Tea shares: construction IT leading enterprises tea shares are focused on the construction phase of the "digital construction" applied technology and standard products manufacturers. The company has been ploughing the construction industry for many years, and is one of the earliest enterprises to enter the field of construction business informatization in China. The business mainly includes the research and development, production and sales of construction information software and intelligent construction site products. The company's products extend from post-level software to project-level and enterprise-level.
From 2017 to 2020, the company's revenue CAGR was 37.87%, a rapid growth. The company is one of the few companies in the industry that have fully covered the main information fields in the construction phase, and its revenue and profit scale are in the forefront of the industry.
Industry market: broad space and rapid growth
The output value of China's construction industry is large, and the information investment of construction enterprises accounts for only about 0.08% of the output value, while that of developed countries is 1%, less than 1/10 of the investment level of developed countries. The information investment in the global construction industry ranks second from the bottom of all industries, and there is also a lot of room for growth in the global market. Under the pressure of policy support, technological change and the profitability of construction enterprises, the industry is expected to grow at a high speed. It is estimated that the scale of building informatization in China will be 172.453 billion yuan in 2025, and the space is broad.
Enjoy the dividend: the pattern is scattered and the strength is in the lead.
China's construction informatization started relatively late, the competition pattern is relatively scattered, tea shares have the advantages of industry first and industrialization, and are in the forefront of the industry in terms of revenue and profitability, and the comprehensive strength of the industry is in the forefront. Tea share intelligent site post-level products are relatively rich and mature, tower crane safety monitoring system, HiBIM and other major products are technologically leading in the industry, technology research and development are deeply integrated with application scenarios, professional application algorithms are both practical and efficient, and have comparative advantages in product layout. At the same time, technology in Taiwan better supports product upgrading and expansion, further reinforcement of superimposed fund-raising projects and active expansion after Science and Technology Innovation Board's IPO. The company is expected to fully share the growth dividend of the industry by virtue of its competitive advantage.
Profit forecast: first coverage, buy rating
Tea shares successfully achieved Science and Technology Innovation Board IPO listing in 2021, entering a new stage of development, and the industry is still in the early stage, with broad growth space. The company still has good growth in 2020 under the background of the epidemic, which fully reflects its growth in the current stage, and Q1 performance in 2021 has explosive growth, and high growth for the whole year is expected. We expect that with the current domestic COVID-19 epidemic entering a normal and controllable state, the external demand boom superimposes the company's differentiated competitive advantage and the gradual embodiment of fund-raising project income, the company is expected to maintain rapid growth in 2021-2023. It is estimated that the revenue of the company in 2021 and 2023 is 5.40,7.47 and 969 million yuan respectively, an increase of 42.1%, 38.4% and 29.7% respectively over the same period last year. The estimated net profit of the company in 2021 and 2023 is 1.28,1.68 and 211 million yuan respectively, an increase of 30.9%, 31.4% and 25.7% respectively over the same period last year. The current market capitalization corresponds to PE of 32,24 and 19 times respectively. Its valuation level is significantly lower than that of comparable companies in the same industry, and it is given a "buy" rating.
Risk hint
1. The growth is not up to expectations.
two。 Competition in the industry has intensified.
