\u3000\u3000 Beijing Shiji Information Technology Co.Ltd(002153) (002153)
Event: on January 20, the company released the progress announcement on the successful launch of Shiji enterprise platform in Peninsula Group. After a period of system integration and full testing, Beijing Wangfu peninsula hotel has confirmed the successful migration to Shiji enterprise platform system.
The benchmark project SEP has been implemented, and the globalization process is expected to be comprehensively promoted. 1) In September 2020, the company signed an MSA agreement with Hong Kong Shanghai Hotel Management Service Co., Ltd., which agreed that the company would provide Shiji enterprise platform, an enterprise hotel information management system with a new generation of Cloud Architecture, for Peninsula Hotel under Hong Kong Shanghai Hotel Co., Ltd. in the form of SaaS services. Among them, 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. 2) since the signing of the business contract with HSH, the company and HSH have been consistently promoting the whole project process in the case of New Coronavirus’s repeated outbreak. After a period of systematic integration and full testing, the The Peninsula Beijing Hotel has confirmed the successful migration to Shi Ji’s 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. 3) The success of this switch 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.
Hotel it cloud is the trend of the times, opening up 100 billion market space. 1) With the increasing concentration of the global hotel industry and the increasing demand for refined management, the scale of the hotel management system continues to expand and the module functions continue to expand. However, the traditional IT infrastructure is difficult to effectively support, and there are some defects, such as long implementation cycle, low operation efficiency, slow response, poor data coordination and so on. In contrast, cloud technology has outstanding advantages such as high flexibility, strong synergy and more convenient data management. Going to the cloud has become an important strategy for the digital transformation of hotels. According to the statistics of hospitality technology, by the end of 2019, the proportion of some hotel systems on the cloud has reached 30% or more, and the proportion of new migrations ready to go on the cloud has also exceeded 20%. 2) Considering the overall technology investment and cloud penetration, we expect that the market scale of hotel cloud information system is expected to exceed US $14 billion in the next 3-5 years, of which cloud PMS, as the core of hotel information system, may correspond to US $2 billion in market space.
The new generation of cloud products have significant competitive advantages, and a new growth curve is about to open. 1) The global hotel it concentration is relatively high. Micros is an old leading enterprise (acquired by Oracle in 2014), and the development of cloud technology has become an effective window for other companies to overtake in corners. The company is keenly aware of industry changes and has strong strategic foresight. Since the start of international transformation in 2015, Early independent investment in the research and development of a new generation of “stone based enterprise platform – hotel industry solution” based on Cloud Architecture (i.e. SEP) 。 At present, in order to form a relatively perfect cloud product line, the company has achieved phased results and an international leading position in big data application services, hotel catering management system, background system and hotel foreground management system. 2) After years of research and development, cloud products represented by cloud POS and cloud PMS have significant advantages in performance. Among them, the new generation SEP has been recognized by Peninsula Hotel and intercontinental hotel, an international well-known hotel group. In addition, with rich experience in customized service for large customers and rapidly expanding global network layout, the company is expected to fully benefit from the trend of hotel it cloud and obtain the leading position in the global hotel it market. Referring to micros volume, the company’s long-term income space is expected to reach 10-15 billion yuan. 3) Affected by the global epidemic, the business progress of the company slowed down to a certain extent in 2020 and the first half of 2021. Considering that the cooperation agreements between the company and Peninsula, intercontinental and other international famous hotel groups have been successively implemented, and the global epidemic is expected to gradually stabilize in recent years, the company’s internationalization and platform strategy is expected to continue to promote, and a new growth curve is about to open.
Maintain the “buy” rating. We expect the total operating revenue of the company from 2021 to 2023 to be 3.857 billion yuan, 4.638 billion yuan and 5.779 billion yuan; The net profit attributable to the parent company was 276 million yuan, 448 million yuan and 687 million yuan. Maintain the “buy” rating.
Risk tips: the epidemic continues to affect the risk, the overseas market promotion of cloud products is less than expected, and the trade friction is intensified
