\u3000\u30003 Fujian Zhangzhou Development Co.Ltd(000753) 00075)
The company released the results from January to February, and the growth rate of net profit attributable to the parent company exceeded 60%. On March 15, 2022, the company issued an announcement on the operation from January to February 2022. In the first two months of 2022, the total operating revenue was about 200 million yuan, with a year-on-year increase of more than 40%; The net profit attributable to the parent company was about 30 million yuan, with a year-on-year increase of more than 60%; From January to February, the amount of newly signed orders was about 230 million yuan, with a year-on-year increase of more than 60%, of which the growth rate of related orders in industrial digitization, digital governance and data element resource application exceeded 150%.
Digital data management is an important task of economic development. 1) The senior management attaches great importance to the development of digital economy, and the long-term development of China’s digitization can be expected under the catalysis of policies. From the 14th five year plan for the development of digital economy to the 2022 government work report, the policy has made important guidelines for digital development. The sinking of digital construction, the construction of key industries, core technology research and development, network security and other contents have become the focus of construction.
2) “one network unified management” and “grid management” are expected to become the focus of digital economy construction. The company has been deeply cultivated in the industry for many years and has a leading position. The government governance chapter of the 2022 government work report focuses on Digitization and puts forward “promoting the sharing of digital government and government affairs”. We believe that strengthening government governance capacity is an important part of the construction of digital economy, and “one network unified management” and “grid management” are important means to strengthen government governance capacity. The project of “unified management of urban and rural areas” in Anhui Province has won the bid of “unified management of urban and rural areas”, and the project of “unified management of urban and rural areas” has reached the scale of “one hundred and eighty-three thousand yuan in 2022. In the field of “grid management”, the company has covered more than 200 cities above prefecture level and more than 1000 county-level cities and districts, and has established urban operation data service branches in more than 100 cities.
3) launch “data governance”, and the long-term prospect of L4 intelligent grid vehicle is promising. The company launched the L4 level smart grid vehicle with “driverless + aiot” technology as the core. The application scope of data collection includes urban infrastructure, traffic management, law enforcement management and other fields. The grid car loads various data acquisition equipment, collects data in multiple scenes, calculates relevant data through edge computing capability, and transmits the results to the command center, which has potential in improving the efficiency of urban data governance. The promotion of L4 smart grid car is also expected to bring about the transformation of the company’s business model, with SaaS transformation potential. At the same time, it is also expected to help continuously optimize the labor cost.
Investment suggestion: under the general trend of digital economy construction, as a leading enterprise of smart city, the company is expected to benefit from the promotion of “one network unified management”, “grid management” and other construction; At the same time, the company has made efforts to “L4 driverless + operation”, improve the urban data governance ability, and gradually promote the transformation of its own business model. It is estimated that the company’s EPS from 2021 to 2023 will be 0.40/0.51/0.65 yuan, and the corresponding PE will be 53x, 41x and 32x. Considering the market position of the company in the smart city field, Iflytek Co.Ltd(002230) , Wonders Information Co.Ltd(300168) are selected as comparable companies. The average PE of relevant comparable companies in 2022 is 42x. Considering the advantages of the company in the fields of “one network unified management” and the long-term prospect in the field of L4 intelligent grid vehicle, the “recommended” rating is maintained.
Risk warning: the promotion of new technology is not as expected, and the impact of the epidemic is uncertain; Industry competition intensifies.
