\u3000\u30 Chongqing Baiya Sanitary Products Co.Ltd(003006) 88 Dark Horse Technology Group Co.Ltd(300688) )
Focus on small and medium-sized enterprises in China and provide enterprises with full life-cycle services Dark Horse Technology Group Co.Ltd(300688) was established in 2008 to provide enterprises with enterprise acceleration services, as well as a series of enterprise services including SaaS mode, urban expansion, intellectual property, finance and taxation, specialization and innovation, marketing, investment and financing. The company has accelerated the service of tens of thousands of small and medium-sized enterprises with innovative methodology and industrial service system. The largest shareholder of the company is Mr. Niu Wenwen, who is also the chairman and actual controller.
Small and medium-sized start-ups meet the spring breeze of policy, and the space for enterprise service and SaaS can be expected. In 2021, 154 million market entities were registered nationwide, including 48.423 million enterprises; 9.04 million new enterprises were established in 21 years. New enterprises and the wave of digital transformation of Chinese enterprises provide a demand basis for enterprise services. The development trend of enterprise services at all tracks is good. The revenue scale of the national intellectual property service industry in 20 years is about 225 billion yuan, and the expected scale of China’s enterprise training market in 21 years is 19.2 billion yuan. At the same time, SaaS has gradually become a new engine for the development of enterprise services. The compound growth rate of China’s enterprise SaaS market scale is expected to be 34% in 21-23 years, and the market scale is expected to reach 130.4 billion yuan in 23 years. In terms of policies, small and medium-sized enterprises play an increasingly important role in China’s development, especially the “specialized and special new” enterprises, which are frequently supported by policies.
In the 21st year, the Beijing stock exchange was established to build a service innovation oriented small and medium-sized enterprise main position.
Based on enterprise accelerated services, actively expand enterprise services and strategically promote SaaS upgrading. In terms of the company’s specific business, enterprise acceleration service is a strategic management consulting service for the founders. It is the cornerstone business of the company. Its core products include “dark horse Growth Camp”, “dark horse laboratory”, etc. On the basis of accelerating business, the company takes “business enterprise service and Enterprise Service SaaS” as the strategic policy to promote business optimization and upgrading. Enterprise service is the development period business of the company’s new subdivided tracks such as intellectual property services in 21 years on the basis of the original urban expansion. Therefore, the company’s service expands from the founder to the enterprise, from the entrepreneurial stage to the whole life cycle. At the same time, the company continues to increase the construction of SaaS platform. At present, it has built a SaaS cloud platform specializing in special and new intellectual property rights, and launched intellectual property service products “Kechuang cloud”, enterprise acceleration products “acceleration cloud”, and “industrial brain” to build new online services.
Continue to promote business optimization and return to a healthy track in 21 years. With the improvement of business model, it is expected to enter the fast lane of growth in the future. In 2021, the company achieved a revenue of 340 million yuan, a year-on-year increase of 107.87%, and the net profit attributable to the parent company was 11.43 million yuan, a year-on-year increase of 55.90%. In terms of business, the enterprise service revenue in 21 years was 182 million yuan, with a year-on-year increase of 259.34%, accounting for 53.42%; The revenue from enterprise acceleration services was 147 million yuan, a year-on-year increase of 43.9%, accounting for 43.40%. As the enterprise service is in the expansion stage, the gross profit margin and net profit margin in 21 years are affected in the short term. As the new business gradually comes out of the cultivation period and the SaaS model gradually infiltrates, the company’s profit margin is expected to rise.
Investment suggestions: Dark Horse Technology Group Co.Ltd(300688) is the service leader of small and medium-sized enterprises with characteristics of a shares. The enterprise acceleration service has strong brand support and rich customer resources. The new enterprise service improves the depth of the company’s business. The promotion of SaaS mode opens up the imagination space of scale and efficiency for the company. In terms of policies, the State encourages small and medium-sized enterprises, especially specialized and new enterprises, and relevant industries are expected to usher in a development dividend period. We estimate that the company’s operating revenue from 2022 to 2024 will be 597 million yuan / 805 million yuan / 1009 million yuan respectively, of which the revenue growth rate of enterprise acceleration service / enterprise service in 22 years is 51.5% / 98.8% respectively; It is estimated that the net profit attributable to the parent company in 22-24 years will be 49.97 million yuan / 86.6 million yuan / 122 million yuan respectively, with a year-on-year growth rate of 337.4% / 73.3% / 40.5% respectively; “Buy” rating is given for the first time.
Risk warning: macroeconomic fluctuation risk; Policy impact risk; Market competition intensifies risks; The progress of new business promotion and SaaS upgrading did not meet expectations; Epidemic impact.
