Huichen Information provides data analysis services to industry head customers and government agencies by combining data science and technology with vertical domain professional analysis methods and models, and is a domestic leader in providing market research services to multi-industry head customers by means of data analysis.
Main points:
The core competitiveness of Huichen Information: (1) data analysis based on in-depth industry understanding and corresponding solution capabilities; (2) equity incentives to bind core employees.
The compound growth rate of the data service industry will not be less than 30% in the next 3 years, and the traffic scenario is expected to break out, with an average annual growth rate of 10-20% in market research in the next 3 years. (1) data is an important asset, and value innovation based on data flow shows an explosive trend. (2) the revenue compound growth rate of the head market research company in the next 3 years is expected to reach 10-20%. The forecast data is reasonably calculated with reference to the growth rate of the leading consulting institutions at home and abroad.
It is estimated that the compound annual growth rate of revenue / gross profit from 2020 to 2022 will be 10.08% and 9.97%.
The revenue of Huichen Information is accumulated by thousands of market research contracts of leading enterprises in communications, fast consumer, tobacco, automobile and other industries, with stable demand and gross profit margin. It is expected that revenue and gross profit will increase by about 10% from 2020 to 2022.
Profit forecast and valuation. It is estimated that the net profit of homing from 2020 to 2022 is 6708.70, 8023.27, respectively, with an annual compound growth rate of 13.66%. Combined with the business characteristics, we select the far-reaching interconnection and amethyst storage of Towers, Huina Technology and Science and Technology Innovation Board, which are relatively small in market value, as comparable targets, and give them the highest valuation level of 70 times the price-to-earnings ratio of the company. the corresponding reasonable valuation is 4.696 billion yuan, the target price is 63.22 yuan, covered for the first time, given the "buy" rating.
Risk hint
The risk of non-recovery of accounts receivable, the risk that the performance of participating companies and M & A companies is not up to expectations, the risk of compliance in the use of data, the risk of low shareholding by the actual controller, liquidity risk, systemic risk and so on.