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Shiji Information (002153): Cloud computing surges across the global market

Shiji Information (002153): Cloud computing surges across the global market
This report reads: Under the tide of cloud computing, the company is deploying the global hotel and catering information market. This market has a large 夜来香体验网 space and no leading manufacturers have emerged. Through the continuous landing of overseas orders by the company, it will become an important catalyst for the company’s business and suspects.  Investment points: The first coverage is given an “overweight” rating with a target price of 40 yuan.According to the core assumptions, the company’s operating income for 2019-2021 is expected to be 34.15/38.80/47.4.6 billion, with a net profit of 5.31/6.74/9.970,000 yuan, EPS for 2019-2021 is 0.50/0.63/0.93 yuan.The company has gradually transformed into a cloud-based hotel, catering and retail information provider. In 2019, the average PE of comparable companies was 77 times. Based on the company’s unique competitive advantage in the overseas hotel information market, we gave the company 80 times PE in 2019, correspondingThe target price is 深圳桑拿网 40 yuan.  The global hotel information market has a large space, and cloudification is the general trend.The proportion of PMS cloudification in large hotels in Europe and the United States is still less than 30%. Cloud PMS will become a blue ocean for many manufacturers to compete. At this stage, there is still no leading manufacturer with absolute absolute advantage.  Global cloud PMS business will bring huge business increase to Shiji.According to our calculations, the market space for PMS + POS cloudization of the world’s top 100 hotels is USD 4 billion per year. Shi Jiruo’s revenue increase from cloud PMS orders from 3 hotel groups among the top 5 hotels worldwide will be22-75.600 million yuan / year.  Catalyst: Overseas business orders continue to land.In recent years, the company’s proportion of overseas business has continued to increase. Through extensive outbound mergers and acquisitions of rich global hotel information products and customers, it has successively established subsidiaries in major cities around the world to support the company’s business layout.The company’s catering cloud product “Infrasys Cloud” has been recognized by the world’s leading international hotel groups. It has successively won the bids for Intercontinental, Hyatt, Peninsula, Marco Polo and other hotel groups. It is expected that the company’s follow-up cloud PMS, cloud POS and other products will continue to be in international leading hotel groupsLanding.  Risk reminders: 1) international business policy risks; 2) intensified business competition.