Beijing Seeyon Internet Software Corp(688369) (688369)
Beijing Seeyon Internet Software Corp(688369) is the leader of collaborative office software, and the industry has ushered in a triple drive
(1) Product matrix: A8 for medium and large-scale and group enterprises, G6 for government organizations and institutions, and corresponding information creation and mobile products; A6 and corresponding mobile products for small and medium-sized enterprises / organizations. Cloud business: Based on public cloud and exclusive cloud, it provides customers with polymorphic integration of business, data and connection.
(2) Customers and market share: more than 40000 enterprises and government customers have obvious advantages among medium and large customers. IDC reported that in 2020, in the traditional deployment mode, the company ranked first with a market share of 27.2%.
Xinchuang will enter the stage of large-scale application, and the company's Xinchuang business continues to grow rapidly
(1) The information innovation industry is gradually moving towards the application landing stage, accelerating the application in the "2 + 8" industry, and the information innovation in the "8 + n" industry continues to penetrate. (2) The main products of the company's Xinchuang products include a8-n (enterprise Xinchuang version collaborative operation platform), g6-n (Xinchuang collaborative office management platform), etc. (3) The volume of the company's Xinchuang business increased rapidly: in 2021h1, the newly signed Xinchuang contract of direct sales was 79.9 million yuan, a year-on-year increase of 1576.23%.
A new generation of technology platform V8 is expected to be launched, which is expected to increase both volume and price
The new generation collaborative management technology platform V8 (cloud native and micro Service Architecture) is an important support for the company's transformation of the main business of cloud. It was launched in 2020 and is expected to be launched. (1) It is conducive to strengthening the company's cloud service capability and driving the growth of cloud business. In 2021h1, the company's cloud business realized a revenue of 22.3304 million yuan, with a year-on-year growth rate of 484.10%. (2) V8 supports the exclusive cloud deployment of large organizations. With the launch of subsequent V8, it is conducive to strengthening the company's service capacity in large customers, improving customer unit price and expanding market share.
Profit forecast and valuation
The volume of Xinchuang business increased rapidly; The new technology platform is expected to be launched, which is expected to bring both volume and price. It is estimated that the net profit of the company from 2021 to 2023 will be RMB 137 million, RMB 200 million and RMB 276 million, with a year-on-year increase of 27.78%, 45.25% and 38.38%. In combination with the company's fundamentals and industry competition pattern, the company will be given a PE valuation of 45 times in 2022 and a "buy" rating corresponding to the target market value of RMB 9 billion.
Risk statement
Downstream customers' it expenditure is less than expected, product innovation is less than expected, market competition intensifies and other risks.
