Ten years of deep cultivation in the field of building information, digital construction business continuous extension company was established in 2011, is focused on the construction phase of the "digital construction" applied technology and product provider. Based on the construction industry, aiming at the information needs of "digital construction" objects, the company provides applied technology, products and solutions in all stages of project construction, covering project cost, construction software, BIM software, intelligent construction site and so on.

Policy superimposed science and technology two-wheel drive, broad prospects for digitization of the construction industry at present, the construction industry is still in the extensive development stage, the overall digital degree of the domestic construction industry is low, policies and regulations have been issued to promote the transformation and upgrading of the construction industry. We believe that in the context of the overall low net interest rate in the construction industry, the introduction of policies and regulations and information technology are the core forces driving the transformation of the industry.

According to McKinsey statistics in 2016, the investment in building informatization in developed countries accounts for 1% of the total output value at the present stage. According to the calculation of Zhiyan Consulting, the gap between domestic construction information investment and developed countries will narrow in the future, accounting for about 0.5% of the total output value of the industry. by 2025, the total output value of China's construction industry will reach 25.98 trillion yuan, and the scale of the construction information industry will reach 129.885 billion yuan. According to the statistics of the National Development and Reform Commission, there are 617500 new projects started in 2016. assuming that the information investment of each project in the construction phase reaches 500 to 100000 yuan, calculated on the basis of about 600000 projects each year, intelligent construction sites are expected to become a market of 10 billion yuan, with a wide market space for the industry.

Independent research and development to create high-quality products to become a leader in the construction information industry

The company's building information products cover the whole stage of project construction. Construction products include construction software and intelligent construction sites, which are highly competitive and have covered the head customers in the construction field, among which safety calculation software and tower crane monitoring system products are the industry leader. The company has long been committed to providing professional software products and solutions based on BIM technology, and is one of the first enterprises to enter the relevant market segments in the field of construction software. At the same time, it takes the lead to put forward the concept of BIM scene application, and summarizes three major application scenarios: BIM project construction, BIM intelligent security and BIM tracking audit. We believe that the scene application is to lighten the weight of BIM, which helps to closely integrate the business logic of the BIM platform with the real project management process, and accelerate the implementation of BIM technology.

Profit forecast

Tea Co., Ltd., as a leading construction information company in China, has a wide range of coverage and strong products in the field of construction. Under the background of the current low permeability of construction information, the company has the advantage of first-mover. With the listing of the company, R & D and channel capacity will be greatly improved, the business is expected to develop rapidly. We estimate that the company's net profit from 2021 to 2023 will be 1.31,1.76 and 237 million yuan. We choose the computer plate application software industry as the benchmark, because the construction industry information penetration rate is low, the long-term market space is wide, the industry track is good, the company's product advantages are significant. We value the company's 21-year PE 55-60 times, slightly higher than the software industry PE as the benchmark, corresponding to the market capitalization of 72-7.855 billion yuan, the company's IPO share capital of 54.37 million shares, the corresponding share price of 132.43-144.47 yuan.

Risk hints: the development of sales channels is not as expected; the penetration rate of building information is not as expected; the epidemic increases economic uncertainty; the risk of market competition; the risk of unstable software development environment