\u3000\u30 Jinzai Food Group Co.Ltd(003000) 36 Beijing Supermap Software Co.Ltd(300036) )
Matters:
The company announced in the annual report of 2021 that in 2021, the operating revenue was 1.875 billion yuan, 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%, and the EPS was 0.62 yuan. The profit distribution plan for 2021 is: it is proposed to allocate 0.6 yuan (including tax) for every 10 shares, and the capital reserve will not be converted into share capital.
Ping An View:
The performance of the company achieved rapid growth in 2021, and the leading position in the industry was stable. According to the company’s announcement, in 2021, the company achieved an operating revenue of 1.875 billion yuan, a year-on-year increase of 16.46%, a net profit attributable to the parent company of 288 million yuan, a year-on-year increase of 22.55%, and a rapid growth in the company’s performance. The company is a leading enterprise in China’s GIS industry. The market share of supermapgis basic software of the company has surpassed foreign brands and ranks first in China. It has developed agents in more than 40 countries and regions and promoted supermapgis to more than 100 countries and regions. It is a GIS basic software supplier for multinational enterprises such as Huawei, ZTE, NEC and NTT. According to the data of arc consulting group of the United States, SuperMap ranks third in Global GIS market share and first in Asian GIS market share. In 2021, the company released its new product supermapgis10i (2021), which achieved new upgrading in 3D visualization and 3D interactive experience, as well as video GIS technology, ArGis technology, Web GIS technology and many other aspects, and the company’s core competitiveness continued to enhance.
The company’s business continues to make positive progress in natural resources. In 2021, in terms of natural resources registration, the company gave full play to the technical and first mover advantages in the field of natural resources, successively won the projects related to the confirmation and registration of natural resources in cities and counties under the jurisdiction of Jiangsu, Liaoning, Shanxi, Hubei, Hebei, Shandong, Jilin, Inner Mongolia, Sichuan, Anhui, Xinjiang and other provinces, and took the lead in carrying out the investigation and evaluation of natural resources and water resources, the pilot work of natural resources asset inventory and information solutions. In terms of land and space planning, the company and its subsidiaries have successively won the bid for land and space planning projects in cities, counties and villages under the jurisdiction of Jiangsu, Heilongjiang, Shandong, Sichuan, Shaanxi, Henan, Guizhou, Inner Mongolia, Ningxia, Liaoning, Anhui, Yunnan and other provinces. The company has obvious competitive advantages in the field of land and space planning. Unified registration of immovable property, the “Internet plus real estate”, “one window reception” and “one network through office” are the basic businesses of real estate registration. There are tens of millions of orders in the winning projects. For example, the unified registration cloud platform project of Guizhou province (phase two) won the bid amount of 15 million 490 thousand yuan, and the bid amount of Ji’nan City real estate registration survey project was 11 million 440 thousand yuan. The positive progress made by the company in the field of natural resources business is an important basis for the rapid development of the company’s performance.
Xinchuang business will become a new growth point of the company’s performance, and 3D GIS technology will open up growth space. The company attaches importance to the construction of GIS information and innovation ecology, actively carries out product adaptation, technical verification and performance improvement with ecological partners, and realizes the transformation from independent availability to easy use. Up to now, the docking test and adaptation of the company’s products with Kunpeng, Feiteng, Longxin, Shenwei, haiguang, Zhaoxin, Changsha Jingjia Microelectronics Co.Ltd(300474) 7 CPUs, 12 operating systems and 19 databases have been completed. In 2021, the company participated in the construction of information innovation projects at the ministerial level, realized the implementation of information innovation orders in 9 ministries and commissions and more than 30 provinces and cities, and has information innovation benchmarking projects at the ministerial, provincial, municipal and county levels, which has a good demonstration effect and is conducive to the subsequent promotion and application of the company in relevant government authorities and local institutions. With the development of Xinchuang industry, Xinchuang business will become a new engine for the development of the company. 3D GIS software technology is one of the most important development directions of GIS platform software technology, and it is the inevitable requirement of GIS technology upgrading. The company has developed a new generation of 3D GIS technology system, which has the world’s leading technical level. The three-dimensional digital chassis of the company’s digital twin city is a space-time infrastructure for the construction of intelligent systems with different scales. It can provide services for the whole process of urban planning, construction, management and operation, and drive the intelligent application in different aspects such as planning, construction, management, service and decision-making. In 2021, the company’s digital chassis business contract achieved a year-on-year increase of 67%, and successively won relevant projects in Wuhu, Changchun, Lishui, Ningbo, Xiamen, Jinan, Luzhou, Xi’an and other places, of which the winning amount of smart Wuhu project was 30.98 million yuan. In addition, 3D GIS technology has evolved to the meta universe, and the company has also made some layout. The company has applied for patents related to VR / Ar + GIS, such as precise positioning and calibration of ArGis, map visualization of ArGis and other related technologies. At the same time, the company has recently won the bid for yuancosmos related project – Fuxia airport VR project. The combination of 3D GIS technology and meta universe will bring imagination space for the future development of the company.
Profit forecast and investment suggestions: according to the company’s 2021 annual report, we adjusted the performance forecast and estimated that the net profit attributable to the parent company from 2022 to 2024 would be 361 million yuan (the former value was 409 million yuan), 464 million yuan (the former value was 548 million yuan), 601 million yuan (New), and EPS would be 0.74 yuan, 0.95 yuan and 1.23 yuan respectively. The PE corresponding to the closing price on March 24 would be 28.3, 22.0 and 17.0 times respectively. The company is a leading enterprise in China’s GIS industry, with a stable leading position. The company closely follows the development trend of GIS technology and continues to iteratively launch new versions of products. At present, the company continues to make positive progress in the field of natural resources business, the development momentum of Xinchuang business is good, and the application of three-dimensional GIS technology such as digital chassis and metauniverse blooms at many points. We are optimistic about the future development of the company and maintain the “recommended” rating of the company.
Risk tips: (1) the company’s GIS technology and product upgrading iteration progress did not meet expectations. At present, the company has obvious leading advantages in the field of GIS technology in China, which has laid a solid foundation for the company to become a leading enterprise in China’s GIS industry. However, if the company can not keep leading in the field of GIS technology in the future, or the upgrading and iteration progress of the company’s GIS products does not meet the expectations, there is a risk that the company’s GIS business development will not meet the expectations. (2) The development of the company’s natural resources business did not meet expectations. The company continues to make positive progress in natural resource registration, land and space planning, “real estate +” and other businesses. However, if the intensity of market competition exceeds expectations, there is a risk that the development of the company’s natural resources business will not meet expectations. (3) The application of 3D GIS technology in the company did not meet expectations. At present, 3D GIS technology is evolving to the meta universe, and the company has also made a layout. However, if the future development of metauniverse industry is lower than expected, there is a risk that the development of the company’s 3D GIS technology application business will not meet the expectations.
