Main points of investment
(1) the digital transformation leader of deep ploughing electric power IT ushered in the new growth. The company deeply ploughs the power grid information industry, mainly serves the customers of large central enterprises such as the national network south grid, and has become one of the top 10 enterprises in the industry. The company is small and beautiful, from weak to strong, with a revenue CAGR of 14.5% from 2017 to 2021. The company's early R & D and market expansion investment is obvious, resulting in a high and low net profit trend. Under the guidance of input and output, it is expected to achieve new growth by leaps and bounds in the next three years.
(2) Shouzheng is surprisingly, and the "light cavalry" low code platform opens the way. On the one hand, the company strengthens the customer stickiness of large central enterprises, provides excellent products and services, achieves steady growth in the main business, and adheres to the basic market; on the other hand, the company firmly grasps the blue ocean of low-code industry, and expects the global low-code market to reach US $47.1 billion in 2025, with a compound growth rate of 41%. At present, the company has successfully polished the low-code platform product "light cavalry", and successfully developed typical financial customers such as securities companies on the basis of the original customers. The company has improved both in terms of product strength and net profit.
(3) seize the opportunity of "double carbon" and reshape the leading position. The national double carbon strategy promotes the rapid expansion of the power energy digital industry, and new product formats such as power spot trading systems and virtual power plants appear, and the main purchasers are large customers such as the South Power Grid of the State Grid. With more than 50% of the company's customer revenue in 2021, the company will seize the digitization of energy and reshape its leading position with stronger service stickiness.
Profit forecast
We predict that the company's revenue from 2022 to 2024 will be 667 million, 835 million, 28.60%, 11.20%, 25.20%, 28.60%, 0.80, 108, 142 million, respectively, 22.35%, 33.67%, 32.19%, respectively.
With the improvement of customer information demand in the lower reaches of the company, driven by superimposed digital transformation and industry innovation policies, the next three years will usher in a period of rapid growth, and the proportion of low-code platforms will significantly increase, indicating that the company will upgrade from project-based to platform-based products, which will help to improve the valuation. 35X-45XPE can be given to the company, corresponding to the company's market capitalization of 37.8-4.86 billion in mid-2023, which is calculated as 4.3 billion according to the hub, and there is 39% room for growth. For the first time, coverage gives a "buy" rating.
Risk hint
Downstream customer demand expansion is not as expected; policy promotion is volatile; product technology research and development is not as expected.
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