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普联软件(300996):ERP深化 EPM&EAM开启新空间

Universal Software (300996): ERP deepens EPM & EAM to open up new space

中郵證券 ·  Oct 30, 2023 00:00

Serve the customers of large group enterprises, equity incentives guide high growth

Pu Lian Software Co., Ltd. was founded in 2001, is a large group of enterprise management information integrated solution provider. In 2022, the company fully launched the research and development of Xinchuang ERP; in the first half of 2023, the company continued to promote the treasurer business and won a number of projects. The company has gradually established the development strategy of focusing on strategic customers and advantageous business, and is actively expanding related business in the fields of digital construction, intelligent security and equipment management. In May 2023, the company issued the 2023 restricted Stock incentive Plan (draft). The assessment goal is: based on the company's operating income in 2022, the target growth rate (Am) of operating income in 2023-2025 is 35%, 70% and 105% respectively; the triggered growth rate (An) is 28%, 56% and 84% respectively. The higher assessment target highlights the company's confidence in future development.

The state attaches importance to the development of Xinchuang industry, and there is a broad space for the replacement of management software in recent years. The state attaches great importance to the development of Xinchuang industry, and industry support policies represented by finance, telecommunications, energy, transportation and other key industries have been issued one after another. In the "opinions on accelerating the Development of Digital and Intelligent Energy" issued by the National Energy Administration in March 2023, it is proposed to strengthen the network security capability of the energy system and speed up the realization of the security, credibility and self-control of the core equipment control system. Under the background of vigorously developing the digital economy, enhancing the security of information systems and speeding up the construction of a world-class financial management system, management software such as ERP, as basic software related to the core data of enterprises and very important for improving the operation ability of enterprises, has more room for penetration and growth. At present, China's ERP/EPM/EAM and other management software market is dominated by overseas manufacturers such as Oracle, IBM, SAP, etc., and has a broad space for domestic replacement.

The traditional business is progressing smoothly, and the company expanding ERP/EPM/EAM 's new field continues to consolidate its market position in the enterprise information field of large groups, with strong core competitiveness. While ploughing the advantageous business areas, it is also making efforts to develop new business areas and continuously strengthen technological R & D investment.

1) increase the R & D investment of Xinchuang ERP: the company has completed the research and development of the core financial module of the group, and has achieved a number of breakthroughs in key performance indicators and functional innovation applications, from domestic chips, operating systems, middleware to databases, to fully support the Xinchuang product system, and the company is currently actively exploring the pilot landing.

2) actively expand EAM/EPM and other new business areas: in order to seize the opportunity of digitization and intelligence, the company strives to open up new business areas, layout equipment management and intelligent oilfields, safety management and intelligent mines, actively expand incremental business, and carry out orderly market activities in equipment management, safety management and other new business areas, so as to build a strong foundation for the company's high-quality development.

3) the treasurer's business continues to advance: in the first half of 2023, the company won the project of two large group customers, Sinochem and Shandong Energy. At present, nearly 30 customers of the company's treasurer business are large group enterprises, including central enterprise groups, local state-owned enterprises and industry leading group enterprises. The existing customer treasurer project is speeding up the construction progress and striving to complete the project acceptance by the end of 2023 as planned. The company's treasurer business development has shown good continuity.

Profit forecast and investment advice

In 2023, with the continuous development of new customers and new areas of business development, it is expected to gradually optimize the operation mode and improve business performance in the future. It is estimated that the EPS of the company from 2023 to 2025 is 1.04,1.31,1.53 yuan respectively, and the corresponding PE of the current stock price is 21.37x, 17.00x, 14.52x respectively, maintaining the "buy" rating.

Risk hint

The promotion of Xinchuang policy is lower than expected; the competition in the industry is intensified; customer expansion is not as expected.

The translation is provided by third-party software.


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