Shiji Information (002153) Tracking Analysis Report： Why are we optimistic about Shiji’s internationalization？
Shiji Information (002153) Tracking Analysis Report: Why are we optimistic about Shiji’s internationalization?
From the perspective of competition, Shiji is currently in the first echelon.At present, who can lead the global cloud PMS market? Through the strength of alternative technology research and development, we can determine whether there is a global marketing network that can provide support and services for large hotel groups in hotels around the world.There 都市夜网 are many cloud PMS vendors being developed in the market, including large international vendors such as Oracle and Infor, as well as small international vendors such as Agilysys and Little Hotelier, as well as some regional vendors.However, the only Oracle, Infor, Agilysys, Shiji and other few manufacturers with strong technical strength and layout at the same time, Shiji is currently in the first echelon, and the layout is also accelerating. From the perspective of business layout, Shiji has demonstrated extraordinary strategic vision and strong execution.1) Products, companies, forward-looking judgments on the future development of the industry, through investment mergers and acquisitions, from the hotel big data application services, hotel catering management systems, back-office systems and other systems that are not closely connected to the group system, and hotel front roomsThe management system went to the cloud at three levels for planning and proceeded in an orderly manner.2) Technology itself, the company brings together more than 500 overseas high-quality talents for cloud product technology research and development and support services, so that the company can well integrate with local culture in terms of brand, market, and operation, and truly integrate customers and products.Maintain sufficient leading and international perspective on functional design and technical architecture, R & D management. Subsidiaries are gradually integrating and condensing into a powerful core force.In the second half of 2018, the company integrated its wholly-owned subsidiary Snapshot and AC Project GmbH into a wholly-owned subsidiary Shiji Europe.Based on the integration of Shiji Germany and Snapshot’s resources, Shiji Europe will be responsible for the PMS / CRS business of the next-generation cloud platform in accordance with the group company’s concept of a new generation of cloud platform products.With the completion of subsidiary integration, the company’s international layout has gradually condensed into a strong core force, which has replaced the solid foundation for the company’s gradual development of a new generation of hotel management cloud platform business. The logic has been straightened out, and Shi Jiyun’s transformation is about to usher in preliminary progress.After years of global layout and product research and development, the company’s big data-based application cloud service is currently in a relatively leading position in the world; the new generation cloud platform catering system “Infrasys Cloud” has passed many intercontinental, Hyatt, Peninsula, Marco Polo and many other well-known international hotel groupsThe rigorous testing and bid evaluation certification provided it with an internal cloud catering management system; the core cloud hotel room management next-generation cloud system has made substantial progress and is expected to be tested around mid-2019. Investment suggestion: In summary, we believe that Shiji’s internationalization strategy has entered a new stage.Maintain forecast that the company’s net profit attributable to its mother for 2019-2021 will be 5.36 billion, 6.24 billion, 7.5.2 billion, corresponding to PE is 59 times, 51 times, 42 times.Considering that the cloud transformation has the characteristics of large initial investment and the recognition of income in phases, we believe that the PS estimation method is more reasonable.Considering that the company’s historical average PS level is about 14 times, and the company’s PS range in 2018 is 10-14 times, we comprehensively give the company 12 times PS in 2019 and adjust the target price to 39.3 yuan, maintaining the “strong push” level. Risk Warning: The development of cloud PMS products is slow, and competition in overseas markets is intensifying.