公(gong)(gong)(gong)(gong)司(si)(si)于2017年1月5日發布并(bing)(bing)購預案修訂稿,擬(ni)以約(yue)7.98億(yi)(yi)元(yuan)對(dui)價(jia)收(shou)購維恩貝(bei)(bei)特約(yue)94.94%的(de)(de)股(gu)權(quan),同時公(gong)(gong)(gong)(gong)告公(gong)(gong)(gong)(gong)司(si)(si)股(gu)票將于2017年1月6日開(kai)市(shi)起復牌。維恩貝(bei)(bei)特的(de)(de)銀(yin)行(xing)(xing)IT服務(wu)(wu)實(shi)(shi)力(li)(li)突出、客(ke)戶(hu)基礎(chu)較(jiao)(jiao)為(wei)廣泛、利潤(run)體量較(jiao)(jiao)大(da),是(shi)銀(yin)行(xing)(xing)IT行(xing)(xing)業(ye)(ye)(ye)的(de)(de)稀缺(que)標的(de)(de),收(shou)購價(jia)格較(jiao)(jiao)為(wei)合(he)理。其業(ye)(ye)(ye)績增(zeng)速(su)遠超行(xing)(xing)業(ye)(ye)(ye)水平,若并(bing)(bing)購實(shi)(shi)施(shi),將顯著增(zeng)厚上市(shi)公(gong)(gong)(gong)(gong)司(si)(si)業(ye)(ye)(ye)績。公(gong)(gong)(gong)(gong)司(si)(si)繼(ji)電信、政府行(xing)(xing)業(ye)(ye)(ye)之后(hou),重(zhong)點進軍金(jin)融領(ling)(ling)域,已形成“交易所(suo)+結算公(gong)(gong)(gong)(gong)司(si)(si)+保險”的(de)(de)多層次金(jin)融客(ke)戶(hu)結構,此次并(bing)(bing)購有望補強天源迪(di)科(ke)在銀(yin)行(xing)(xing)業(ye)(ye)(ye)的(de)(de)技術與市(shi)場實(shi)(shi)力(li)(li),有助于實(shi)(shi)現(xian)大(da)數據、移動互聯網等(deng)新業(ye)(ye)(ye)務(wu)(wu)在銀(yin)行(xing)(xing)市(shi)場的(de)(de)突破,符(fu)合(he)公(gong)(gong)(gong)(gong)司(si)(si)在金(jin)融領(ling)(ling)域的(de)(de)發展(zhan)戰略。公(gong)(gong)(gong)(gong)司(si)(si)是(shi)大(da)數據行(xing)(xing)業(ye)(ye)(ye)龍(long)頭(tou),在電信、政府、金(jin)融、大(da)型傳統(tong)行(xing)(xing)業(ye)(ye)(ye)等(deng)領(ling)(ling)域的(de)(de)大(da)數據和(he)移動互聯網業(ye)(ye)(ye)務(wu)(wu)布局領(ling)(ling)先,與阿(a)里、騰訊(xun)、華為(wei)等(deng)巨頭(tou)深度合(he)作,實(shi)(shi)力(li)(li)彰(zhang)顯,我(wo)們(men)看好公(gong)(gong)(gong)(gong)司(si)(si)未來的(de)(de)發展(zhan)。假設(she)維恩貝(bei)(bei)特于2017年10月開(kai)始并(bing)(bing)表,預測公(gong)(gong)(gong)(gong)司(si)(si)2016-2018年分(fen)別實(shi)(shi)現(xian)營業(ye)(ye)(ye)收(shou)入22.84億(yi)(yi)元(yuan)、31.64億(yi)(yi)元(yuan)和(he)43.25億(yi)(yi)元(yuan),分(fen)別實(shi)(shi)現(xian)凈利潤(run)1.11億(yi)(yi)元(yuan)、1.90億(yi)(yi)元(yuan)和(he)2.94億(yi)(yi)元(yuan),維持“強烈(lie)推薦”評(ping)級。

