\u3000\u30 China Baoan Group Co.Ltd(000009) 38 Unisplendour Corporation Limited(000938) )
Event overview: on May 20, 2022, the ICT full stack mall of Tob and tog, first built by Xinhua Group III under Unisplendour Corporation Limited(000938) banner, was officially launched.
The second step in the reform of Xinhua's third marketing system is an important measure to sink the market and expand
In 2022, Xinhua III comprehensively optimized China's marketing system and set up a separate commercial BG to focus on the district and County commercial market and serve the digital transformation of small and medium-sized enterprises. In our view, the official launch of Xinhua 3 mall is the second step in the reform of Xinhua 3 marketing system and an important measure for the sinking of user channels in the district and county long tail. It opens up the channel between users, partners and the original factory, provides one-stop ICT services directly operated by the original factory for small and medium-sized enterprises, and provides 7x24 hours of whole process technical consulting services, Users and partners can quickly connect with the original factory according to their own needs and reduce intermediate processes.
The traditional ICT business model has a long link and pays insufficient attention to small and medium-sized customers and partners
In the traditional ICT business model, the original factory needs to reach the end channel and end user through the intermediate channel. The channel is complex and the mode is unidirectional. The end user and lower level channels lack access to the original factory. On the one hand, without systematic guidance, it is difficult for small and medium-sized enterprises to quickly complete the digital upgrading of enterprises. On the other hand, due to the large number and wide distribution of small and medium-sized customers and regional partners, The original factory is also more difficult to directly cover and provide better services.
Solve the problem of commercial market coverage and provide quality assurance of the original factory
Xinhua three mall will shorten the traditional ICT business link and create a digital platform for users, partners and the original factory to cooperate and interact directly. Through the mall, small and medium-sized enterprise customers and small and medium-sized partners can directly establish a connection with the original factory, purchase products and digital solutions, get professional technical guidance and consultation, reduce the communication process, and obtain the products and services of the original factory quality conveniently and quickly.
"Varies from person to person" on the side of products and solutions: the mall can provide design model selection of large, medium and small-sized, standard configuration / high-performance configuration, and launch scheme proposal, quotation, topology diagram, etc. for customers' reference; For the new H3C Certified Partners with technical capabilities, the configurator function of the mall can assist the partners to independently expand the scheme design according to the actual needs.
Fully reach the sinking market on the service delivery side: customers can freely choose to be served directly by the original factory or by the grid service provider dispatched by the original factory. The technical customer service team of Xinhua 3 mall, the technical expert team of Xinhua 3 headquarters and the first-line se team in 34 provinces, autonomous regions, municipalities directly under the central government and more than 200 prefectures and cities form a real-time online and offline three-dimensional technical consultation, scheme design, field engineering survey and prototype provision service team to respond to every scheme demand and technical problem put forward by customers in the mall, so as to make the scheme closer to the demand and provide more humanized services The design is more cost-effective.
In addition, relying on the Xinhua three service platform, Xinhua three mall has mobilized more than 400 grid service provider system resources to reach counties, cities and villages and provide customers with 7x24 hours of personal service.
Provide ICT scenario solutions and build a closed-loop service ecosystem
Different from the traditional e-commerce service mode of providing software and hardware products and public cloud, Xinhua three mall can also provide ICT scenario solutions, carefully select the high-quality products and services of many partners, and jointly create the "smart selection" function of the mall to provide customers with Xinhua three smart selection joint ISV solutions. According to Wang Xin, President of Xinhua three commercial BG, "Xinhua three mall has integrated more than 50 scenes and more than 300 common solutions across government, education, medical treatment, enterprises and other industries, such as digital village, smart education, smart medical treatment, smart Park and so on", which can meet the scenario needs of users of hundreds of lines and industries. In addition, Xinhua three mall has built a one-stop service platform to provide users and partners with systematic and diversified services such as system delivery, technical services, technical support, financial services and knowledge empowerment, and complete the new upgrading of ICT service mode.
Investment suggestion: Xinhua 3 previously focused on major customers in the industry and paid insufficient attention to the commercial market. This year, it successively established commercial BG and launched Xinhua 3 mall, which shows the company's determination to sink the market. We believe that Xinhua 3, as an ICT leader with the ability of "cloud edge" full product line, is expected to form a dimensionality reduction blow in the commercial market. Under the background of new infrastructure construction throughout the year, especially the development of county urbanization, the commercial market will become an important source of income increase for the company. We expect the net profit attributable to the parent company in 22-24 years to be 2.701 billion / 3.327 billion / 3.971 billion respectively, the PE corresponding to the current market value is 19 times / 15 times / 13 times, and the valuation center of the company in recent five years is 38 times. Maintain a "recommended" rating.
Risk warning: the epidemic affects the logistics and supply chain, and further affects the collection and gross profit margin; The government expenditure is lower than expected and the operator's capital expenditure is lower than expected, resulting in the company's demand lower than expected.
