Event: Shengshi Science and Technology won the bid for the first candidate for the customs information construction project in Beijing Zhongguancun Comprehensive Free Trade Zone. The company recently participated in the bidding for the customs information construction project of Beijing Zhongguancun Comprehensive Free Trade Zone, with the consortium led by the company as the first winning candidate.

The quoted price of the project is about 114 million yuan, which is expected to have a positive impact on the company's future business performance. The name of the project is the customs information construction project of Beijing Zhongguancun Comprehensive Free Trade Zone, the tenderer of the project is Beijing Zhongguancun Comprehensive Free Trade Zone Operation Service Co., Ltd., and the bidding agency is Beijing Investment Consulting Co., Ltd. The company's bid price is 114 million yuan and the delivery time is 157days.

Following the company's deep cultivation of domestic wisdom port business, Hainan business and overseas business, customs special supervision area business is expected to become a new growth point of the company. While consolidating the dominant position of Wisdom Port, the company is actively expanding the application of "AI+ industry". In recent years, the company focuses on the layout of the customs special supervision area represented by the comprehensive bonded area as the extension field of the port. After successfully winning the bid for several projects in the customs closure operation of Hainan Free Trade Port, the company's pre-middle specimen project further demonstrates the company's competitiveness in the business field of the customs special supervision area, and further develops and wins the market of the customs special supervision area for the company. To promote the business of special customs supervision areas to become a new profit growth point of the company to lay a solid foundation.

Investment suggestion: the full recovery of port clearance in the first half of the year, the rapid growth of the company's smart port performance, the stacking of Hainan business to actively promote the consolidation of the domestic leading position; at the overseas business level, the company continues to promote the delivery of overseas projects, and the delivery of Saudi NEOM, United Arab Emirates port and Cambodia airport project is nearing completion. Follow-up continuous attention to the company's business development in the customs special supervision area, the company is expected to achieve revenue of 23.94 / 29.07 / 3.548 billion yuan in 23-25 years, return to the mother net profit of 4.31 / 5.20 / 639 million yuan, corresponding to PE of 18.1 / 15.0 / 12.2X, maintain the "overweight" rating.

Risk tips: bid winning is not as expected, product research and development is not as expected, profitability decline risk, accounts receivable impairment risk.