Zeda Yisheng suggested purchase range: 19.61-28.02 yuan
Company profile
Company profile: the company is mainly engaged in software development, system integration and technical services of supervision service informatization and agricultural informatization in the field of food, drug production and circulation.
Customer groups: the company's customers are mainly state-owned enterprises, drug and food regulatory departments and other government agencies, large private enterprises. The biggest customer is China Telecom Corporation.
Industry overview
Industry scale and growth: the company is mainly engaged in information business, belonging to software and information technology service industry. Software and information technology service industry is the core force to lead scientific and technological innovation, drive economic and social transformation and development, and is the core support for building a manufacturing power and a network power. The development of big data technology has brought further changes to various industries, and the information industry will provide more information solutions around big data's application. Technical services tend to develop on a platform in the future.
Industry status
Industry status: in the field of pharmaceutical circulation information, the company provides information-based supervision products for provincial and municipal food and drug regulatory departments. In the field of pharmaceutical production informatization, the company has developed and constructed a digital intelligent management and control system of traditional Chinese medicine. In September 2019, after public bidding, the company became the first winning bidder of the 2019 intelligent manufacturing system solution provider "Intelligent Factory Integration-Medicine" project of the equipment Industry Department of the Ministry of Industry and Information Technology. The company's agricultural information products have occupied a certain market share in Zhejiang Province, Fujian Province, Sichuan Province and other provinces.
Technological advantages: the company is rated as a high-tech enterprise, with 18 invention patents, 130 software and software copyright, and established an academician expert workstation. Suzhou Zeda, a wholly owned subsidiary of the company, has won the second prize for scientific and technological progress of the Outstanding Achievement Award in Scientific Research (Science and Technology) issued by the Ministry of Education. 2019 honors such as the top ten scientific and technological advances in China's intelligent manufacturing awarded by the Association of Intelligent Manufacturing of China Science and Technology Association.
Comparison of inter-industry valuation
In order to ensure the comparability of the company's valuation, we combine the prospectus and A-share listed companies with similar business, and choose Weining Health, Venture Huikang, Heren Technology and Tide Software as comparable companies. After excluding the abnormal value, the price-to-earnings ratio of the comparable company in 2019 is 42.59-106.34 times, with an average of 82.01 times.
The company expects to achieve operating income of 1.08-113 million yuan in the first half of 2020, an increase of 4.66% to 9.51% over the same period last year; net profit is expected to be 2700-29 million yuan, up 5.24% to 13.03% over the same period last year; and the net profit after deduction is expected to be 2300-25 million yuan, an increase of 11.38% to 21.07%.
Relative to the average price-to-earnings ratio of comparable companies, Zeda Yi Sheng is given a discount of 44% of 61% under the caliber of EPS (deducted / diluted) in 2019, with a valuation range of 32.04-45.77 times PE. According to the calculation that the number of new shares issued in the prospectus does not exceed 20.78 million shares and the total share capital does not exceed 83.11 million shares, it is estimated that the market value after the issue is 16.30-2.329 billion yuan, and the corresponding issue price is 19.61-28.02 yuan per share.
Risk hint
1. Quotation risk: high report to eliminate risk, secondary game risk and so on.
two。 Fundamental risks of the company: technical risks, operational and internal control risks, etc.
