The company deeply ploughs digital construction, enjoys industry dividend, and gives "buy" rating for the first time. At present, the overall information level of the construction industry is low, especially the information level of the construction phase needs to be improved, and the industry is in the stage of rapid development. As a "digital construction" applied technology and product provider focusing on the construction phase, the company has outstanding technical and brand advantages and is expected to enjoy the development dividend of the industry. We forecast that the return net profit of the company from 2021 to 2023 is 1.31,1.67,203 million yuan, and the EPS is 2.40,3.08,3.73 yuan per share. The current stock price corresponds to 30.5,23.8,19.7 times of PE in 2021-2023. The company's PE and PS valuations are lower than the average level of comparable companies in the industry, and the "buy" rating is given for the first time.

The demand for building informatization is strong, and the market for intelligent site products and services reaches 100 billion. The information investment of construction enterprises in China only accounts for about 0.08% of the total output value, while that in developed countries is 1%, which is only 1/10 of that in developed countries. The level of building informatization needs to be improved urgently. Especially in the construction stage, the application of intelligent construction site and BIM technology further promotes the rapid development of the industry. According to the company's prospectus, assuming that the information investment of each project in the construction phase reaches about 200000 yuan, based on about 600000 projects per year, the market scale of intelligent site products and services is 100 billion, and the market space is broad.

The BIM of software products is accelerated, and intelligent site business is expected to grow rapidly. (1) the company continues to promote the application of BIM technology in its products, forming a more complete product chain of construction BIM applications, such as BIM rapid modeling, civil engineering optimization, installation optimization, civil engineering quantity calculation, installation project quantity calculation, formwork scaffolding BIM application, construction planning BIM application, BIM lightweight formwork, and so on. (2) in the field of intelligent construction sites, the company has formed the accumulation of core technologies represented by digital construction technology and tower crane safety auxiliary technology, and some core technologies have formed partial applied technologies of major products, which together constitute a perfect technical product system. In the future, with the continuous enrichment of the company's product system, the promotion of brand influence and the improvement of the marketing system, the company's intelligent site business is expected to grow at a high speed.

Risk hints: the risk of dependence on the basic software development environment of foreign companies; the risk of regional concentration of sales; the risk of being greatly affected by the policies and prosperity of the real estate industry.