Recently, Guangzhou Pingao Software Co., Ltd. (hereinafter referred to as Pingao shares, 688227, SH) was successfully listed on the science and innovation board, with an issue price of 37.09 yuan / share. The total number of initial public offering shares was 28.26 million, accounting for 25% of the total share capital after issuance.
It is understood that as a professional cloud computing and industry information service provider in China, Pingao has established a R & D system with cloud computing as the core and driven by industry and market demand around the development strategy of “industry + cloud”. At present, it has basic products with cloud computing as the core, such as bingocloudos and bingofuse. The service types include cloud product sales, cloud solutions Cloud leasing services and industry information services.
Shenwan Hongyuan Group Co.Ltd(000166) the research points out that pinko adopts the independently developed technical architecture, which is superior to its peers in the support of domestic chips and complete machines; At the same time, its core technology has technical advantages in large-scale hybrid heterogeneous Cloud Architecture, and a number of key technologies have reached the advanced level of the industry; In addition, Pingao has the highest market share in the rail transportation segment. In the military industry, the core infrastructure cloud platform and data Lake platform have also formed domestic applications of multiple services and arms.
Under various advantages, Pingao’s profit growth in recent years is much higher than that of comparable companies. The analysis points out that after listing, Pingao will further enhance its technical and market competitiveness, help to cultivate new profit growth points, and repay investors with excellent performance by virtue of its development strength and growth potential.
strong profitability: compound growth rate of net profit attributable to parent company 44.21%
Although it still retains the name of “software” in the early stage of enterprise establishment, in fact, Pingao has developed into an enterprise with cloud computing business as the core, and its core products, main technologies and revenue and profit sources are cloud computing. In other words, Pingao is a professional cloud computing company.
The main customers of Pingao are rail transit, government departments, telecommunications, automobile, finance, education, military industry, etc. for these customers, Pingao provides two types of services: one is cloud computing business, and the specific business types include cloud product sales, cloud solutions (including customized development, system integration, consulting or operation and maintenance services) and cloud leasing services; The second is industry informatization business, and the specific business type is solution.
According to the prospectus (Registration draft) of Pingao shares, from 2018 to 2020, Pingao shares achieved revenue of 443 million yuan, 402 million yuan and 462 million yuan respectively, and net profit attributable to the parent company of 23.0998 million yuan, 35.7747 million yuan and 48.0403 million yuan respectively.
At the same time, Pingao also predicted the performance in 2021 in its prospectus. Combined with the development of the company’s industry, realized operating performance and orders on hand, it is expected that the revenue in 2021 will be 450 million ~ 550 million yuan, and the net profit attributable to the parent company will be 50 million ~ 60 million yuan, with year-on-year changes of – 2.52% ~ 19.14% and 4.08% ~ 24.90% respectively. This also means that in the first year of listing, the probability of Pingao shares will bring investors an annual report of performance growth.
In fact, the performance growth trend of Pingao has also been pointed out in the Institutional Research Report. According to the analysis of Shenwan Hongyuan Group Co.Ltd(000166) Research Report, from 2018 to 2020, the compound growth rate of Pingao’s revenue was 2.10%, and the compound growth rate of net profit attributable to the parent company was 44.21%, much higher than that of comparable companies.
From the revenue of the above two types of business, the proportion of cloud computing business revenue of Pingao is slightly higher than that of industry information business, and shows an overall upward trend. From 2018 to 2020, the proportion of cloud computing business revenue in the main business revenue was 58.10%, 54.41% and 60.91% respectively.
More specifically, in the cloud computing business, cloud solutions and cloud leasing services account for the main components, of which the revenue of cloud leasing services increases year by year; In the industry informatization business, according to the end-user’s industry, the main sources of income are rail transit, telecommunications, government and automobile. Among them, rail transit business maintains continuous growth, and the proportion of income remains more than 50% in the industry informatization business.
On the whole, Pingao’s main business income mainly comes from government institutions and customers in the rail transit industry. The company also introduces in the prospectus that after long-term business cooperation, the company has accumulated a stable customer base in the fields of rail transit, telecommunications, government, automobile and other industries.
obvious competitive advantages: advantages in technology, products and market share
Pingao’s stable performance and strong profitability are inseparable from its in-depth research and active development in the cloud computing industry over the years; At the same time, in terms of industry information services, we have continued to cultivate rail transit, telecommunications and other industries for many years, fully understand customer needs and accumulate a large number of high-quality and stable customers. These two businesses develop in synergy and complement each other to jointly promote the performance growth of Pingao.
