\u3000\u3000 Beijing Shiji Information Technology Co.Ltd(002153) (002153)
The first cloud PMS deployment of peninsula hotel was officially implemented. The company announced on January 19, 2022 that after a period of system integration and full testing, Beijing Wangfu peninsula hotel has confirmed the successful migration to Shiji enterprise platform system. Beijing Wangfu Peninsula Hotel is the first hotel to switch the original local PMS deployment in Peninsula Group through SaaS.
The benchmarking effect is significant, which adds important confidence to the implementation of subsequent orders. First, verify the online capability and comprehensive strength. The official implementation of this deployment shows that the company has the ability to gradually launch the system under the epidemic conditions. It also shows that the company's platform has been able to meet the requirements of international top luxury hotels in terms of product maturity, function, performance, stability and data security, and has the ability to comprehensively promote the stone based enterprise platform to the global international hotel group.
Second, the benchmarking effect is significant. The completion of the deployment and implementation of peninsula hotel shows that under the condition of normalization of the epidemic situation, 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 the actual deployment and implementation of large orders such as intercontinental hotels.
The SaaS leader of the hotel has achieved a number of results, and its long-term growth can be expected. As the general trend of hotel cloud, the company's Micro service architecture is more in line with the development direction of hotel digitization. At the same time, the company's global layout has gradually matured. The overseas international management team has rich experience in international hotel operation. It has opened offices in more than 20 core cities and overseas subsidiaries in many places. The number of overseas international business teams exceeds 1000; Cloud PMS won intercontinental and Peninsula orders, and three hotel groups in the world's top 5 hotel groups and 410 hotels have realized cloud POS online. With the accelerated progress of the company's implementation and deployment, the benchmarking effect is expected to continue to strengthen, more results are expected to be achieved in order acquisition and product penetration, and the transformation rhythm from order to revenue is expected to be further accelerated.
Investment suggestion: the cloud of hotel it system is the general trend. As the benchmark of China Yunlong head's overseas expansion, the company has won large orders such as intercontinental and Peninsula, which has strong demonstration significance and long-term impact. This time, the company realized the launch of Peninsula Hotel PMS system, further enhanced the benchmarking effect, and laid an important foundation for subsequent order acquisition and accelerated implementation. According to the implementation of the Peninsula Hotel, the implementation of the company's cloud PMS products is expected to accelerate in the future. We slightly adjust the profit forecast. It is estimated that the company's operating revenue from 2021 to 2023 will be RMB 3.800/44.52/5.416 billion, and the net profit attributable to the parent company will be RMB 292/479/743 million. The current share price corresponds to PE 143x / 87x / 56x and PS 11x / 9x / 8x. The leading cloud computing companies Glodon Company Limited(002410) , Beijing Kingsoft Office Software Inc(688111) , Yonyou Network Technology Co.Ltd(600588) in the computer industry are selected as comparable companies. In 2022, the average PS of relevant companies (consistent expectation of wind) is 16x and the average PE is 88x. Considering that Beijing Shiji Information Technology Co.Ltd(002153) has broad prospects for cloud conversion and PS has advantages over companies in the same industry, the "recommended" rating is maintained.
Risk tip: 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.
