\u3000\u3000 Beijing Shiji Information Technology Co.Ltd(002153) (002153)
Core view
Event: on January 19, 2022, Beijing Shiji Information Technology Co.Ltd(002153) issued a progress announcement on the successful launch of Shiji enterprise platform in Peninsula Group. At present, Beijing Wangfu peninsula hotel has confirmed the successful migration to Shiji enterprise platform system.
Comments:
In September 2020, Shiji Singapore, a wholly-owned subsidiary of the company, and HSH Management Services Limited (hereinafter referred to as "HSH") signed the master Services Agreement (hereinafter referred to as "MSA") in Hong Kong, China, It is agreed that the company will provide a new generation of enterprise hotel information management system (SEP) with Cloud Architecture for Peninsula Hotel under Hong Kong and Shanghai Hotel Co., Ltd. in the form of SaaS service. SEP is for international hotel group customers. Based on the pure SaaS charging method of public cloud, Sep supports multi property, multi language, multi currency processing and global deployment. Its service fields include distribution, sales, reservation, check-in, check-out, guest management, meetings and activities, task management and all relevant processes of hotels and chain hotels.
SEP was successfully launched in Beijing Wangfu Peninsula Hotel. The company said that since the signing of its business contract with HSH, the company and HSH have been insisting on actively promoting the whole project process under 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 Shiji based enterprise platform system. Beijing Wangfu Peninsula Hotel is the first hotel of Shiji enterprise platform to switch the original local PMS deployment in Peninsula Group through SaaS. With the subsequent launch of other Peninsula hotels, its demonstration effect will accelerate the overall shift of the core system of international hotel group to SaaS.
With the continuous advancement of platform and international transformation, the demonstration effect is more obvious. The company began its international transformation at the end of 2015. By the end of June 2021, Sep had launched 17 hotels in Europe and Asia Pacific, and expanded from regional boutique groups to international benchmark hotel customers. In September 2020, the company won the bid of Peninsula Hotel, becoming the company's first international benchmark hotel customer to enter the international high-end hotel market. In September 2021, Shiji America, a wholly-owned subsidiary of the company, signed an MSA with Liuzhou Hotel, which agreed that Shiji America would provide a new generation solution for hotels under intercontinental hotel group to replace part of the existing hotel information management system (PMS) with Sep. The MSA agreement signed with Liuzhou Hotel means that the company's new generation Cloud Architecture Enterprise hotel information system SEP has passed the technical certification of the next generation cloud PMS of intercontinental hotel group. It also means that the company's new generation hotel information system will soon be implemented in one of the top five hotel groups with global influence. Signing the top five hotel groups with global influence has a strong demonstration effect on the industry, It is the world's leading customer. After Peninsula Hotel Group, it once again affirmed SEP's technical architecture and product R & D by signing an agreement, and verified the company's strategic direction of platform and international transformation and development.
Investment suggestion: we expect the company's operating revenue to be RMB 3.798 billion, RMB 4.528 billion and RMB 5.533 billion in the 21st-23rd year, and the net profit to be RMB 258 million, RMB 454 million and RMB 644 million, with a year-on-year growth rate of 482.2%, 75.6% and 41.9%, maintaining the "buy" rating.
Risk tip: the international expansion is not as expected; Economic downside risk affected by the epidemic; The influence of external policies, regulations and other uncertain factors caused by Sino US geopolitics.
