\u3000\u30 Chongqing Baiya Sanitary Products Co.Ltd(003006) 09 Winner Technology Co.Inc(300609) )
Key investment points
The performance of the leading enterprise of offline passenger flow analysis system has increased steadily
The company's main business is to operate artificial intelligence, big data and other technologies to enable offline physical commerce, government affairs, political law and other industries, and provide customers with industrial digital solutions. At present, the company has formed three business segments: digital commerce, digital government affairs and digital political law. Among them, digital commerce is the company's main source of income. This business is mainly engaged in the collection, analysis and application of offline entity business consumption behavior data. Its products include passenger flow analysis system. So far, it has continued to provide offline big data analysis services for more than 2000 shopping centers and more than 50000 brand retail stores in China. The number of passenger flow statistics per year exceeds 15 billion. It is a leading enterprise of offline passenger flow analysis system in China. The company's revenue increased from 62.02 million yuan in 2012 to 389 million yuan in 2021, with a CAGR of 22.62%. The corresponding net profit also increased from 18.65 million yuan to 355422 million yuan, an increase of 90.57%, and the performance increased steadily.
Internal and external students expand government affairs, politics and law business and enrich business scope
In the context of the rapid development of digital economy, the company actively expands digital government affairs and digital politics and law business: 1) digital government affairs: Based on years of technology accumulation, the company applies the comprehensive perception and analysis ability of people and places in offline business entities to places where the government serves the masses, such as party masses service positions, administrative service centers and social security service halls in the field of government affairs. In 2021, more than 200 independent customers were added, and projects such as intelligent perception analysis of Shanghai Hotline 12345 and data governance and theme database construction of Shanghai Environmental Protection Bureau were undertaken; 2) Digital politics and Law: through the acquisition of duorong technology, it cuts into the field of court digitization. Duorong technology is mainly engaged in the development and integration of data court and intelligent financial information system. It has a leading position in the field of digital court. Its customers include Shanghai No. 3 intermediate people's court, Changning court, Yangpu court, Fengxian court, Qingpu court, Songjiang court and Chongming court. It has realized the full coverage of information operation and maintenance of Shanghai court and undertook the information innovation project of Shanghai courts.
Digital sentry helps epidemic prevention and control and adds performance highlights
In order to further strengthen the epidemic early warning and monitoring and improve the accuracy and effectiveness of epidemic prevention and control, Shanghai has decided to implement the code scanning measures of "place code" and "health verification all-in-one machine" (Digital sentry) in the whole city from April 5, 2022. On May 15, 2022, Chen Tong, vice mayor of Shanghai, said that commercial enterprises should fully implement site code or digital sentry before resuming operation. Digital Sentry is a kind of hardware equipment with the functions of rapid verification of health code, ID card and nucleic acid detection information. The "digital sentry" system launched by the company can quickly realize the rapid matching and verification of multiple data in the four dimensions of person, card, code and temperature. At the same time, the system is connected with the "random code" of Shanghai big data center in real time, which will greatly improve the passing efficiency of people and provide more accurate data analysis services, Contribute to digital epidemic prevention. At present, the company's digital sentry system has been implemented and deployed in some places in Shanghai, including government organs, party and mass service centers, Community streets and retail stores. With the steady progress of the resumption of work and production in Shanghai, the demand for digital Sentry will increase, which will become a new performance growth point of the company.
Profit forecast
We are optimistic about the leading position of the company's offline passenger flow analysis system and the performance increment brought by the digital sentry business. It is predicted that the net profit attributable to the parent company from 2022 to 2024 will be 67 million yuan, 89 million yuan and 112 million yuan respectively, and the EPS will be 55 million yuan, 73 million yuan and 92 yuan respectively. The current share price corresponds to 30, 23 and 18 times of PE respectively. It is covered for the first time and given a "recommended" investment rating.
Risk tips
Macroeconomic downside risk, risk of slowing down downstream demand of passenger flow analysis system, risk of less than expected demand of digital sentry, risk of less than expected business expansion, risk of repeated covid-19 epidemic, etc.
