Large-scale equity incentive for the first time, setting a three-year revenue growth target of 31% compound. The company issued a 2021 restricted stock incentive plan (draft), which is the first equity incentive after the listing of the company, which is intended to encourage 113 employees, including directors, senior managers and core technical personnel, accounting for 11% of the total number of people in the company. the scope of incentive is wide. A total of 1.05 million restricted shares were awarded, accounting for 1.9% of the company's total share capital, with a grant price of 40.0 yuan per share. After 12 months, the restricted stock granted for the first time is unlocked by 35% Universe 35% peg 30% respectively in three attribution periods. The unlocking condition is that the revenue achieved in 2021-2023 is not less than 5.1pm 680 million RMB, respectively, and the CAGR is 31% in 2020-2023, with an increase of 35%, 33%, 25% and 25% respectively. The company is currently in a period of rapid growth, and the use of revenue growth targets can better reflect the company's operating situation and market share. This incentive is set to achieve the revenue target of 1.25 times in three years, demonstrating the recognition of the company's intrinsic value and strong growth confidence in the future.

The knowledge-intensive characteristics of the industry are prominent, and equity incentives consolidate the advantages of core talents. The growth of construction information enterprises depends on the strength of talents mainly composed of key management personnel, core technical personnel and mature sales personnel. The company focuses on the field of construction information, bringing together nearly 400 excellent R & D staff with cross-disciplinary background and rich R & D experience in the industry, and has a strong reserve of talents (especially construction safety Know-how), which is one of the company's core competitive advantages. On the one hand, this equity incentive helps to closely combine the interests of shareholders, the interests of the company and the personal interests of the core team, fully mobilize the enthusiasm of employees, and promote the sustained and rapid growth of the company; on the other hand, it helps the company to further consolidate the advantage of talent reserve, reduce brain drain, and enable the company to take the initiative in the industry competition.

Construction information leading technical strength is strong, long-term growth space is broad. After more than 20 years of development, the domestic construction information industry has initially completed the popularization of informatization in design, bidding and bidding, and the informatization in the stage of construction is stepping into a period of rapid development. The company has a strong technical reserve in the field of construction information, and the algorithm engine integrates a large and complicated variety of national and local standards, and continues to optimize and upgrade; intelligent site products have outstanding customization capabilities for different application scenarios and customers, forming strong technical barriers. Future growth: 1) regional market development, the national market is expected to speed up after listing, and the distribution channels outside the province are gradually converted to direct sales, which is expected to increase the company's revenue volume; 2) "cloud authentication" model, by promoting customer cloud identity authentication in the future, it is expected to transform the stock of construction security computing software into stable paying users and reduce piracy space. 3) the extension of the intelligent site, with the continuous accumulation of data, can help the company to continuously improve the functional richness and application scene diversity of the intelligent site products, and has a broad demand for long-term derivative.

Investment suggestion: we forecast that the net profit of the company from 2021 to 2023 will be 1.35max 1.84 / 248 million, an increase of 38%, 36%, 35%, respectively, and the CAGR of 2020-2024 will be 36%. The current stock price corresponds to PE of 29-22-16 and PS of 8-6-4, maintaining the "Buy" rating.

Risk tips: incentive plan progress is not as expected risk, part of the software depends on overseas development platform risk, national market development is not as expected risk, tax preferential policy change risk and so on.