Investment Rating - The report gives a "Buy" rating to the company with a target price of 20.66 RMB, corresponding to a 27x PE for 2024 [126][124] Core Views - The company is a leading provider of enterprise management information solutions for large group companies in China, benefiting from tax reform and treasury system construction policies [126] - The company's traditional advantageous businesses in strategic clients such as CNPC, Sinopec, CNOOC, and China Construction are developing steadily, and new strategic clients are rapidly expanding [111] - The company is actively expanding into group control, data assets, and Xinchuang (domestic substitution) business areas, with future revenue growth potentially exceeding expectations [111] - The company's global treasury management system has mature technology, high efficiency, and high security, and is expected to achieve rapid revenue growth under policy support [127] Valuation Summary - Using PE valuation, the company's reasonable market value is estimated at 4.185 billion RMB, corresponding to a price of 20.66 RMB [10] - Using PS valuation, the company's reasonable market value is estimated at 4.191 billion RMB, corresponding to a price of 20.69 RMB [11] - The final target price is set at 20.66 RMB based on the lower of the two valuation methods [117] Business Performance and Outlook - The company's revenue is expected to grow from 911 million RMB in 2024 to 1.317 billion RMB in 2026, with a CAGR of 19.45% [128] - Net profit attributable to the parent company is expected to grow from 155 million RMB in 2024 to 231 million RMB in 2026 [128] - The company's revenue structure is improving, with high growth in the financial and coal power industries [71] - The company's gross margin is expected to stabilize at around 38% [8] Industry and Policy Analysis - The company is actively responding to the domestic substitution wave in the Xinchuang industry, with multiple software products passing Huawei Kunpeng compatibility certification [12] - The company's Xinchuang ERP financial product system includes accounting and reporting, treasury management, tax management, and financial sharing subsystems [119] - The company's treasury management system has been successfully implemented in 21 central enterprises and supports more than 20 foreign banks and Swift direct connections [17] - The company's cloud platform has completed compatibility certification with mainstream Xinchuang products and has obtained national information security level protection level 3 certification [14] Competitive Advantages - The company has a strong competitive advantage in group financial control, group fund management, intelligent shared services, and data application services [133] - The company has a stable core team and rich industry experience, with executives holding a combined 21.47% stake [104] - The company has established long-term service relationships with many central enterprises such as CNPC, Sinopec, CNOOC, and China Construction [56] - The company has a complete R&D architecture and a strong R&D team, with over 10 invention patents and more than 300 software copyrights [52] Business Segments - In the oil and petrochemical industry, the company is expected to achieve revenue growth of 7%/10%/10% from 2024 to 2026 [121] - In the financial industry, the company is expected to achieve revenue growth of 50%/40%/40% from 2024 to 2026 [8] - In the coal and power industry, the company is expected to achieve revenue growth of 100%/50%/30% from 2024 to 2026 [8] - In the construction and real estate industry, the company is expected to achieve revenue growth of 5%/10%/10% from 2024 to 2026 [8]
普联软件：首次覆盖报告：央国企业务迎来修复，抢占税改先发优势