\u3000\u3 China Vanke Co.Ltd(000002) 609 Shenzhen Jieshun Science And Technology Industry Co.Ltd(002609) )
Smart parking is the leader, with a "buy" rating for the first time
The company is the leader of smart parking. It has been deeply cultivated in the parking field for 30 years, focusing on the three ends of BCG to realize the full ecological coverage of smart parking. The contradiction between more cars and less cars is becoming increasingly prominent. Driven by the policy, smart parking may usher in accelerated development, and the company is expected to benefit. We estimate that the net profit attributable to the parent company from 2021 to 2023 will be RMB 169 million, RMB 232 million and RMB 301 million respectively, the corresponding EPS will be RMB 0.26, RMB 0.36 and RMB 0.46 per share respectively, and the corresponding PE of the current stock price will be 35.1, 25.5 and 19.7 times respectively. For the first time, give a "buy" rating.
There are few cars, and the contradiction is prominent. Intelligent parking is the only way
(1) according to the data of the Ministry of public security, China's car ownership exceeded 300 million in 2021, with a year-on-year increase of 7.5%, surpassing the United States and becoming the first in the world. China's car ownership has increased rapidly, but the construction of supporting parking spaces is relatively slow. According to the data of the people's daily, there will be about 80 million parking spaces in China in 2020, which is still far from the ideal parking space ratio of 1.1-1.3. (2) The traditional parking information level is low, while intelligent parking can realize the real-time update of parking space resource status, and maximize the utilization rate of parking space resources, which is the only way to solve the difficulty of parking. In June 2021, the State Council issued the "opinions on promoting the development of urban parking facilities", requiring to speed up the construction of parking facilities. Driven by the policy, the construction of smart parking may be accelerated, and the company is expected to benefit.
The company is the leader of smart parking, and BCG cooperates to enter a new stage of development
The company was founded in 1992. After 30 years of development, the company has a total of 100000 stock projects, covering more than 100000 parking lots and 6 million parking spaces. It is in a leading position in the industry. In the future, based on the traditional hardware, the company will promote the coordinated development of BCG and create a new urban parking ecosystem: (1) 2B cloud hosting: change from selling hardware to selling SaaS services, help the parking lot reduce costs and increase efficiency by saving manpower, and sign 4000 new hosting lanes in 2020, laying the foundation for large-scale development; (2) 2cjie parking: the parking service for the C-end has more than 70 million users after five years of development. In the first half of 2021, the flow reached 3.19 billion yuan. The future scale expansion (volume) and service expansion (price) jointly drive the revenue growth; (3) Urban parking: the company has been deeply engaged in the parking field for many years, has profound technical accumulation, holds the b-end and C-end resources, and launched urban parking projects. At present, it has been implemented in more than 40 cities and entered the performance harvest period.
Policy tips: less than expected risks; The development of innovative business is less than expected; Industry competition intensifies.
