Shiji Information (002153): Steady growth of main business and continued deployment of cloud business
Event: The company released its 2018 annual report, which reported a revenue of 30.98 ppm, a ten-year increase4.60%; net profit attributable to mother 4.63 ppm, an increase of 10 in ten years.61%, net profit after excluding non-recurring gains and losses.12 ppm, an increase of 5 in ten years.61%; the company distributes a cash dividend of 1 per 10 shares to all shareholders.00 yuan (including tax) The main business has grown steadily, and the hotel information business has continued to develop: It is reported that the three main business hotel information management system business, the company’s business circulation management system business and the third-party hardware supporting business, with a revenue ratio of more than 10%, respectively.Realize income 10.6.2 billion, 6.32 ppm and 11.500,000 yuan, an annual increase of 16.59%, 16.72% and -6.80%.In 2018, the company’s hotel information management system business signed 3370 new contracts and orders, an increase of 25.98%, and completed the construction of 138 new international high-star hotel information system projects, newly signed 138 technical support and service users, and the number of users for progressive technical support and service contracts reached 1,669.Among them, Hangzhou Westsoft, a wholly-owned subsidiary of the company, added 655 new hotel customers. At the end of the reporting period, the total number of users reached 7,483, maintaining its market leading position. Shiji Kunlun added 98 new hotel users, and its core business CRS was four or five stars in China.The market share of first-class hotel chains has remained at 80%. The R & D capitalization ratio has increased significantly and the cash flow situation is good: the company reported that the company’s R & D expenses were 2.59 ppm, an increase of 29 in ten years.74%; R & D promotion accounted for 14 of sales revenue.13%, ranking increased by 4.42 units.In addition, the company’s R & D projects are in the development stage at Cloud and Hetras 杭州桑拿网 2017, which has caused capitalization of R & D investment to reach 2.38 ppm, accounting for 54 of R & D investment.38%, significantly more than 19 in 2017.32%.In 2018, the company’s net operating cash flow was 4.99 billion US dollars, a decrease over the past two years, but the proportion of net profit with return to mother is still more than 100%. Integrated resources and continuous deployment of cloud business: From the perspective of technology development trends in the information industry, the new generation of information management systems represented by cloud computing will become the development trend of future hotel, restaurant and retail information systems.The company has expanded the cloud hotel and catering information system for many years and has been successfully used by users of certain sizes. In particular, 杭州夜网论坛 the company’s integrated cloud catering information management system has begun to be recognized by several well-known international hotel groups.In 2018, the company integrated its wholly-owned subsidiary Snapshot and AC Project GmbH into a wholly-owned subsidiary Shiji Europe, which is responsible for forcing the PMS / CRS business of the new generation cloud platform.The company has positioned the global hotel cloud market and actively improved the layout of related products. Through the continuous maturity of cloud products, the company has gradually realized the expansion of its cloud business from the domestic market to the international market. Investment suggestion: The company will take the hotel information system cloudification and business internationalization as its current main directions to accelerate the transformation and upgrade of its own business model.In addition, the company actively expands the new retail sector, and while deepening its own product penetration in the vertical of catering and retail, it has joined hands with Ali Qiangqiang to achieve complementary products and channels.We expect the EPS for 2019-2020 to be 0 respectively.51, 0.64 yuan, “overweight-A” investment rating, 6-month target price of 37 yuan. Risk reminder: The advancement of new services such as cloud PMS is less than expected; there is uncertainty risk in the progress of cooperation with Internet companies.