Building information rookie, "BIM+ intelligent site production" two-wheel drive. Tea Co., Ltd. was founded in 2011, is a software and service provider for the construction industry, the current main building information software, intelligent construction site two major business. The company has maintained rapid growth in the past three years, including revenue of 380 million in 2020, an increase of 34.20% over the same period last year, and net profit of 98 million yuan, an increase of 31.84% over the same period last year.
The company's gross profit margin has been maintained at more than 80% for a long time, the net profit rate has been maintained at 25%, the average R & D investment accounts for 24.8% of income, and the core financial indicators are excellent.
The development of the construction information industry is broad, and the company has the advantage of differentiation. The penetration rate of building informatization in China is low, and there is a big gap between China and overseas. The policy strongly supports the development of smart buildings, among which BIM is the key support direction. It is estimated that the size of China's BIM market will exceed 10 billion in 2021, and the expected growth rate is ahead of that of the world. The company's market share in the field of BIM software is second only to Guangzhou Lianda and is in the lead. At the same time, the company's profitability and R & D investment remain ahead of the industry. Through continuous R & D investment, the company has realized the differential competition of products, and the company has a series of characteristic software of construction safety at the level of construction business.
Product research and development to AIOT and BIM as the core, channel construction efforts throughout the country. The company's listing fund-raising projects are mainly used to increase product research and development and channel construction. On the one hand, product research and development is to increase the application of AIOT technology in a scene, on the other hand, around BIM application, the company is committed to building BIM construction product chain and BIM software closed loop. At the channel level, the company currently mainly derives its income from Zhejiang, which is currently based in Zhejiang and makes efforts throughout the country. it is expected that outside Zhejiang Province, according to the order of first-tier cities, second-tier cities and key cities, gradually establish 21 marketing and after-sales service outlets in Beijing, Shanghai, Guangzhou, Shenzhen, Jinan, Qingdao and Dalian to effectively stimulate the company's business expansion.
Profit forecast and investment advice: the company's net profit from 2021 to 2023 is expected to be 1.37,1.87 and 246 million yuan respectively, and the PE corresponding to the closing price on April 9 is 29.6,21.88,16.5 times respectively, covering the "prudent overweight" rating for the first time.
Risk hints: the risk of relying on Autodesk for underlying technology development; the risk that the process of business distribution to the country is not as expected; and the risk that the macroeconomic recovery is not as good as the company's performance.