首次覆盖，给予“增持”评级。预计 2024-2026 年公司EPS分别为0.61/0.96/1.40 元，增速为1.3%/57.8%/45.6%，首次覆盖，按照可比公司2025 年平均PE 估值水平，给予目标价39.71 元，对应2025 年41.25 倍PE，给予“增持”评级。Introduction to this report:
Taiji Co., Ltd. is a leading enterprise in the field of information technology and the vanguard of China Telecom Group's network communication business. Government bonds are expected to drive the rapid development of Xinchuang and data elements. The company's card position is the core link of Xinchuang and data elements, which is expected to exceed expectations.
Key points of investment:
Covered for the first time, a “gain” rating was given. The company's EPS is expected to be 0.61/0.96/1.40 yuan in 2024-2026, with a growth rate of 1.3%/57.8%/45.6%, for the first time covered. According to the average PE valuation level of comparable companies in 2025, a target price of 39.71 yuan was given, corresponding to 41.25 times PE in 2025, giving a “gain” rating.
Taiji Co., Ltd. is a leading enterprise in the field of information technology and the vanguard of the network information business of China Telecom Group.
The company is China Telecom Group's leading software and information service enterprise, an autonomous and controllable overall unit, smart city and digital government. In recent years, China Telecom Group has concentrated its industrial resources related to credit innovation in the company. On October 18, the company announced that the controlling shareholder CLP Taiji Group and co-actors CLP Investment Holdings plan to increase their shares, demonstrating confidence in the company's business development.
Government debt is expected to promote the rapid development of credit innovation and data elements. Local governments are important downstream customers of Xinchuang products, and are also the main drivers and builders of the data factor market. The implementation of debt relief measures is expected to promote the restoration of local governments' purchasing power and willingness to invest. With the improvement of safety and reliability related systems and the intensive introduction of data factor policies, government procurement is expected to bottom out and pick up, and the data factor market will continue to grow.
The company's card is the core link of Xinchuang and data elements, and the development is expected to exceed expectations. Taiji Co., Ltd. is a core system integrator in the Xinchuang field. Its wholly-owned subsidiary has a Class A qualification for confidential information system integration. During the peak period of the last round of government credit innovation, annual revenue reached 4 billion, and annual net profit was nearly 0.2 billion. The current recovery in government procurement is expected to drive the revenue and profit contribution of the integrated business back to the growth trend. CLP Jincang, the holding subsidiary of the company, is the oldest domestic database manufacturer. The core source code autonomy rate has reached 100%, and customer resources are excellent. Since 2020, it has sold the most units in key application areas of domestic databases for four consecutive years, and net interest rates have continued to increase. As of September 2024, three database products have passed safety and reliability assessments, and the recovery of government credit innovation is expected to bring great profit flexibility to CLP Finance. Public data is a pioneer in data factorization. The company has long been deeply involved in the government cloud and government data market, built several provincial government clouds and government big data platforms, and bid for multiple data element benchmark projects in 2023. Cloud and data service revenue increased 37% year-on-year to 1.044 billion yuan. In the future, it is expected that the data element business will exceed expectations with the advantages of digital infrastructure and data resources.
Risk Warning: Downstream government and enterprise customers risk shrinking IT budgets and increasing market competition
