Shenzhen Jieshun Science And Technology Industry Co.Ltd(002609) (002609)
As the leader of China's parking lot system, natural has the foundation to expand new energy charging operation. According to our report Shenzhen Jieshun Science And Technology Industry Co.Ltd(002609) : smart parking leader of BCG strategic coordinated development issued on June 15, 2020, the company's market share in the parking system market was about 12.9% in 2019, ranking first in China, especially in the Pearl River Delta where the company's headquarters is located. Facing the current trend of new energy industry, on the one hand, we expect that the parking space gap will continue to exist. On the other hand, the practical problems such as insufficient charging piles, difficult to find, damaged, unmatched, and difficult to build new charging piles in old communities have caused the charging anxiety of car owners. We believe that the company relies on the b-end customer group of parking lot with the first market share in China, Natural has the foundation to expand the new energy charging operation business (Interactive easy disclosed on August 30, 2021 that it has cooperated with charging pile enterprises such as special calls and car stores, and some cooperative parking lots have opened up parking and charging services).
With more than 69 million C-end parking users, parking, charging and other businesses are expected to accelerate the improvement of C-end stickiness, and the business model is expected to make a major breakthrough. According to the public information of interactive e-commerce on November 8, 2021, as of the end of the third quarter of this year, Czech parking has reached more than 69 million users in total (based on the company's business attributes, we believe that the vast majority of users are car owners). The huge number of C-end car owners will become a strong foundation for the company's charging business operation in the future, further open up the functions of parking space management and payment settlement of users' parking and charging business, improve ARPU, and superimpose the "purchase" accelerated by the company and the parking lot The low discount cost advantage brought by the business (the company launched the 100 million yuan cash purchase parking time plan on October 14, 2021) and more than 19000 Jie parking online parking lots in China (the data at the end of the third quarter of 2021 disclosed by interactive easy on November 8, 2021) are expected to launch the payment discount package business to the C-end in the future, further enhance the stickiness of the C-end and realize a major breakthrough in the business model.
Maintain the "buy" rating. We predict that the revenue from 2021 to 2023 will be RMB 1.598 billion, RMB 1.959 billion and RMB 2.417 billion, and the net profit attributable to the parent company will be RMB 187 million, RMB 256 million and RMB 351 million, maintaining the "buy" rating.
Risk warning: macroeconomic downside risk; Deterioration risk of accounts receivable; Management risks brought by new business; Risk of bias between assumptions and estimates.