　　投資要點

　　維恩貝特銀(yin)(yin)行(xing)(xing)IT服(fu)務(wu)(wu)(wu)實(shi)力雄厚,業務(wu)(wu)(wu)覆蓋多(duo)個大(da)中城市(shi)。并(bing)購標的維恩貝特成立于2009年(nian),主(zhu)要(yao)業務(wu)(wu)(wu)骨(gu)干(gan)來自于領先的銀(yin)(yin)行(xing)(xing)核(he)心業務(wu)(wu)(wu)系統廠商(shang)(shang)(shang)高(gao)陽科技(0818.HK),熟悉銀(yin)(yin)行(xing)(xing)業務(wu)(wu)(wu)并(bing)具(ju)有豐(feng)富的項(xiang)目實(shi)施經驗。維恩貝特圍繞核(he)心業務(wu)(wu)(wu)系統不斷拓寬業務(wu)(wu)(wu)范圍,形成IT規劃和(he)需求分(fen)析(xi)、客(ke)戶(hu)(hu)化(hua)開發與(yu)集成、測(ce)試服(fu)務(wu)(wu)(wu)、運維支持培訓服(fu)務(wu)(wu)(wu)、軟件開發外包服(fu)務(wu)(wu)(wu)等(deng)(deng)多(duo)元化(hua)業務(wu)(wu)(wu)體系。維恩貝特在(zai)北京、上海、深圳、珠海、澳門設立分(fen)支機構,并(bing)與(yu)安永、塔(ta)(ta)塔(ta)(ta)和(he)IBM等(deng)(deng)巨頭公司(si)深度合作,業務(wu)(wu)(wu)覆蓋國(guo)(guo)內外近30多(duo)個大(da)中城市(shi),主(zhu)要(yao)服(fu)務(wu)(wu)(wu)大(da)中型商(shang)(shang)(shang)業銀(yin)(yin)行(xing)(xing),客(ke)戶(hu)(hu)包括交行(xing)(xing)、中行(xing)(xing)、工行(xing)(xing)、建行(xing)(xing)等(deng)(deng)國(guo)(guo)有銀(yin)(yin)行(xing)(xing),以(yi)及平安銀(yin)(yin)行(xing)(xing)、華夏銀(yin)(yin)行(xing)(xing)等(deng)(deng)股份制商(shang)(shang)(shang)業銀(yin)(yin)行(xing)(xing)和(he)上海農商(shang)(shang)(shang)行(xing)(xing)、蘇州銀(yin)(yin)行(xing)(xing)、寧波通商(shang)(shang)(shang)銀(yin)(yin)行(xing)(xing)等(deng)(deng)城市(shi)商(shang)(shang)(shang)業銀(yin)(yin)行(xing)(xing)。

　　維(wei)(wei)恩(en)貝特(te)(te)業(ye)績(ji)增(zeng)速遠超行(xing)(xing)(xing)業(ye),收(shou)購(gou)價格較(jiao)為合理(li)。維(wei)(wei)恩(en)貝特(te)(te)業(ye)績(ji)增(zeng)長(chang)強(qiang)勁,2015年實現(xian)歸母凈(jing)利(li)(li)潤2,869.83萬(wan)元,同比增(zeng)長(chang)38.1%,遠超2015年國內銀行(xing)(xing)(xing)業(ye)IT解決方案市場23.5%的(de)增(zeng)速(IDC統計);2016年上半年,維(wei)(wei)恩(en)貝特(te)(te)業(ye)績(ji)延續高增(zeng)長(chang)態勢,實現(xian)歸母凈(jing)利(li)(li)潤同比增(zeng)長(chang)26.4%。維(wei)(wei)恩(en)貝特(te)(te)的(de)銀行(xing)(xing)(xing)IT實力(li)獲得市場認可,若實施并(bing)(bing)購(gou)將顯著增(zeng)厚(hou)上市公(gong)司業(ye)績(ji)。收(shou)購(gou)PE方面,維(wei)(wei)恩(en)貝特(te)(te)于2016-2018年承諾分別實現(xian)凈(jing)利(li)(li)潤不低于3800萬(wan)元、4750萬(wan)元和5940萬(wan)元,取三年均值為4830萬(wan)元,對應PE為17.4倍。維(wei)(wei)恩(en)貝特(te)(te)技(ji)術實力(li)突出、客戶基(ji)礎較(jiao)為廣(guang)泛、利(li)(li)潤體量(liang)較(jiao)大(da),是銀行(xing)(xing)(xing)IT行(xing)(xing)(xing)業(ye)的(de)稀缺標的(de),其(qi)估值仍(reng)處合理(li)水(shui)平。同時,交易對價的(de)91.18%為股(gu)份支(zhi)付,彰(zhang)顯并(bing)(bing)購(gou)雙方對未來發展的(de)信(xin)心(xin)。