石基信息(002153)：十年磨一剑 全球化突破超预期

Core Viewpoint - Shiji Information has signed a contract with Marriott Hotels, marking a significant milestone in its globalization process. The agreement indicates that Shiji's wholly-owned subsidiary in the U.S. will be the preferred provider of PMS cloud services for Marriott's directly managed and franchised hotels in China, utilizing the new generation cloud-based hotel management system, DAYLIGHT PMS [1] Group 1 - The company has been steadily improving its offerings through a strategy of incremental progress, signing regional high-end luxury hotel clients to build reputation and achieve breakthroughs [1] - The signing with Marriott further solidifies the company's position as a leading player in the industry, now having partnerships with two of the top five luxury hotel groups globally [1] Group 2 - The potential market space for Shiji's SEP is estimated at approximately 11.8 billion RMB, based on the top 30 high-end hotels, with actual market potential likely exceeding expectations due to ongoing hotel expansion [2] - Revenue forecasts for 2025-2027 are projected at 3.354 billion, 3.852 billion, and 4.460 billion RMB, with year-on-year growth rates of 13.8%, 14.8%, and 15.8% respectively, and net profits of 91 million, 199 million, and 294 million RMB [2] - The company is assigned a valuation multiple of 9.5X PS, leading to a target share price of approximately 11.68 RMB per share, maintaining a "buy" rating [2]