Shiji Information (002153) Research Briefing-Computer Research Issue 1: Heng Qiang, Leading Company in Information Consumer Technology

Shiji Information (002153) Research Briefing-Computer Research Issue 1: Heng Qiang, Leading Company in Information Consumer Technology
Report Summary: Through the rapid development of mergers and acquisitions, today’s leaders in many fields have been formed.The company has rapidly developed into a leading company in domestic hotel, catering and retail information system management systems through mergers and acquisitions.As of 2018, the company has 6 hotel customers, 20 catering customers and more than 400,000 retail customers, and has more than 60% market share 南宁桑拿 in China’s star hotel information management system and domestic high-end or above market.At present, the company restructures the fourth round of transformation, implements the “internationalization + platform” strategy, develops new profit models, and wants to break the traditional business profit space pattern.  Cloud PMS is expected to continue to expand the profit of the hotel business.In the field of hotels and catering, the company has continued to transform to cloud and internationalization, and has now achieved initial results, achieving an ARR of more than $ 100 million.Considering Oracle’s competition, the company is expected to account for about 20% of the global cloud PMS, and cloud revenue will be very substantial by then.  The retail sales volume exceeded 5 trillion yuan, and the annual growth rate is expected to reach 15%.Under the background of new retail, expansion, the company’s traditional retail and payment performance is expected to accelerate growth, CAGR is expected to be 15% and 3% in the next 2 years; the company expects total retail offline sales in 2019 to exceed 500 billion, considering, Changyi and Si Xun’s user number and revenue growth trend, we expect the retail offline stacking growth rate is expected to exceed expectations, the annual growth rate may reach 15%.  Company profit forecast and investment rating.The company is a leading company in domestic hotel, catering and retail information system management systems.We expect the company’s EPS for 2019-2021 to be 0.49/0.58/0.70 yuan, corresponding to 61/51/42 times the PE, giving the 武汉夜生活网 company a “recommended” rating.  Risk reminder: the uncertainty faced by the international business environment, the uncertainty of the company’s product development progress and the speed of cloud-based landing, and the uncertainty of the competition pattern of related companies.

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