Beijing Forever Technology Co.Ltd(300365) (300365)
Key investment points
Focus on BIM Technology, build five business systems, and build strong competitive barriers with high-quality software capability: Beijing Forever Technology Co.Ltd(300365) based on the power industry, widely involved in water conservancy, transportation and other fields, and is committed to using cloud computing, Internet of things, Bim and other technologies and concepts to provide a series of SaaS products such as 3D design, smart infrastructure, power distribution operation, energy management and big data analysis, Provide integrated services of the whole industry chain for the construction of energy Internet. The company has established the strategic positioning of "BIM platform software and industry digital application and operation service provider", and built five business systems: BIM platform and software, BIM design consulting, BIM based big data application, BIM based asset digital application and BIM digital education. The core BIM localization software platform technology mastered by Beijing Forever Technology Co.Ltd(300365) is scarce and has high industry barriers. We believe that Beijing Forever Technology Co.Ltd(300365) strategy focuses on BIM software business, which is expected to further accelerate its development and obtain stronger competitiveness in the future.
The transformation and upgrading of the power system has increased the demand of the industry, actively expanded the emerging fields such as distributed photovoltaic, water conservancy and transportation, and the performance is expected to improve rapidly. Under the "double carbon goal", the transformation of China's power system has become a general trend. At present, the transmission side of the main network of the power system has been basically completed, and the distribution grid, distributed generation and Microgrid are expected to meet greater construction demand. Beijing Forever Technology Co.Ltd(300365) as a leading company of BIM software in China's power system, it is expected to obtain greater downstream demand under the wave of power system construction. At the same time, the company has developed three-dimensional photovoltaic design software and three-dimensional wind farm design software based on the independent and controllable BIM + GIS bottom platform, which is expected to fully benefit from the wave of distributed power generation construction and achieve rapid performance growth. In addition, the company actively reuses its BIM software capabilities in water conservancy, transportation and other fields. At present, many projects have been successfully implemented, and the industry ceiling has been opened quickly, which is expected to bring greater long-term growth space to the company.
Three dimensional design comprehensively promotes the general trend of superposition and domestic substitution, and Beijing Forever Technology Co.Ltd(300365) is expected to further improve the industry status: Beijing Forever Technology Co.Ltd(300365) is one of the few enterprises in China that build BIM applications based on independent underlying technology platform, focusing on providing integrated services throughout the life cycle of power engineering. In the environment of decentralization of manufacturers and localization of BIM software in the field of power grid informatization, Beijing Forever Technology Co.Ltd(300365) is expected to become a strong competitor of traditional foreign manufacturers and lead China's BIM market. In addition, since 2019, the State Grid has comprehensively promoted the three-dimensional design, requiring the company to fully carry out the three-dimensional design of the new 35kV and above power transmission and transformation projects, bringing a large potential market space to the Beijing Forever Technology Co.Ltd(300365) design sector. The company has participated in the formulation of six three-dimensional design group standards for power transmission and transformation projects, which fully shows that Beijing Forever Technology Co.Ltd(300365) has profound technical accumulation, recognition and trust in the industry in the three-dimensional design of power transmission and transformation projects, and is in a leading position in the industry. We believe that Beijing Forever Technology Co.Ltd(300365) is expected to further consolidate and strengthen its leading position under the rising demand of the industry, the strengthening of standardization and the wave of domestic substitution.
Profit forecast: we predict that the net profit attributable to the parent company from 2021 to 2023 will be RMB 143 / 288 / 428 million, corresponding to EPS of RMB 0.24/0.48/0.71 from 2021 to 2023, and the current share price corresponding to PE will be 44 / 22 / 15 times respectively. Considering the scarcity of high-quality targets of BIM software in China's power system, the downstream demand of the company is expected to continue to expand and cover for the first time under the promotion of domestic substitution and new energy distributed generation, Give a "buy" rating.
Risk warning: the risk that the promotion of new energy related business is not as expected; The risk that the downstream demand growth is less than expected; Risk that the progress of domestic substitution is less than expected
