\u3000\u3000 Beijing Shiji Information Technology Co.Ltd(002153) (002153)
Event:
After closing on January 19, 2022, the company issued the progress announcement on the successful launch of Shiji enterprise platform in Peninsula Group.
Comments:
The company actively promoted the progress of the project, and the stone based enterprise platform was successfully launched in Beijing Wangfu Peninsula Hotel
The company recently received the official launch report of Shiji enterprise platform implementation agreement and on-site sign off issued by HSH Management Services Limited (Hong Kong and Shanghai Hotel Management Services Co., Ltd.) to the company about Shiji enterprise platform in Beijing Wangfu Peninsula Hotel. Since the signing of the business contract with HSH, the company and HSH have been insisting on actively promoting the whole project process under the repeated outbreak of New Coronavirus. After a period of systematic integration and full testing, the The Peninsula Beijing Hotel has confirmed the successful relocation of the platform system to Shiji based enterprise. Beijing Wangfu Peninsula Hotel is the first hotel of Shiji enterprise platform to switch the original local PMS deployment in Peninsula Group through SaaS.
The maturity is recognized, and the demonstration effect will accelerate the shift of the core system of the international hotel group to SaaS
Shiji enterprise platform is a new generation of overall solution that will replace the existing hotel information management system (PMS), including the core business management system of the hotel group and the corresponding software and hardware products, support, training, consulting and other services. The successful launch of Beijing Wangfu Peninsula Hotel is a milestone in the company's fourth transformation process. The successful switching indicates that Shiji enterprise platform has been able to meet the more stringent requirements of international top luxury hotels in terms of product maturity, function, performance, stability, data security, integration openness and operation services, The company has the ability to comprehensively promote Shiji enterprise platform to global international hotel groups. With the subsequent launch of other Peninsula hotels, its demonstration effect will accelerate the overall shift of the core system of the international hotel group to SaaS.
The subsidiary signed MSA with Liuzhou Hotel, and the comprehensive promotion of Shiji enterprise platform can be expected
In September 2021, Shiji America, a wholly-owned subsidiary of the company, signed an MSA with Liuzhou Hotel Co., Ltd., which agreed to provide a new generation of PMS with Cloud Architecture in the form of SaaS services for hotels under Intercontinental Hotel Group, which is a new generation solution that will replace some existing PMS. As of June 30, 2021, InterContinental Hotels Group has 5994 hotels and 884000 rooms in more than 100 countries around the world. If SEP can successfully land in intercontinental hotel group according to MSA in the future, it will establish another global industry benchmark customer for the company after Peninsula Hotel.
Investment advice and profit forecast
With the acceleration of the cloud transformation of the hotel industry, the company follows the trend. The new generation of cloud platform products have successfully opened the global high-end market and have broad growth space in the future; With massive customer resources, the platform strategy is expected to help the company's transformation and upgrading. It is predicted that the operating revenue of the company from 2021 to 2023 will be RMB 3.736 billion, RMB 4.331 billion and RMB 5.115 billion, the net profit attributable to the parent company will be RMB 220 million, RMB 389 million and RMB 552 million, the EPS will be RMB 0.15, RMB 0.26 and RMB 0.37/share, and the corresponding PE will be 190.07, 107.48 and 75.76 times. At present, the company is in the transition period, with large R & D and other investment, which has an obvious impact on the net profit margin. It is more reasonable to adopt PS valuation method. In the past three years, the company's PS has mainly operated between 8-12 times, maintaining the company's target PS of 12 times in 2022, with the corresponding target price of 34.65 yuan. Maintain the "buy" rating.
Risk tips
Covid-19 recurrent pneumonia; The development progress of SEP in overseas market is lower than expected; The promotion of platform strategy is less than expected; Sino US trade disputes may affect overseas business development.
