\u3000\u30 Jinzai Food Group Co.Ltd(003000) 36 Beijing Supermap Software Co.Ltd(300036) )
On March 24, 2022, the company released its annual report for 2021, which realized an operating revenue of 1.875 billion yuan in 2021, with a year-on-year increase of 16.46%; The net profit attributable to the parent company was 288 million yuan, a year-on-year increase of 22.55%.
China is a leader in the field of GIS, with the continuous improvement of product capacity and the continuous promotion of ecological cooperation. The company has a market leading position in the field of GIS. The market share of supermapgis basic software has surpassed foreign brands, ranking first in China, and has promoted supermapgis to more than 100 countries and regions. In 2021, the company released a new product supermapgis10i (2021) to continuously improve the product capacity. At the same time, the company strengthened ecological cooperation, fully integrated into Kunpeng computing ecology such as openeuler and opengauss, and went deep into the fertile soil plan to obtain more cooperation opportunities with Huawei in the field of GIS.
Grasp the two opportunities of information innovation and three-dimensional, and the future potential can be expected. 1) Xinchuang opportunities: the company is a member of the information technology application and innovation Working Committee. Relevant personnel served as the leader of the GIS Xinchuang group, and took the lead in completing the GIS test outline in 2021. In terms of project implementation, in 2021, the company achieved the implementation of trust and innovation orders from 9 ministries and commissions and more than 30 provinces and cities. There are trust and innovation benchmark projects at the ministerial, provincial, municipal and county levels. At the same time, three subsidiaries obtained the state secret qualification.
2) real 3D opportunity: the company has built a 3D land spatial basic information platform, undertaken a 3D map of natural resources of the Ministry of natural resources, a 3D spatio-temporal database of natural resources of the National Geographic Information Center, and dozens of ministerial and provincial key projects. In February 2022, the Ministry of natural resources issued the notice on comprehensively promoting the construction of real 3D China. As a leader in the field of GIS, the company is expected to fully benefit from the promotion of real 3D construction in the future.
Innovative businesses blossomed at multiple points, and the SaaS revenue of maphui's small, medium-sized and Micro customers increased by 50% year-on-year. The contract value of the company's digital chassis business increased by 67% in 2021, becoming a new growth point of smart city business development in the future; The smart park business combines Bim and other technologies with GIS technology, and the contract amount increased by more than 300% year-on-year. The number of registered users of maphui business enterprises increased by more than 120000, the total number of registered users reached 1.8 million, and the SaaS revenue of small, medium and Micro customers increased by 50% year-on-year; The renewal rate of small and Micro customers has reached more than 55%, and that of large customers has reached more than 95%. In the field of yuancosmos, the company has recently won the bid for the VR project of Fuzhou Xiamen airport, and the establishment of benchmark project is expected to help promote relevant businesses.
Investment suggestion: the company is a leading company in the field of GIS in China. Real 3D, domestic substitution and other policies began to be implemented one after another, which helped the company grow as an opportunity. At the same time, the long-term potential of emerging businesses such as metauniverse and C-end SaaS business is expected. It is estimated that the net profit attributable to the parent company from 2022 to 2024 will be RMB 364 / 451 / 554 million, and the corresponding PE will be 28x, 23x and 18x respectively. We selected Piesat Information Technology Co.Ltd(688066) , Geovis Technology Co.Ltd(688568) as comparable companies in the computer industry, with an average PE of 43x in 2022. The company has certain valuation advantages and maintains the "recommended" rating.
Risk tip: the risk of intensified industry competition, uncertainty in the development of new fields such as metauniverse, and some uncertainty in the progress of policy promotion.
