\u3000\u3000 Shenzhen Jieshun Science And Technology Industry Co.Ltd(002609) (002609)
At the industry level, the smart parking industry is strongly supported by the 14th five year plan; At the company level, the company launched an equity incentive plan to revitalize the vitality of the organization. Maintain buy rating.
Key points supporting rating
The top-level strategy supports the development of new drivers of smart parking. On December 9, 2021, the State Council issued the "14th five year plan" for the development of modern comprehensive transportation system, which clearly pointed out the need to promote innovative service modes such as smart parking and continue to alleviate the "parking difficulty" and other problems, so as to realize the further development of the transportation system. The 14th five year plan is favorable for the industry. The company focuses on the whole industrial chain of smart parking and is expected to grow rapidly in this trillion level market.
The b-end and C-end are working together, and the scale of smart parking business has increased sharply. According to the data of the company's interactive platform, as of November 30, 2021, Czech parking has covered more than 20000 parking lots in more than 300 cities across the country, with a total of more than 73 million users. In the past two years, the CAGR of the newly covered parking lot is about 29%, the number of service users is about 147%, and the B / C ends continue to grow rapidly. The advantage of business scale will become the firm moat of the company and lay a foundation for the company's goal of "comprehensive cloud, ecological construction and fission development".
Launch equity incentive plan, bind key employees and improve core competitiveness. On January 25, the general meeting of shareholders of the company approved the draft of equity incentive in 2021, which plans to grant 16 million equity incentives to 619 key employees. The assessment objective of the incentive plan is based on the net profit in 2020. The growth rate of net profit from 2022 to 2024 is not less than 40%, 75% and 120% respectively, and the CAGR in three years is 25%. The plan helps to establish long-term stable development with employees and enhance long-term competitive advantage.
Valuation
Adjust the net profit forecast for 2021-2023 to 180 million, 230 million and 280 million, EPS to 0.28 yuan, 0.36 yuan and 0.43 yuan (due to the increase of R & D expense rate, the passive increase of sales expense rate under the epidemic and the decrease of non recurring profit and loss, the downward revision is 24 ~ 38%), and the corresponding PE is 39x, 30x and 25X. On the one hand, the growth rate of net profit after deduction should be higher than the apparent growth rate. On the other hand, the valuation is at a low position, superimposing the industry policy catalysis and the expectation of the full implementation of urban parking procurement, so as to maintain the buy rating.
Main risks of rating
Epidemic prevention and control affect the project progress; Government and property customer procurement tightened.
