Shanghai Golden Bridge Infotech Co.Ltd(603918) (603918)
Old brand information-based manufacturers breed new vitality
Old manufacturers ushered in a breakthrough. Shanghai Golden Bridge Infotech Co.Ltd(603918) was established in 1994 when it was responsible for the construction of the national "three gold projects", In his early years, he undertook many key units in Shanghai (Baosteel, Shanghai Library, etc.). Since then, the company has taken root in the informatization construction of government affairs and courts, and its innovative business has ushered in a breakthrough in the informatization field of courts. There is vitality in the financial details of steady growth. The company's performance has maintained steady growth for five consecutive years since 16, with a revenue CAGR of 14.4% and a net profit CAGR of 32.3% from 16 to 20. The profit side Higher quality growth mainly comes from the company's breakthrough in business structure. In 2020, the revenue of innovative business represented by big data and cloud platform has reached 150 million yuan, accounting for 15%. The gross profit margin of this business can be maintained at more than 50% in 18-21h1.
The value is to be revalued and the judicial SaaS will blossom and bear fruit
The 3-year compound growth rate of innovative business 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, the three-year CAGR was 101%, and the business gross profit margin reached more than 50%, greatly improving the profitability of the company. The change of business model deserves more attention. Jinqiao's cloud platform business mainly focuses on court informatization. Taking the mobile execution platform as a typical representative, it solves the prominent pain points in the execution process of the court in the form of management platform + mobile app. At present, the business has achieved full coverage of 3500 + courts. At the same time, SaaS mode is adopted for charging, and the business model is better. Lay out the judicial blockchain and embrace the meta universe. Ant participated in the company's non-public offering and invested 120 million yuan to obtain 5.6% of the company's shares. Jinqiao signed a business cooperation agreement with ant blockchain to make in-depth layout in the field of blockchain. As an important underlying technology in the meta universe, blockchain is expected to achieve multiple landing cases in the judicial field in the potential future.
Traditional business deserves attention and enterprise digitization is an important link
The smart space solution represented by conference room informatization is still valuable. At present, the expansion and layout of large Chinese enterprises in the global and national dimensions are accelerated, and the company's business can solve the communication difficulties in the office links of large enterprises. At present, benchmarking cases have been realized in leading enterprises such as Huawei and Sany Heavy Industry Co.Ltd(600031) .
Investment advice
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 32, 24 and 18 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 consensus expectation of wind, the PE average of comparable companies in 21 / 22 years is 34 / 27 times respectively. Considering the valuation reshaping brought by the company's SaaS business, we believe that there is still much room for improvement in Jinqiao's current valuation. For the first coverage, give a "recommended" rating.
Risk statement
The promotion of new products is less than expected; The impact of epidemic situation has hindered the implementation of the project; Increased competition in the industry led to a decline in gross profit margin
