Beijing Supermap Software Co.Ltd(300036) deep ploughing, Xinchuang is ready to go, and 3D GIS application is landing and speeding up

\u3000\u30 Jinzai Food Group Co.Ltd(003000) 36 Beijing Supermap Software Co.Ltd(300036) )

Key investment points

Event: the company released its annual report for 2021, realizing an operating revenue of 1.88 billion yuan, a year-on-year increase of 16.5%; The net profit attributable to the parent company was 290 million yuan, a year-on-year increase of 22.6%; The net profit after non deduction was 270 million yuan, a year-on-year increase of 21.7%. The performance is in line with expectations.

China's GIS leader, all businesses are progressing in an orderly manner. 1) GIS basic software: during the reporting period, the company released SuperMap GIS 10I (2021), which continued to maintain significant advantages in the core technology fields of geographic information such as artificial intelligence, distributed, new generation 3D and AR, and realized more value creation through ecological energy accumulation; The market share of SuperMap GIS basic software has surpassed foreign brands, ranking first in China, and has been promoted to more than 100 countries and regions. 2) Application software sector: focus on the continuous and in-depth development of the four business lines of big resources, Shanghai Dzh Limited(601519) , big environment and big national defense, so as to realize the rapid growth of the bid winning amount of single project and the overall order scale. 3) GIS cloud service sector: up to now, the mass mapping business has more than 1.35 million free users, and the enterprise platform has 450000 customers, serving more than 100 segments.

Deeply plough the information innovation project, complete the ecological adaptation, and be ready to go. During the reporting period, the company's information innovation projects blossomed in many places, and the implementation of information innovation orders in 9 ministries and commissions and more than 30 provinces and cities was realized. Compared with 2020, the number of projects increased significantly, and there are information innovation benchmark projects at the ministerial, provincial, municipal and county levels, achieving a good demonstration effect. At the same time, relevant personnel of the company served as the leader of the GIS information innovation team and took the lead in completing the GIS test outline; And actively carry out product adaptation, technical verification and performance improvement with ecological partners. The docking test and adaptation of 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. With the acceleration and deepening of information innovation in the industry, the company is expected to gain more share in the information innovation market.

The new generation of three-dimensional GIS technology has accelerated the promotion, and the market space is huge. 3D GIS software technology is an inevitable requirement for the upgrading of GIS technology. The company has developed a new generation of 3D GIS technology system, which has a global leading level. During the reporting period, SuperMap GIS software has become an indispensable tool for more than 200 design institutes and surveying and mapping institutes in China. At the same time, the company has built a three-dimensional land spatial information platform, undertaken the three-dimensional map of natural resources of the Ministry of natural resources, the three-dimensional spatio-temporal database of natural resources of the National Geographic Information Center, and dozens of ministerial and provincial key projects in Henan Province, Liuzhou city and Xianning City. With the implementation of policies such as the notice on comprehensively promoting the construction of real 3D China, 3D GIS technology is expected to expand emerging application fields such as buildings and bridges, and the market space is further enhanced; As a leader in the field of GIS in China, the company will deeply benefit from the real 3D construction process.

Profit forecast and investment suggestions. It is estimated that the compound growth rate of the company's net profit attributable to the parent company from 2022 to 2024 will reach 28.4%. Based on the demand release driven by the relevant policies of "Xinchuang" + "new infrastructure", as the leader of domestic GIS software, the company is expected to expand its leading edge, realize the rapid expansion of business and maintain the "buy" rating.

Risk warning: the progress of localization substitution is less than expected; The promotion of China's policy is less than expected; Intensified industry competition, etc.

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