It is understood that the rise and development of cloud computing in China has only been more than ten years, but well-known cloud computing manufacturers, including Pingao, have also emerged. There are certain differences in the positioning, technology source, technology route and technology architecture of each cloud computing manufacturer.
In terms of technology source and evolution, Pingao adopts the original and innovative R & D mode, with higher autonomy and controllability; In terms of network technology architecture, the cloud network adopted by Pingao shares has simple configuration, flexible self adaptation on demand, high resource energy efficiency, low construction cost and higher reliability.
On the other hand, due to differences in products and businesses, the sales models of cloud computing manufacturers are also different. Compared with peers, Pingao shares is a direct selling mode, which has better customer stickiness and is conducive to customer maintenance and new business expansion.
In terms of industry informatization business, as it involves different segments, the competitors are different, and the overall comparability is small. However, from the perspective of each segment, Pingao has obvious advantages in market share and customer stickiness, Shenwan Hongyuan Group Co.Ltd(000166) the research report points out that Pingao ranks among the top in the segment of rail transit, and has formed domestic applications of multiple services and arms in the field of military industry.
It is worth noting that in the field of cloud computing, invention patents are the key indicators to measure the core technical strength of cloud computing manufacturers, and software copyright is the key indicator to measure whether cloud computing manufacturers have business capabilities. According to the prospectus, Pingao has obtained 29 invention patents and 247 software copyrights, ranking in the forefront of the industry.
The report points out that according to the “2021 private cloud platform innovation ranking list” recently released by Internet Weekly of the Chinese Academy of Sciences, “pingaoyun” ranks among the top 10 of the list with its strategic layout and continuous innovation in the field of private cloud, reflecting the strong competitive advantage of pingaoyun in the field of private cloud.
The prospectus disclosed that the R & D expenses of Pingao from 2018 to 2020 were 25.6878 million yuan, 39.4808 million yuan and 33.9344 million yuan respectively, and the R & D expense rates reached 5.80%, 9.82% and 7.35% respectively.
follow the trend: industries and policies promote the development of listing and open the future
In this IPO, Pingao intends to invest the raised funds in the information technology innovation cloud platform, exclusive information cloud service platform and Pingao building, and the rest will be used to supplement working capital.
Pingao shares introduced in the prospectus that the raised investment project is conducive to enhancing the company’s core technology and competitive advantage, improving the profitability of the company’s main business, consolidating and improving the company’s competitive position in the industry, and further improving the company’s market competitiveness and risk resistance.
Shenwan Hongyuan Group Co.Ltd(000166) the research report also points out that the raised investment project of Pingao will develop innovative application cloud services supporting domestic cloud native, multi data blockchain, artificial intelligence and other open scenarios, so as to improve the scale, operation efficiency and technical level of the existing cloud service platform.
In fact, both cloud computing and industry information services have broad prospects in China and even the world. At the same time, they are also industries supported and encouraged by national industrial policies.
In terms of cloud computing, Pingao is one of the “top ten” brands of private cloud. With the continuous deepening of the digital transformation of Chinese traditional enterprises, the awareness and acceptance of private cloud services by enterprise users continue to grow. According to the prediction of China information and Communication Research Institute, it is expected that China’s private cloud market will maintain stable growth in the next few years, and the scale of private cloud market will reach 144.680 billion yuan by 2023.
Industry information services, whether rail transit, telecommunications, automobile, government and other fields, have achieved rapid development in the past. In the future, driven by the country’s continued efforts to increase development, the demand for Industry digitization and information transformation and upgrading, these industries will also further accelerate their development.
In terms of policies, it is understood that in recent years, the outline of the national innovation driven development strategy and the implementation guide for promoting enterprises to go to the cloud (2018-2020) have been successively released. There is a large development space for the future information technology innovation cloud platform and its localization ecology.
Adhering to the business philosophy of “quality casts the brand and knowledge creates value”, Pingao has always focused on technology and product R & D investment, industry deepening and development. In the future, pinko will focus on the fields of cloud computing, big data and artificial intelligence. Combined with the development trend of industry verticality and localization, pinko is committed to becoming China’s leading enterprise cloud platform and industry information service provider.
(Daily Economic News)
