The company is a leading e-commerce SaaS company in the industry. Its core business is to provide SaaS products to e-commerce merchants based on e-commerce platforms, and provide value-added products and services such as supporting hardware, operation services, and CRM SMS on this basis.

Key points:

Guangyun Technology's core competitiveness: (1) it has a SaaS core technology system that adapts to e-commerce needs; (2) equity incentives bind core employees.

E-commerce SaaS product business: This year's revenue/gross profit compound annual growth rate is expected to be -17.97%/18.11%. (1) The e-commerce SaaS business has obvious life cycle attributes. The ability to continuously launch new SaaS businesses and manage business portfolios is the core competitiveness of Guangyun Technology. (2) The compound revenue/gross profit growth rates of super store managers in 2020-2022 are expected to be 4.55% and 4.83%, respectively. (3) Users and unit prices are rising steadily. Revenue and gross profit from courier assistants are expected to grow by 28.57% and 28.79% respectively in 2020-2022. (4) The compound growth rate of revenue and gross profit from the Wangdian series in 2020-2022 is expected to be 3.87% and 4.15%, respectively. (5) Other SaaS services: The compound revenue/gross profit growth rate for the next 3 years is 39.76%/40.13%, respectively.

Value-added products & services: This year's revenue/gross profit compound annual growth rate is expected to be -0.29%/-1.13%. Businesses such as supporting hardware, operation services, CRM and SMS help meet the daily operation of e-commerce, and future development is basically stable.

Profit forecasting and valuation. Net profit attributable to the mother in 2020-2022 is estimated to be 126/156/192 million yuan respectively, with a compound annual growth rate of 25.93%. The first coverage gave an “increase in holdings” rating.

Risk warning

E-commerce platforms rely on risk, uncertainty caused by the pandemic, technical risks, systemic risks, etc.