\u3000\u3000 Beijing Supermap Software Co.Ltd(300036) (300036)
Event:
The company issued the 2021 annual performance forecast on the evening of January 27, 2022.
Comments:
The scale of operating income continues to expand, and the net profit attributable to the parent company is expected to increase by 20% – 30% year-on-year
In 2021, the company expects to realize a net profit attributable to the parent company of RMB 281-305 million, with a year-on-year increase of 20% – 30%; It is expected to realize a net profit of RMB 265-289 million, with a year-on-year increase of 20% – 31%. Although the repeated covid-19 epidemic in the second half of the year had a certain impact on the company’s business collection and acceptance of some projects, the company paid close attention to the development opportunities of industries such as digital transformation, information innovation and new infrastructure, continued technological innovation, multi-dimensional market development, improved the user capacity of “digital empowerment”, and the scale of operating revenue continued to expand. In terms of internationalization, the company’s overseas market development was affected by the epidemic. However, the company strengthened its brand building and successfully settled in Korea, the United Arab Emirates, Burma, Philippines, Thailand, Indonesia, Peru, Botswana and Columbia.
Establish a new generation of 3D GIS system to provide a solid digital chassis for application software
The development of IT technologies such as yuancosmos, VR / Ar / MR and next generation engine has injected new kinetic energy into the evolution of the new generation of 3D GIS technology system. In the face of the new requirements of real 3D China, new surveying and mapping, BIM + GIS, CIM, digital twin and many other fields, the company’s new generation of 3D GIS technology has been comprehensively improved, and the key technologies and products such as 3D spatial data model, 3D data format standard, 3D webgl client, 3D GIS game engine development platform, 3D GIS interaction and output technology have been evolving, Promote the construction of a digital twin space of indoor and outdoor integration, macro and micro integration and space / surface / underground integration, so as to provide a solid digital chassis for digital twin, CIM and other applications. In September 2021, the company officially released supermapgis10i (2021), which gives full play to the value of 3D GIS technology and is expected to drive the continuous improvement of the company’s core competitiveness and profitability.
Adhering to the long-term development strategy of internationalization, it was rated as the world’s best GIS supplier in 2021
According to the announcement of WeChat official account in January 25th, the company has recently won the “APACBusinessAwards2021” business award from APACInsider magazine and has been honored as the “2021 best GIS software and solution provider” (BestGlobalGISSoftware& SolutionsProvider2021). The award is the full recognition of the company’s GIS products and technical services by overseas users. At present, supermapgis has nearly 100 agents and partners in nearly 50 countries and regions, and has promoted supermapgis to more than 100 countries and regions. It is a GIS basic software supplier for multinational enterprises such as Huawei, ZTE, NEC, NTT and so on.
Profit forecast and investment suggestions
In the next five to ten years, under the background of “new infrastructure” and “Xinchuang”, the company will face major strategic development opportunities of “autonomy, three-dimensional, cloud and internationalization”. Driven by R & D, it is expected to open up new growth space. Referring to the performance forecast for 2021, the company adjusted the operating revenue forecast for 2021-2023 to RMB 1.984, 2.433 and 2.931 billion, adjusted the net profit attributable to the parent company to RMB 294, 381 and 482 million, and EPS to RMB 0.60, 0.78 and 0.98 per share, corresponding to PE of 39.26, 30.28 and 23.96 times. PE of the company has mainly operated in the range of 30-60 times in the past three years. It is expected that the net profit attributable to the parent company in the next three years will be 27.09%, giving the company 45 times the target PE in 2022, and the corresponding target price is 35.10 yuan. Maintain the “buy” rating.
Risk tips
Covid-19 recurrent pneumonia; The construction of real 3D China is lower than expected; The replacement process of domestic GIS software is lower than expected; Overseas market expansion was lower than expected.
