\u3000\u3 China Vanke Co.Ltd(000002) 153 Beijing Shiji Information Technology Co.Ltd(002153) )
On April 27, 2022, the company released its annual report for 2021. The operating revenue in 2021 was 3.215 billion yuan, a year-on-year decrease of 3.09%. The net profit loss attributable to the owner of the parent company was 478 million yuan, and the net loss in the same period of last year was 67.58 million yuan, which expanded.
SaaS business continues to make progress. Many hotel group projects have been signed or implemented, and long-term opportunities can be expected in the future. 1) Cloud pos: it has successfully passed the legal / financial certification of dozens of countries around the world, and has been widely launched in many international hotel groups such as Marriott, intercontinental, Hyatt and Accor, which has become the global standard of many well-known high-end international hotel groups, and established the leading position of the company’s cloud POS in the global high-end hotel industry. By the end of 2021, the total number of customers of the company’s infrasys cloud POS products had reached 2271.
2) cloud PMS (SEP platform): the company’s stone based enterprise platform has launched 27 hotels in Peninsula, intercontinental, ruby, QBIC, circle, Duxton and other hotel groups, including one Peninsula Hotel demonstration Hotel and two intercontinental hotel group demonstration hotels. The international landing fully demonstrates the company’s own strength, and the demonstration effect of industry benchmark customers is expected to accelerate the landing of the company’s SEP platform in other large hotel groups. At the same time, the company is also participating in the bidding and testing of the new generation hotel information system by several important international hotel groups. It is expected to obtain more orders by virtue of its product advantages and benchmarking effect, and the long-term prospect is foreseeable.
The company’s SaaS business achieved a repeatable subscription fee (ARR) of about 260 million yuan by the end of December 2021, with a year-on-year increase of about 26%, mainly due to the rapid growth of SaaS business in the mainland and the average renewal rate of more than 90%. In the future, after the company penetrates into other global markets, the development space is expected to be further opened.
The distribution business recovered rapidly, and the growth rate of payment business was nearly 20%. 1) Changlian business: the company completed 211 direct connection projects in 2021, with an annual direct connection output of more than 11.3 million nights, an increase of about 49% over the output of 7.57 million nights in 2020 and about 16% over 2019. 2) Payment business: achieved good growth, with a revenue of 104 million yuan in 2021, a year-on-year increase of 18%. 3) Catering retail business: the operating revenue of sixun software increased by 11.66% over the same period in 2020. The business of its subsidiary sixun network SaaS platform grew well, with more than 20000 paying merchants and more than 7000 micro store users.
Investment suggestion: the cloud of hotel it system is the general trend. As the benchmark of China yunlongtou’s overseas expansion, the company has obtained large orders such as intercontinental and Peninsula, which has strong demonstration significance and long-term impact, and lays an important foundation for subsequent order acquisition and accelerating the implementation of existing orders. Due to the high investment in the initial stage of cloud business development, the company’s performance is under pressure in the short term, but SaaS transformation is an important step in the company’s development. After the successful transformation, it is expected to open a new chapter of development. It is estimated that the operating revenue of the company from 2022 to 2024 will be RMB 4.452/54.16/6.675 billion and the net profit attributable to the parent company will be RMB 285/4.68/644 million. The current share price corresponds to PE 87x / 53x / 38x and PS 6x / 5x / 4x, maintaining the “recommended” rating.
Risk warning: the implementation progress of hotel orders is less than expected; The epidemic situation has a certain impact on the online implementation of the hotel system; International hotel groups may have different perceptions of cloud.
