Jieshun technology leads the field of intelligent parking and transforms into a full-ecological business model. Domestic smart parking industry leader, smart parking more than 30,000. The company was established in 1992, relying on smart car dealers and pedestrian entrance and exit software and hardware products, committed to smart parking ecological construction and operation. According to the company's website, as of December 2022, the company has 31000 smart online parking lots, with a total of more than 100 million users and a solid position in the industry.
Cloud hosting SaaS model shows its advantages, and the future growth space is expected to reach billions of levels of cloud hosting: SaaS business is developing rapidly and covering more than 10,000 lanes. Cloud hosting is a kind of unmanned intelligent parking construction and hosting service for parking lot operators, which adopts SaaS service mode and charges lane hosting service fee on a monthly basis. In 2019, the company piloted cloud hosting business, and the number of lanes covered increased rapidly. According to the company announcement, the number of lanes reached about 8000 in the first three quarters of 2022.
Cloud hosting model can effectively achieve a win-win situation between Jetshun and customers, and there is a broad growth space for + class SaaS model to highlight its value.
1) according to the calculation (all calculated according to the parking lot 2 in and 2 out), for the parking lot operator, with a five-year cycle, even without considering depreciation, the cloud escrow cost of the parking lot is about 70,000 yuan a year, which is still much lower than the labor cost under the traditional mode; for Jieshun, the cumulative contract amount of a single parking lot in a five-year cycle is about 360000, which is significantly higher than that of traditional hardware sales. 2) according to estimates, the short / medium / long-term space of the cloud hosting model reaches 100 million yuan in 4-12-26, and the growth space is broad and the SaaS-like model highlights its value.
Based on the flow enabling customers and C-end, from reducing costs to increasing customer value, as of December 2022, the number of Czech parking users has exceeded 100 million, and the number of smart parking lots has exceeded 31000. The number of parking users in the Czech Republic was about 12.4 million in 2019 and more than 100 million in 2022. In terms of smart parking, it covered 12000 smart parking lots in 2019 and reached 31000 by the end of 2022.
The inherent logic of the company's innovative business: flow is the foundation, from reducing costs to increasing income to generate value for customers. The company's parking fee transaction, advertising operation and other services are reasonable realization of their own traffic, while time replacement and cloud hosting are to fully grasp customers' pain points and vigorously solve them. in the short term, through their own investment (saving one-time investment, helping parking lots to return funds in advance, etc.), to help customers reduce costs and increase income, in the long run, it will help Jieshun itself to obtain more long-term benefits and increase customer stickiness. Charging business once again reflects the company's new business logic, not only to help customers achieve construction, but also through effective operation to help customers reduce costs and increase income, and then open their own growth space.
Investment advice: the company is a leading enterprise in the field of smart parking, cloud hosting business to maintain rapid growth, broad space in the future, the advantages of its SaaS model are gradually reflected; at the same time, the company's agile parking platform users have exceeded 100 million, advertising, long-term purchase, replacement business, charging and other potential is expected, is expected to become the company's long-term important attractions. Short-term performance fluctuations affected by the epidemic and other factors, but do not change the long-term forecast, the company's net profit in 2022-2024 is expected to be 0.30gamma 24x326 million, corresponding to PE 197X, 24X, 18X respectively, taking into account the company's leading position and long-term growth prospects, coverage for the first time, given the "recommended" rating.
Risk hints: the risk of intensified competition in the industry, the uncertainty of the progress of the promotion of the new business model, and the uncertainty of the pace of policy release.