\u3000\u3000 Shanghai Golden Bridge Infotech Co.Ltd(603918) (603918)
Key points of the report:
Established in 1994, the company adheres to the core values of "sincerity is gold and sharing is the bridge", starts from the customer's business needs, takes information technology as the carrier and superimposes industrial applications to provide customers with customized smart space informatization solutions and services. From 2016 to 2020, the CAGR of the company's operating revenue was 14.43%, and the CAGR of net profit deducted from non parent company was 30.21%. In September 2020, the company issued the 2020 stock option and restricted stock incentive plan. The initial exercise price of stock options is 11.73 yuan / share, and the initial grant price of restricted shares is 5.87 yuan / share. The performance evaluation goal is: Based on the net profit in 2019, the growth rate of net profit from 2020 to 2022 will not be less than 15%, 30% and 45%.
The service level of digital government was improved, and the construction of informatization version 4.0 of the people's court was accelerated
On November 17, 2021, Premier Li Keqiang chaired an executive meeting of the State Council, deliberated and adopted the "14th five year plan" to promote national government informatization, accelerate the construction of digital government and improve government service level. According to Frost & Sullivan's data, the CAGR of China's e-government market from 2016 to 2020 is 10.17%, and the prospective industry research institute predicts that it will reach 405 billion yuan in 2021. According to the data of the Supreme People's court, in 2020, the national court judges handled 225 cases per capita, and the workload increased significantly. At present, the informatization construction of the people's court has entered the stage of version 4.0. The integration of modern information technologies such as big data and the Internet of things with the court's business system is becoming more and more mature, and relevant enterprises are expected to fully benefit.
Strengthen the innovation and application of self-developed software products, vigorously layout the smart court and open up growth space
The company continues to promote the in-depth integration of R & D and business, continuously innovate self-developed software products, continuously implement and transform R & D achievements, and continuously open up new areas of business growth. 1) Mobile execution platform of the people's Court: this platform is a key link in establishing a full coverage execution information work mode of "private network + Internet", and it is also an important starting point for implementing the goal of "three unification". In the first half of 2021, the operating revenue was about 12.4 million yuan. 2) Space365 space management platform: it adopts the technology of sensing and interaction based on the Internet of things to perceive and control the people, environment and equipment in the space and realize intelligent space management. 3) Cloud video conference and communication platform - easy to enjoy heyshare: it can realize remote video communication and office cooperation.
Profit forecast and investment suggestions
In recent years, the company has developed rapidly in the field of big data and cloud platform services, and the future growth space has been gradually opened. It is predicted that the operating revenue of the company from 2021 to 2023 will be RMB 1.061, 1.298 and 1.536 billion, the net profit attributable to the parent company will be RMB 93, 120 and 163 million, the EPS will be RMB 0.26, 0.34 and 0.46/share, and the corresponding PE will be 35.14, 27.35 and 20.06 times. In the past three years, the company's pettm has mainly operated between 25-55 times. Considering the company's expansion in the field of court informatization, the company has been given 35 times the target PE in 2022, with the corresponding target price of 11.90 yuan. Recommend for the first time and give a "buy" rating.
Risk tips
Large accounts receivable; Rising labor costs; Risks of emerging business development; Market competition intensifies.
