\u3000\u30 Jinzai Food Group Co.Ltd(003000) 36 Beijing Supermap Software Co.Ltd(300036) )
On April 8, 2022, the company announced that Mr. Song Guanfu, chairman and general manager of the company, based on his confidence in the company’s future development prospects and recognition of the company’s value, increased his holdings of 100000 shares of the company by means of centralized bidding transaction on April 8, 2022, accounting for 0.02% of the total share capital.
The chairman’s overweight shows confidence in future development, and the company’s valuation is at a historical low. This time, Mr. Song Guanfu increased his holding of 100000 shares, accounting for 0.02% of the total share capital. The shareholding increase of song Fu was 4.4% before and after the increase. The chairman’s shareholding increase shows the company’s senior executives’ confidence in the future development prospects and the company’s own value. At the same time, as of the closing on April 8, the PE (TTM) of the company was 34x, which was in the 9% quantile of the historical valuation in the past three years.
Real 3D, urban digital chassis, Xinchuang and other business opportunities are expected, and yuanuniverse and C-end business open long-term development prospects. 1) Real 3D: in February 2022, the Ministry of natural resources issued the notice on comprehensively promoting the construction of real 3D China. It is estimated that 50% of the government’s decisions can be completed through online real 3D space in 2025 and 80% in 2035. It focuses on the requirement of “digital space base”, defines the construction of management system and database, and the relevant construction increment can be expected. As China’s leader in the field of GIS, the company has a real-life three-dimensional land spatial planning full cycle management solution, which is expected to continue to benefit.
2) urban digital chassis: the company’s GIS platform is an important digital base in the city. The contract amount of digital chassis business increased by 67% year-on-year in 2021. Recently, Henan government spatial information sharing service platform, basic geographic information system of xiong’an new area and other projects have been implemented continuously.
3) yuancosmos and C-end business: in terms of C-end business, in 2021, more than 120000 registered users of maphui enterprises were added, the overall registered users of maphui reached 1.8 million, and the SaaS revenue of small, medium and Micro customers increased by 50% year-on-year; In terms of yuancosmos business, the company obtained benchmark projects such as Fuxia airport VR project, and opened up GIS and game engine. In the future, the application potential in airports, games and other scenes can be expected.
4) Xinchuang: in 2021, the company realized the implementation of Xinchuang orders from 9 ministries and commissions and more than 30 provinces and cities, and has Xinchuang benchmark projects at the ministerial, provincial, municipal and county levels. Xinchuang will not only replace the stock of foreign platform products, but also bring the reconstruction of upper application software, and the long-term market potential can be expected.
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 365 / 453 / 554 million, and the corresponding PE will be 27x, 21x and 18x respectively. We select Piesat Information Technology Co.Ltd(688066) , Geovis Technology Co.Ltd(688568) as comparable companies in the computer industry with geographic informatization as the main business. The average PE (wind unanimously expected) of relevant companies in 2022 is 42x. 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.
