\u3000\u30 Shaanxi Zhongtian Rocket Technology Co.Ltd(003009) 35 Beijing Yjk Building Software Co.Ltd(300935) )
Focus on architectural design software, gather scientific research experts and build a professional team
The company's main business is the development, sales and related technical services of architectural structure design and BIM related software products. Focusing on the field of architectural design, the company has launched a series of self-supporting core products such as yjk architectural structure design software system, BIM data collaboration and BIM ecological products, bridge design software and so on. Many of the company's senior executives are from scientific research institutes, with outstanding scientific research and technical background, and are experts in the field. In different fields such as accounting and management, the company also brings together industry experts. Technical background and talents in multiple fields ensure the company's good R & D and management in the future.
The east wind in the construction information industry has risen, and Beijing Yjk Building Software Co.Ltd(300935) is one of the oligarchs in the field of structural design
At present, the east wind in the construction information industry has begun, and the industrial space of the three major applications of architectural design software and BIM platform has reached more than 30 billion yuan. Among them, design software is the focus of the development of building informatization, and also plays an important role in the development of BIM Technology. At present, China's structural design software industry is competing for hegemony between Beijing Yjk Building Software Co.Ltd(300935) and PKPM. PKPM has the first mover advantage in China's design industry, while Beijing Yjk Building Software Co.Ltd(300935) as a latecomer, has continuously expanded its market share in recent years by virtue of product functions and customer service, and has strongly seized the leading market of PKPM. The advantages of subsequent products continue to show.
High technical barrier, high-yield model
The company has always attached importance to the construction of technology R & D team and cultivated a high-level, experienced and team spirit high cohesion R & D technology team with outstanding R & D ability. The company takes the lead in many technologies in China and has mastered the key technologies of the industry. Among them, the national leading finite element analysis technology of self-developed 2D and 3D graphics platform and CAE in the construction field is of particular concern. As a model of high productivity, the company has created a full matrix of structural design, which can realize the collaboration between upstream and downstream software. At the same time, the company is one of the few enterprises in China with the ability to undertake the research and development of BIM function software covering the whole life cycle of buildings. The company has completed the construction of independent BIM bottom platform, laying a solid foundation for the design coordination and cooperation of architecture, structure, electromechanical and other disciplines.
The company plans to build the overall ecosystem of BIM, with broad long-term growth space
The company's current strategy is to expand from the current civil structure design software to the industrial field, then further develop new structures and products in new fields, and finally build a software product ecosystem based on yjk-bim. If the product line is successfully expanded, the growth space of the company will be very broad.
Profit forecast and investment suggestions
We expect the operating revenue of Beijing Yjk Building Software Co.Ltd(300935) 2023 to reach 384 million yuan. As a pure product "hard core" software company, the company has a reasonable valuation based on PS under the rapid growth of revenue. According to wind, Bentley PS, an overseas architectural design software company, is about 12x. As the company is still in a high growth stage, we give Beijing Yjk Building Software Co.Ltd(300935) 15x PS, so the reasonable valuation in 2023 is about 5.3 billion yuan.
Risk tip: the promotion effect of building informatization is less than expected; The impact of macroeconomic fluctuations on the company's main business; The R & D progress is less than expected; The calculation is subjective and only for reference
