The actual controller, Shenzhen SASAC, is a provider of overall solutions for digital urban transportation. The company was founded in 1996 and listed on the Shenzhen Stock Exchange in October 2021. It is the core subsidiary of Shenzhen Wisdom City Science and Technology Development Group and is actually controlled by Shenzhen SASAC. The company's business focuses on the field of urban transportation, and after more than 20 years of business development, it has become an important technical service unit of Shenzhen traffic decision-making department, and is committed to providing the world's leading digital urban transportation solutions and operation services. The company's customers are mainly government departments and their subordinate units, state-owned enterprises, etc. In 2021, the company undertook the 14th five-year Plan of Shenzhen Comprehensive Transportation, and landed the Zhanjiang Traffic big data decision support system (Phase II) and traffic planning package. The operating income reached 1.159 billion yuan, an increase of 6.47% over the same period last year, of which big data software and intelligent transportation, engineering design and testing, planning consulting services and others accounted for 24.42%, 30.74%, 44.82% and 0.02%, respectively.
National scientific research platform + self-developed core digital twin platform, science and technology-based state-owned enterprises. The company is a state-level R & D force, innovation-driven science and technology state-owned enterprises. The company has integrated transportation big data applied technology national engineering laboratory and integrated transportation big data processing and applied technology transportation industry R & D center and other national R & D platforms, leading to participate in national key R & D projects for 4 years in a row, forming key technologies covering the integrity of intelligent transportation, with R & D conversion rate of more than 70%. Self-developed core digital twin platform is one of the company's core competitiveness. Including 1) digital space base: the company integrates the top ecological mature basic engine and self-developed high precision fusion technology of GIS+BIM and dynamic and static data in the field of transportation, supporting rapid modeling of all-factor space, realizing one-month delivery of high-precision map and modeling of 100sq km, and precision fusion of dynamic data and static space decimeter. Through the high-level correlation of the knowledge graph of all elements such as land-building-house-right-person-thing-enterprise-car-road-environment, it carries the travel data of 45.22 million people, and realizes the accurate cognition of the travel rules of super-big cities in the future, and the data relevance is more than 90%. 2) dynamic and dynamic integrated traffic simulation: the company independently develops the industry-leading city-level, all-factor integrated simulation engine, the second calculation and deduction accuracy of static facility response is more than 90%, and the microscopic real-time dynamic simulation of 100000 individuals can be realized. the deduction time of traffic events is less than 5 seconds, and the accuracy of individual travel reduction and short-term prediction is more than 95%. 3) Multi-source heterogeneous data governance:
Provide the most professional full-field data and application system.
With the expansion of business to the whole country, the proportion of big data software and intelligent transportation contracts continues to increase. The company strives to expand the national market. In 2021, the company's operating income in Guangdong Province (except Shenzhen) reached 234 million yuan, an increase of 39.25 percent over the same period last year, accounting for 20.21 percent. The company achieved operating income of 217 million yuan outside Guangdong Province, up 38.42 percent, 18.69 percent, and 4.32 pct over the same period last year. The company's business structure has been continuously optimized, and the proportion of contracts between big data software and intelligent transportation business has continued to increase. In 2021, the company signed a new contract of 1.475 billion yuan, an increase of 26.50% over the same period last year. Among them, big data software and intelligent transportation / engineering design and testing / planning consultation newly signed 489 million yuan, accounting for 33.15%, 36.96%, 29.89%, and + 73.25%, 41.11%, 11.37%, respectively.
Investment advice. The company is an important technical service unit of Shenzhen traffic decision-making department. Big data has strong software and intelligent transportation technology. We estimate that the company's EPS in 22-23 will be 0.89 yuan and 1.11 yuan respectively, giving a 22-year price-to-earnings ratio of 40-42 times, a reasonable value range of 35.6-37.38 yuan, covering for the first time and giving a "better than the city" rating.
Risk hint. COVID-19 's epidemic situation is repeated, the landing of the policy is not as expected, and the business development is not as high as expected.