\u3000\u3 China Vanke Co.Ltd(000002) 153 Beijing Shiji Information Technology Co.Ltd(002153) )
On April 28, 2022, the company released the first quarterly report of 2022. During the reporting period, the operating revenue was 573 million yuan, a year-on-year decrease of 5.6%; The net profit attributable to the parent company was 307017 million yuan, a year-on-year decrease of 25.53%.
The increase in gross profit margin and contract liabilities reflect the potential of SaaS business. The overall gross profit margin of the company in 2022q1 was 45.25%, an increase of about 3 percentage points year-on-year. At the same time, the company's contract liabilities at the end of the reporting period were 432 million yuan, with a year-on-year increase of about 25%. The high increase in contract liabilities reflects the development potential of SaaS business. By the end of December 2021, the company's SaaS business had a repeatable subscription fee (ARR) of about 260 million yuan, a year-on-year increase of about 26%, and the average renewal rate exceeded 90%. The company is in the critical period of cloud transformation, and the growth of contract liabilities shows the development potential of SaaS business.
Marginal changes in epidemic control outside China are conducive to the recovery of the hotel industry. 1) Overseas: many countries have relaxed the epidemic prevention and control, and the performance of the hotel industry, especially large hotel groups, is expected to further pick up. Marriott, Hilton and intercontinental hotels have turned losses into profits in 2021. 2) China: epidemic prevention policies are also being adjusted in due time. At the same time, some regions have begun to promote the development of tourism and other industries Beijing Shiji Information Technology Co.Ltd(002153) is a leading enterprise in the field of hotel it, which is expected to directly benefit from the recovery of the downstream. The recovery of the hotel industry outside China will bring two benefits to the company. On the one hand, it will promote the capital expenditure of the hotel group. On the other hand, the implementation of cloud orders and cloud products of the hotel group are expected to accelerate. At present, Beijing Shiji Information Technology Co.Ltd(002153) cloud PMS has received orders from intercontinental and Peninsula Hotels and has been landing in specific hotels. Cloud POS has been landing in more than 2000 hotels around the world. The implementation of benchmarking cases shows that under the condition of normalization of the epidemic, the company has overcome the difficulties in group communication, travel in other places and other factors, and has gradually explored the solution for the implementation of cloud PMS. It is expected that the subsequent online work of other Peninsula Hotels and intercontinental hotels will also be accelerated. The launch of typical projects has benchmarking effect and demonstration effect, which helps the company obtain more shares in large orders such as intercontinental hotels. On the whole, in the future, the company has the potential to obtain new orders and implement existing orders, and the recovery of the downstream will accelerate the promotion of the company's cloud strategy.
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 285468/644 million. The current share price corresponds to PE 86x / 52X / 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.
