Domestic established surveying and mapping enterprises continue to consolidate their leading position in the industry. 1) Company profile: surveying and Mapping shares, formerly known as Nanjing Institute of surveying and Mapping, was established in 1991 and completed the system reform in 2004. The business includes the full cycle of urban planning, construction and management, as well as spatio-temporal information integration services for various industries. 2) income split: the company's income includes several major sectors, such as engineering surveying technical services, geographic information system integration and services, surveying and mapping services, and so on. According to the 2022 annual report, the above three businesses account for 53%, 25% and 18% of the income respectively.

Based on regional advantages and mature business, continue to forge ahead to create a new growth pole. 1) leading position in the industry: as the first restructured provincial capital city surveying and surveying Institute, the company ranks first in the geographic information industry of Jiangsu Province; at the same time, the company ranks first among the top 100 enterprises in the national geographic information industry in 2016-2023, and the company ranks 19th among the top 100 enterprises in China's geographic information industry in 2023. 2) sufficient orders on hand: the business will expand outside the province with Nanjing, Jiangsu as the center, and the market outside the province is expected to become an important driving force for future growth. In the first half of 2023, the company had 2.02 billion orders on hand, of which 26% were orders made outside the province. The effect of the company's market layout outside the province is gradually being released. At present, the company has formed a market layout dominated by the Yangtze River Delta and Dawan area, supplemented by the markets of Anhui, Hubei, Henan, Beijing, Sichuan and other provincial central cities. 3) the qualification is comprehensive and has the conditions for the integrated development of many subdivision fields: the company has the highest grade qualification certificate in the field of engineering survey, that is, the comprehensive grade A qualification of engineering investigation, this qualification certificate covers all professional projects of all grades except marine engineering survey, the company has 9 professional Class A surveying and mapping qualifications and a number of other qualifications, which is expected to expand and integrate to multiple subdivision fields by virtue of the overall advantages of qualifications.

Deeply ploughing the base of geospatial data elements to cultivate core competitiveness and create a "moat" to continuously explore a new urban management model. 1) with the accumulation of a large amount of industry data, there are great prospects in the field of data elements in the future: the company ploughs deep into mid-stream data collection and processing, and downstream data applications, with rich accumulation of spatio-temporal data; from the perspective of medium-and long-term strategic planning, relying on data elements, the company will mainly focus on the two major areas of intelligence and comprehensive management of underground space in the next three years, actively promoting transformation and development. In the future, the company will closely follow the relevant policies and regulations of national to local "data entry table", and the entry of data elements is expected to better reflect the value of the company. 2) the business of urban life safety line in Jiangsu Province is expected to become another important driving force: the company has a good data base in Jiangsu Province, continues to build the project of urban life safety line in Jiangsu Province, focusing on urban public safety management, and finally realizes a Netcom management to achieve timely detection of urban lifeline safety risks and accurate risk prediction and early warning. The lifeline projects of seven pilot cities in Jiangsu Province, including Nanjing, are progressing steadily. In July 2023, the company won the bid for Nanjing Wisdom Water Affairs Phase II-Urban Lifeline Safety Project pilot construction project, with a winning bid amount of 18.18023 million yuan.

Investment suggestion: the company is the leader in the field of domestic surveying and mapping, and continues to expand the market based on its own advantages, with sufficient orders on hand; at the same time, it is expected to open up long-term development space by grasping data elements, urban lifeline and other important business. It is expected that the 2023-2025 net profit of homing will be 0.84pm, respectively, and the corresponding PE will be 27X, 20X and 15X respectively, and the first coverage will be given a "recommended" rating.

Risk tips: the risk of increased competition in the industry; new business development is not as expected; the release of industry demand is not as fast as expected.