\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 728 Pci Technology Group Co.Ltd(600728) )
Event overview
On February 25, Pci Technology Group Co.Ltd(600728) released the plan for non-public offering of a shares, which plans to issue 527 million additional shares and raise 3.314 billion yuan for technology research and development and channel construction. Among them, 2.324 billion yuan will be invested in the construction of four major projects: Digital twin core technology platform, rail transit digital system, vehicle road collaborative transportation digital system and national sales service system; 990 million yuan was used to supplement working capital.
Focus on the layout of digital twins and build the technology base of smart city
In terms of industry, after three stages of concept cultivation, technology exploration and application pilot, the construction of digital twin cities dominated by economically developed provinces and cities is expected to accelerate. According to IDC, by 2025, the global digital twin market will grow to US $26.46 billion, with an average annual compound growth rate of more than 38%. From the perspective of the company, the company plans to invest 907 million yuan to build an open platform of digital twin core technology with completely independent intellectual property rights, covering a number of core technologies such as three-dimensional digitization and intelligent simulation, industrial data acquisition and analysis, biometric perception intelligent technology and so on. We believe that this is an important link for the company's industrial chain to continue to climb. On the one hand, the company is expected to increase its technical advantages in the field of digital twins; On the other hand, the construction of the core technology platform is expected to help the company accelerate the application in urban governance, industrial manufacturing, automatic driving, meta universe and other real scenes.
Pay close attention to smart rail transit and urban scenes, consolidate technical advantages and face the national layout
In terms of rail transit, the company plans to invest 1.5 billion yuan to build a rail transit digital system from three aspects: infrastructure, medium platform construction and application implementation, and introduce new technologies such as digital twins, blockchain and artificial intelligence into rail transit digital scenes such as industrial control, twin stations, regional settlement, intelligent energy saving and intelligent operation and maintenance. In terms of urban transportation, the company plans to invest 361 million yuan in the "R & D and industrialization project of a new generation of transportation digital system for vehicle road coordination", fully integrate AI, big data, digital twins, cloud computing and existing key technologies of urban brain, and create a transportation system for the mixed traffic environment of assisted driving and automatic driving. In terms of channels, the company plans to invest 500 million yuan to build a sales service network centered in Guangzhou and spread all over the country, so as to improve the promotion ability of the company's product technology.
Continue to focus on core technology research and development, and accelerate the implementation of smart + scenario applications
The company is one of the first enterprises to enter the smart city and rail transit. It has accumulated profound industry know-how and data. At the same time, through continuous R & D investment, it has formed the full link capability of algorithm, solution and project implementation. In 2019, the company began to deploy digital twin and intelligent simulation technology, from perception to interaction and prediction, and always actively promoted the implementation of AI technology to industrial scenarios. In terms of smart rail transit, the company applies AI technologies such as face recognition to create rich scene functions; In terms of smart city, AI technology is mainly used to layout the security and transportation fields. About 60% of the company's fixed increase will continue to be used for the development and application of core technologies. We believe that, on the one hand, this will further strengthen the technical advantages of the company's digital twin and AI; On the other hand, combined with the company's industry accumulation and channel construction, the landing of the scene is expected to accelerate. The company's profits are expected to accelerate the release.
Investment advice
Under the catalysis of policies such as the accelerated landing of AI + scenarios and digital economy, the company is expected to achieve rapid volume and continuous expansion of application scenarios with the help of industry experience and technology. We expect the company to achieve revenue of 6.1/76/9.5 billion yuan from 2021 to 2023, with a year-on-year increase of 42% / 25% / 25%; The net profit attributable to the parent company was RMB 320 / 600 / 830 million, with a year-on-year increase of 254% / 84% / 39%, maintaining the "buy" rating.
Risk tips
1) R & D breakthrough is less than expected; 2) Policy support is less than expected; 3) Project delivery was less than expected.
