\u3000\u3000 Pansoft Company Limitid(300996) (300996)
The leading digital manufacturer of central enterprises was given a “buy” rating for the first time
As a leading digital manufacturer of central enterprises, the company has formed a good benchmarking demonstration effect in the petroleum and petrochemical industry. It is expected to improve operating efficiency through platform development. At the same time, the expansion of the construction real estate industry is expected to open up new space. Therefore, we estimate that the net profit attributable to the parent company from 2021 to 2023 will be 133 million yuan, 203 million yuan and 307 million yuan respectively, and EPS will be 0.94, 1.44 and 2.18 yuan / share. At present, the corresponding PE of the stock price is 44.0, 28.7 and 19.0 times, which is lower than the valuation of comparable companies. We are optimistic about the development prospect of the company and give a “buy” rating for the first time.
The digital transformation of state-owned enterprises welcomes the east wind of the policy, and the company is expected to fully benefit. The state-owned enterprise economy is an important pillar of China’s economy, so the digital transformation is imperative. At the policy level, in August 2020, the state owned assets supervision and Administration Commission of the State Council issued the notice on accelerating the digital transformation of state-owned enterprises, which proposed to build a basic digital technology platform, use a new generation of information technology to explore and build new IT architecture models such as “data platform” and “business platform” that adapt to the business characteristics and development needs of enterprises. We believe that more specific planning documents will be issued one after another to promote the digital reform process of state-owned enterprises. At the practical level, central enterprises such as CGN, China Railway Materials Company Limited(000927) , China Petroleum & Chemical Corporation(600028) and China Southern Power Grid have made it clear that digital transformation is a key task during the 14th Five Year Plan period.
Based on the rich experience accumulated in the oil industry, expanding the construction and real estate industry is expected to rebuild a “universal alliance”
For Petrochina Company Limited(601857) and China Petroleum & Chemical Corporation(600028) central enterprise customers, the company has undertaken to build core systems such as centralized accounting system, centralized fund management system and financial sharing service system. The transaction volume, number of users and business scope covered by these systems have great influence in large group enterprises, and the benchmarking effect is significant. Since 2018, the company has actively expanded the construction and real estate industry. The company has successfully implemented the financial integration system of China State Construction Engineering Corporation Limited(601668) and, as an important partner of China State Construction Engineering Corporation Limited(601668) informatization, has deeply participated in the work of “project 136”. In the future, the company will continue to cultivate in the construction and real estate industry, actively expand other central enterprise customers, and the market space will continue to open.
Risk tips: macroeconomic fluctuation risk, technology upgrading risk and internal governance risk
