The smooth advance from Port Informatization to Wisdom Port
The information construction of the port will continue to take "security" as the main axis, and show the characteristics of "high barrier + customization". "Safety" is the main axis of port construction in our country, but due to the diversity of border ports and the different needs of different ports, the industry has the characteristics of "high barriers + customization" at the same time, so for the selection of suppliers, having mature and perfect benchmarking projects is the primary evaluation standard.
The development process of the company is the epitome of the wisdom port.
After ploughing the port market for 20 years, the "shallow customization" under the "horizontal and vertical layout" breaks the traditional integrator model. In the port construction, the company's "high strategy" is reflected in its "horizontal and vertical layout", that is, pushing through the old and bringing forth the new vertically, and continuously deepening the product phalanx with "points and areas". Horizontally broaden the application scene, and realize the "shallow customization" of the software side based on the understanding of the industry, in order to improve the reusability of the port solution, which is precisely the company's annual compound growth rate of revenue of more than 47% in the past five years. And the key to maintaining gross profit margin above 47%.
"expansion and Construction" of Wisdom Aviation Port under Airport Business
The aviation industry is a key industry supporting China's economic development, and the epidemic situation does not change the growth trend. According to the 14th five-year Plan of civil aviation
The development plan shows that the future includes new construction, continuation, reconstruction and expansion. We believe that with the further strengthening of China's opening up to the outside world, the number of air ports will usher in growth, driving the expansion of the overall market at the same time, and the company as an industry leader will also be the first to benefit. According to estimates, in the case of pessimism, neutrality and optimism, the corresponding airport business increment space will reach 423 million yuan / year, 846 million yuan / year and 1.481 billion yuan / year respectively by 2025.
Investment suggestion
It is estimated that the company's revenue will be 1.77 billion yuan in 21-23 years, and its net profit will be 2.29 billion yuan. The current market capitalization of the company will be 20 times as much as that in 23 years, with a PE of 27,000,000 yuan. Taking into account the particularity of the smart port, we believe that the company has an obvious competitive advantage, and has achieved a leap to the product merchant. At the same time, considering the future incremental space of the market, we think that the company has a broad space for growth. Cover for the first time and give a "recommended" rating.
Risk hint
The risk of recurrent epidemic; the digital transformation is not as expected; the increased demand for customized projects brings the risk of a decline in gross profit margin.
