This report is read as follows:
The company's research and development increases to speed up the promotion of BIM-related products, 2020H1 performance decline affected by the epidemic, 2020H2 growth is expected to return. Maintain the "overweight" rating and maintain the target price of 17.83 yuan.
Main points of investment:
Research and development plus code to create a BIM platform to maintain the target price of 17.83 yuan. The company is still actively engaged in research and development under the epidemic, taking BIM+GIS as the industrial digital development engine, further optimizing the underlying technical route and product architecture system, and accelerating the research and development of BIM-related products. Taking into account the impact of the epidemic, the net profit forecast for 2020-2022 is 3.41 (- 0.56), 4.71 (- 0.49) and 6.13 (- 0.62) billion yuan, corresponding to EPS of 0.56,0.78,1.01 yuan. Reference to comparable companies, maintain the target price of 17.83 yuan, corresponding to the 2020 PE32X, maintain the "overweight" rating.
The epidemic affects the performance in the first half of the year and waits for growth to return in the second half of the year. Affected by the epidemic, 2020H1 in addition to the design plate, infrastructure management and distribution of electricity plate business has declined significantly. Under the influence of the epidemic, 2020H1 achieved a revenue of 194 million yuan from the design sector by selling product-oriented 3D design software and relying on online design institutes to provide 3D design services, an increase of 15.8% over the same period last year. In the second half of the year, all work will gradually return to the right track, and growth is expected to return to its position.
BIM research and development accelerated, striving to be the leader of BIM and infrastructure management informatization. The company uses BIM+GIS as the industrial digital development engine, further optimizes the underlying technical route and product architecture system, and speeds up the research and development of rapid application development platform, mobile application platform, BIM graphics engine, BIM project management platform, BIM visual operation and maintenance platform, and GIS digital earth application product platform. At the same time, in the field of power grid design, the company continues to improve the product system, launch cost products, and gradually realize the integration of design, calculation and cost. The company is expected to become a leader in the whole life cycle technology of BIM and infrastructure management information and intelligent infrastructure.
Catalyst: the state issued a new policy on power reform and signed a large order for the construction of distribution network.
Core risk: the development of the distribution power business is not as expected and the second outbreak of the epidemic