\u3000\u3000 Guangzhou Sie Consulting Co.Ltd(300687) (300687)
Event: on January 20, 2022, the company released the performance forecast for 2021, which is expected to achieve an operating revenue of 1.85 billion yuan – 1.990 billion yuan, with a year-on-year increase of 33.54% – 43.65%; It is estimated that the net profit attributable to the parent company will be 215-250 million yuan, with a year-on-year increase of 22.11% – 41.99%; It is estimated that the net profit attributable to the parent company after deducting non-profit is RMB 200 million-235 million, with a year-on-year increase of 23.04% – 44.57%.
Comments:
The software strength has been continuously enhanced, and the intelligent manufacturing business has continued to grow
According to the company’s announcement, the median operating revenue in 2021 is expected to be 1.92 billion yuan, with a year-on-year increase of 38.63%; The median net profit attributable to the parent company is expected to be 233 million yuan, a year-on-year increase of 32.10%; It is estimated that the median net profit attributable to the parent company after deducting non-profit is 218 million yuan, with a year-on-year increase of 33.44%.
The high growth of the company’s performance is mainly due to the continuous improvement of the productization ability of industrial software and digital middle platform. At the same time, the company continues to implement the regional expansion and market leading strategy, further strengthen the in-depth cooperation with ecological partners, continuously connect external resources, enhance customer stickiness, and continuously optimize the revenue of each business segment.
The intelligent manufacturing solution industry maintains a high outlook, and the company is expected to continue to benefit
In the context of China’s intelligent manufacturing, we believe that the intelligent manufacturing solutions industry is one of the first segments to enjoy the dividends of the times, and there is a broad market space in the future. At present, China’s manufacturing industry has gradually shifted from rapid expansion to high-quality development stage. Enterprises’ willingness to spontaneously promote intelligent transformation has gradually become stronger. Superimposed with multiple positive factors such as active promotion of policies, intelligent manufacturing has become an inevitable trend of development. The digital transformation of traditional enterprises is the basis of intelligent manufacturing. At present, China is in the primary stage of intelligent manufacturing. Manufacturing customers have strong demand for intelligent manufacturing solutions, and the prosperity of intelligent manufacturing solutions industry continues to maintain a high level. As a leading intelligent manufacturing solution provider in China, the company has rich industry experience and talents, It is expected to fully enjoy the development dividend of intelligent manufacturing industry.
Focus on intelligent manufacturing solutions and build an enterprise moat
On the one hand, the company continues to invest in R & D, actively improve the proportion of self-developed products in all products, and continuously improve its own technical advantages; On the other hand, closely track the landing direction of cutting-edge technologies in the manufacturing field, deeply understand the actual situation of discrete manufacturing enterprises, and create excellent solutions that deeply combine the process specifications and actual needs of China’s discrete manufacturing industry. At the same time, the company also attaches importance to the cultivation of industry talents, stimulates the enthusiasm of employees and improves the vitality of the company through equity incentive and other ways. At present, the company has a group of industry experts and computer talents with excellent ability to solve industrial field problems, which has laid a solid foundation for the long-term development of the company.
Profit forecast and investment rating
In the context of enterprise digital transformation, the intelligent manufacturing solutions industry continues to boom. The company deeply binds high-quality key customers and actively expands customer groups, with strong certainty of future growth. It is estimated that the net profit attributable to the parent company from 2021 to 2023 will be 241 million yuan, 338 million yuan and 478 million yuan respectively, corresponding to 48.69 times, 34.67 times and 24.54 times of PE, maintaining the “buy” rating.
Risk factors
The digital transformation of China’s manufacturing industry is less than expected, the risk of customer concentration and the loss of core personnel
