\u3000\u3000 Shanghai Golden Bridge Infotech Co.Ltd(603918) (603918)
Stock ownership + equity incentive and firm employee confidence. Shanghai Golden Bridge Infotech Co.Ltd(603918) issued an announcement on the evening of February 21, synchronously launching the 2022 option and stock incentive plan + 2022-2024 employee stock ownership plan. The performance assessment condition is based on the net profit in 2020 (deducting non profit and proposing equity incentive expenses), and the net profit growth rate in 22, 23 and 24 years shall not be less than 35%, 50% and 70% respectively.
Bind core talents and focus on innovative business. Specifically, the two announcements are as follows: 1) the stock option and restricted stock incentive plan is mainly aimed at the middle-level and grass-roots core backbone. It is proposed to grant 133 employees (excluding directors, supervisors and senior managers), and the granted options and restricted stocks account for 0.65% and 0.41% of the total share capital respectively; 2) The first phase of the employee stock ownership plan in 22 years covers 45 directors, supervisors, senior management and core management, with the upper limit of 888000 shares, accounting for 0.24% of the total share capital. The core purpose of equity incentive and employee stock ownership plan is to bind key talents. Jinqiao is currently experiencing a critical period of rapid growth of innovative business cultivated. Judicial SAAS and judicial blockchain are being promoted rapidly. Binding the interests of employees will help to ensure the sustainable growth of the company’s innovative business.
Innovative business leads value revaluation, and judicial informatization has great potential. The judicial SaaS business represented by mobile execution and the judicial blockchain and judicial information platform carried out in cooperation with ants are the core of Jinqiao innovation business. The three-year compound growth rate of innovation business from 2018 to 2020 is 101%, with better profitability. In the past, the company was recognized by the market as an integrator, but its own business is changing. In 18-20 years, the business revenue of big data and cloud platform was 38 million yuan, 88 million yuan and 152 million yuan respectively, and the gross profit margin of innovative business reached more than 50%, greatly improving the profitability of the company.
Investment suggestion: we estimate that the net profit attributable to the parent company in 21-23 years is 98 million yuan, 130 million yuan and 174 million yuan respectively, and the current market value corresponds to 37, 28 and 21 times of PE in 21-23 years. Considering the business attributes of the company, Taiji Computer Corporation Limited(002368) , Dhc Software Co.Ltd(002065) has strong advantages in the field of government informatization, and can be selected as a comparable company of Jinqiao. At present, under the unanimous expectation of wind, the PE average of comparable companies in 21 / 22 years is 35 / 27 times respectively. Considering the valuation remodeling brought by the company’s SaaS business and the potential market space of innovative business, Jinqiao’s valuation system is expected to usher in change. We believe that there is still much room for improvement in Jinqiao’s current valuation. Therefore, the “recommended” rating is maintained.
Risk warning: the promotion of new products is not as expected; The impact of the epidemic has hindered the implementation of the project; Increased competition in the industry led to a decline in gross profit margin
