities and wealth management, with FS2.5 successfully launched at Zhongxin Wealth Securities and A8 with most core components implemented at Zhongxin Securities Wealth Management. * Self-owned Technology: Secured project wins in the fourth quarter. Market Opportunities and Challenges * New Generation Transformation: Accelerating the transformation of financial institutions to core trading software. * IT Investment: Market recognition of IT investment is changing, with regulators encouraging increased investment in IP. * Non-financial Businesses: Focus on optimizing business structure and profit levels. Competition * Competitors: Hengsheng Electronics, Zhongguancun Information, and Donghua Software. * Competitive Advantage: Different technical routes, service models, and customer bases. * Market Opportunities: Larger market and more suppliers in industries like banking and smart city integration. Partnerships * Huawei: Collaborations in securities core trading, wealth management core trading, and financial cloud scenarios. * New Generation Products: SS2.5 and A8 for securities and wealth management, respectively. * Impact on Performance: Enhancing the maturity and stability of core trading system solutions in the domestic new generation field. New Generation Transformation * Regulatory Requirements: Encouraging financial institutions to complete new generation transformation by 2027. * Industry Demand: Significant market demand for new generation transformation. * Implementation Time: Approximately one to two years for a company to complete the transformation of all products. Other Points * IT Distribution: Low profit margin, actively controlling the scale. * Digital Economy: Focus on first-tier cities like Shenzhen. * AI Big Model: Internal application and integration into product offerings. * Performance Impact: Not yet reflected in business income or performance.