Beijing Seeyon Internet Software Corp(688369) (688369)
Industry growth is expected to accelerate. 2020 is the first year of Xinchuang market, which has opened the road of rapid growth of the industry. In the future, Xinchuang will further catalyze the growth of the industry. The first step is to carry out pilot, technology deep cultivation and experience accumulation through large enterprises. Then, with industrial agglomeration and ecological alliance, the products are gradually improved from "available" to "easy to use". Collaborative management software is in the category of application software in the information and innovation industry, and the company is the direct beneficiary. Under the catalysis of industry Xinchuang, we expect to accelerate the growth of the company in the future.
China's leading professional collaborative software manufacturer. According to IDC data, Beijing Seeyon Internet Software Corp(688369) ranked first in the traditional deployment mode market in 2020 with a market share of 27.2%; Pan micro and Huidian technology ranked second and third with 26.7% and 22.5% respectively. The company's customers include many world top 500 companies, including China State Construction Engineering Corporation Limited(601668) , China Meheco Group Co.Ltd(600056) group, state power investment group, COFCO group, China nuclear group, China Mobile, China Merchants Bank Co.Ltd(600036) , China Citic Bank Corporation Limited(601998) , Starbucks, shell oil, today's headlines, Didi travel and other well-known enterprises at home and abroad.
Rich product matrix. The company's product platforms are mainly divided into collaborative management platform V5 and PAAS platform formtalk. V5 platform is based on V5 platform. The company has developed A6 products for small and medium-sized enterprise organizations, a8 products for medium and large enterprises and group enterprise organizations, and G6 products for government organizations and public institutions. On this basis, the company has cooperated with the mainstream Xinchuang operating system, winning the bid of Kirin, Galaxy Kirin, CPU godson, Feiteng, database, NPC Jincang and Wuhan Dameng to fully adapt to the domestic software system.
Cooperate with flybook to provide hrsaas services. In April 2021, the hrsaas cloud service platform "salary service force" launched by the company officially reached a strategic cooperation with flybook and put on the flybook application directory to jointly bring a new integrated solution to enterprise human resource management.
Investment suggestion: as a leading professional collaborative software manufacturer in China, the company continues to expand collaborative software ecology and improve product capability under the industry wave of Xinchuang. We expect that the company's EPS from 2021 to 2023 will be 1.64 yuan, 3.08 yuan and 4.48 yuan respectively, covering the "buy" rating for the first time.
Risk warning: the landing of Xinchuang is not as expected; Industry competition intensifies.
