Shenzhen Capol International&Associatesco.Ltd(002949) (002949)
Cooperate with Vanke to carry out a number of cooperation in the AI field and maintain the “buy” rating
Recently, the company signed a strategic cooperation agreement with Wanyi technology. The two sides will give full play to their respective strengths in BIM application software development and AI digital technology, complement each other’s advantages, and jointly develop AI drawing review customization rules, AI drawing review access collaboration platform and AI enabling design scenarios. Wanyi technology is a wholly-owned subsidiary of China Vanke Co.Ltd(000002) that specializes in real estate technology research and development. Many products such as AI drawing review under science and technology have gradually moved to the market. We believe that if the follow-up cooperation can be successfully implemented, it will help the company’s ibim platform to continuously optimize, promote intelligent transformation, realize industrial chain data interconnection and promote the company’s scientific and technological transformation, We continue to be optimistic about the company’s medium and long-term development and maintain the “buy” rating.
Carry out BIM cooperation in depth and continue to promote digital transformation and upgrading
The cooperation period is three years. Through the development interface, the data docking and function call between Huayang capol ibim platform and Wanyi AI drawing review platform are realized, and Wanyi AI drawing review platform is deeply used, Such as standardized design module (frame, layer, etc.) integration, targeted improvement of Huayang drawing support capability, continuous optimization of AI drawing review platform, capol ibim platform and other cooperation modes, and cooperation around the following aspects: 1) in-depth AI drawing review cooperation in the form of CAD; 2) data docking between AI drawing review platform and capolibim platform; 3) AI enabled design scenario; 4) BIM cooperative research and development , combine AI with Huayang BIM model review to gradually realize the intelligent transformation of BIM project services. We believe that Huayang is a design technology enterprise with the whole industry chain layout with design as the leader and prefabricated architecture and BIM as the core technology. As of 2021h1, the company has a BIM R & D team of about 120 people, focusing on BIM Technology Research and related software development. This cooperation is expected to continue to promote digital transformation and upgrading.
Affordable housing policy is blowing frequently, and the first mover advantage is expected to contribute to business increment
In June 21, the State Council Office issued the opinions on accelerating the development of affordable rental housing, formulated the top-level plan and gave support to land, finance, taxation and finance. At the end of the year, the central economic work conference again named “promoting the construction of affordable housing”. We judged that the affordable housing project may become an important starting point for steady growth in 2022, At present, most of the key first and second tier cities have successively announced the construction plans of affordable housing during the 14th Five Year Plan period, of which the new affordable housing in Shenzhen accounts for more than 45% of the new housing, 17 Shenzhen Municipal Government (Shenye group, Shenzhen residential engineering management station, etc.) have contributed more than 100% to the company’s revenue over the past 15 years. Relevant departments of Shenzhen government occupy an important position in the company’s customer group. Previously, the company participated in the EPC project of indemnificatory housing in Longgang District, the largest prefabricated construction indemnificatory housing in China. With the large-scale development of Shenzhen indemnificatory housing market, Huayang has made significant progress in Shenzhen to G market Advantages are expected to bring business increment to the company.
Optimistic about the company itself α Attribute to maintain the “buy” rating
We believe that the company’s core competitiveness is more prominent, and we are optimistic about the company itself α In addition, the company continued to promote Bim and assembly R & D, and launched Huayang express 2021 and ibim3 0. Huayang Zhihu search system and cloud computing system, and the rapid iteration of its own software is expected to continuously improve the design efficiency of the company. Considering the sharp decline in the prosperity of 21h2 real estate industry, we slightly adjusted the company’s net profit attributable to the parent company in 21-23 years to RMB 200 / 2.5 / 320 million, the previous value (RMB 2.3 / 3.1 / 400 million). Referring to the valuation of comparable companies, we approved to give PE 18 times in 22 years, the target price is RMB 23.04, and maintain the “buy” rating.
Risk warning: the order volume and execution are not as expected; The new construction area of real estate is less than expected; The impact of EPC on cash flow exceeds expectations; The strategic cooperation agreement is a framework agreement with uncertainty
