\u3000\u30003 Fujian Zhangzhou Development Co.Ltd(000753) 00075)
On April 21, 2022, the company released its 2021 annual report. In 2021, it realized an operating revenue of 1.481 billion yuan, a year-on-year increase of 4.71%; The net profit attributable to the parent company was 207 million yuan, a year-on-year increase of 30.29%.
The optimization of business structure has brought about an increase in gross profit margin, and the growth rate of software business has exceeded 30%. The company's business structure has been continuously optimized, and the proportion of software business revenue has increased from 37% in 2020 to 47% in 2021. As the gross profit margin of software business is significantly higher than that of integration and operation service business, the overall gross profit margin of the company is about 5 percentage points higher than that in 2020. Meanwhile, the company's software business maintained a good growth trend, with a growth rate of nearly 35%.
Traditional businesses maintain rapid development and are expected to benefit in the long term under the trend of digital government construction. The company is in the whole country
More than 100 cities have established localized service and marketing systems. In 2021, the company contracted to build comprehensive (operation) management service platforms for provincial cities in Xinjiang, Sichuan, Hainan, Jiangxi, Tianjin and Zhejiang, as well as comprehensive (operation) management service platforms for county-level cities in nearly 100 cities such as Wuhan, Suzhou and Anqing. In terms of one network unified management business, the company has deeply participated in projects such as Shanghai and actively established ecological cooperation relations. The one network unified management joint solution cooperated with Huawei has been implemented in dozens of cities.
On February 19, 2024, the central government Steering Committee held its 25th meeting on comprehensively deepening digital construction and defined the important direction of government reform. The government informatization represented by "one network" and "one network unified management" not only ushers in a new round of construction opportunities, but also is expected to sink from the city to the district and county, bring large incremental markets, and the prosperity of subdivided fields is expected to improve.
L4 intelligent driving enables urban operation and management, and new breakthroughs have been made in digital twins. At present, the company has deployed multiple UAVs, 8 AI intelligent information acquisition vehicles and multiple sets of electric vehicle video acquisition equipment in Luoyang, collecting and reporting more than 2000 pieces a day, and the recognition accuracy and filing rate have reached more than 92%. It is expected that more urban management problems will be reported and analyzed by AI intelligent recognition in the future. The company launched the "Qiji" grid car in early 2022. At present, the company has reached a test cooperation intention with relevant government departments in more than 10 cities such as Beijing, Shanghai, Shenzhen, Fuzhou, Hefei, Luoyang, Zibo and Ya'an, so as to promote the local application test of "Qiji".
At the same time, the company has continuously deepened GIS, digital twin and other new businesses, released the "crystal" digital twin platform, and realized the visual management of three-dimensional space and even underground space by constructing the three-dimensional model of the city in digital space. As of the disclosure date of the annual report, the contract amount of relevant projects has exceeded 200 million yuan.
Investment suggestion: under the general trend of digital economy construction, as a leading enterprise of smart city, the company is expected to benefit from the promotion of "one network unified management", "grid management" and other construction; At the same time, the company has made efforts to "L4 driverless + operation", improve the urban data governance ability, and gradually promote the transformation of its own business model. It is estimated that the company's EPS from 2022 to 2024 will be 0.56/0.69/0.83 yuan, and the corresponding PE will be 34x, 28x and 23x, maintaining the "recommended" rating.
Risk warning: the promotion of new technology is not as expected, and the impact of the epidemic is uncertain; Industry competition intensifies.
