Lexus Software (A16232): Software outsourcing service provider to Japan transforms fintech solution provider
Started software outsourcing in Japan and transitioned to domestic financial technology solution providers.
The company was founded in 2003 and has been cooperating with Japan’s top financial service technology supplier Nomura Research Institute since 2004 to provide software extension services.
At present, the company is already the highest level (epartner) technology partner of Nomura Research.
In addition, the company also provides services to customers such as Japan TIS Corporation and Fujitsu.
In 2018, the company’s software outsourcing service revenue to Japan accounted for 82%.
63%, the top five customers replaced Japanese customers, accounting for 72% of revenue.
85%, of which Nomura comprehensive research income accounted for 44.
As the company’s end customers for software outsourcing services to Japan are mainly financial customers (accounting for 65% of revenue), the company has accumulated financial software research and development experience. Since 2010, the company has gradually turned to provide application software solutions to domestic financial companies.
At present, the company has accumulated more than 50 securities company customers such as Guotai Junan.
The experience of financial software development precipitates the advantages of research and development, and refined management improves operational efficiency.
1) The company has actively developed new technologies such as big data and cloud computing, artificial intelligence in the development of software for Japan, and applied them to the development of core systems of insurance companies and securities companies.
At present, there are 33 securities companies using the company’s large investment bank integrated management platform, 16 securities companies using the company’s CRM system, and 27 securities companies using the company’s MOT critical moment system.
The company has obtained CMMI level 5 certification, 4 invention patents, and 118 software copyrights.
2) The refined operation of the company resulted in the company’s per capita output value in 2018 of 31.
110,000 yuan, which is significantly higher than the listed companies such as Boyan Technology.
Focus on fintech in the future and raise funds 2.
6.5 billion was invested in research and development, and listed on the first standard.
The company will further develop big data, artificial intelligence and other technologies to combine it with the financial industry.
The company is preparing to raise funds to raise 2.
$ 6.5 billion international high-end software development center and a new generation of financial IT comprehensive application software.
The company chooses the listing criteria as follows: the expected market value is not less than 1 billion, and the net profit in the first two years is gradually positive and the increase is not less than 50 million yuan.
Financial indicators lead the industry, 佛山桑拿 and domestic industry solutions are growing rapidly. PE valuation is recommended.
The company’s per capita income 31.
110,000 yuan, the gross profit margin has been stable at 40% -42%, the net profit margin is 16% -20% in the past three years, the accounts receivable turnover is about 40 days, and the ROE has increased to 16 in 2018 in a row.
Financial indicators are among the best in the industry.
The company’s domestic industry solution revenues have grown at a compound rate over the three years 2015-201846.
The company belongs to the software expansion and application software development industry. Comparable companies are merged and the industry is relatively mature. It is recommended to use the PE method for forecasting.
Main risks: yen exchange rate risk, large customer dependence risk, financial software competition risk