Jieshun Technology (002609): Speeding up the performance of the city project operation is coming soon

Jieshun Technology (002609): Speeding up the performance of the city project operation is coming soon

This report reads: The company benefited from the gradual and orderly competition in the industry and the concentration of companies on the right. The company achieved rapid growth in the first three quarters, and net profit after deducting non-attribution increased by 79.

07%, maintain “overweight” rating and maintain target price of 12.

48 yuan.

Key points of investment: The company benefits from the gradual improvement of the industry’s competitive landscape. The performance in 2019 continues to accelerate, and it maintains an “overweight” rating and a target price of 12.

48 yuan.

We believe that gradually changing Internet companies will gradually withdraw from the field of smart parking, and the company’s main business, smart parking smart hardware and equipment, will gradually improve its gross profit.

At the same time, the company’s new business, parking, and city project operations, the Tianqi platform business model gradually became clear, and began to contribute revenue and profit.

The company achieved operating income in the first three quarters6.

69 ppm, an increase of 33 in ten years.

01%, deducting non-attributed net profit 6033.

870,000 yuan, an annual increase of 79.

07%, maintaining the estimated EPS for 2019-2021 is 0.

26, 0.

36, 0.

49 yuan, maintaining the “overweight” level, maintaining a target price of 12.

48 yuan, corresponding to 48 times PE in 19 years.

The company’s smart parking brand, Jie Parking, has gradually become clear in its business model, and has received strategic investment from Ant Financial.

The company’s respective smart parking brands, MRT parking, as of August 2019, had more than one million transaction orders, more than 9,000 smart parking lots, more than 33,000 lanes, and 3.05 million parking spaces.Strategic investment, the current business model is gradually clear, and is expected to gradually become profitable.

For city project operation, the new business of Tianqi Platform is gradually developing, and national policies are constantly breaking through, increasing construction demand.

City project operation, the company won the bid of Huizhou, Chengde, Linyi and other local government operating platforms. In August 2019, the company and Huizhou jointly invested in the Huizhou smart parking project, Hui parking. Hui parking is mainly responsible for the “Huizhou smart shared parking 武汉夜生活网 system”.”Project” parking system platform construction, on-street and on-street parking berth intelligent construction, parking lot upgrade and reconstruction, Huizhou city-level smart parking operation management, and Huizhou city digital operation value-added services. The estimated total investment of the project is approximately RMB126.75 million. Catalyst: Winning bids for large-scale urban projects, rapid growth of daily orders for rapid parking risks Risk reminder: Three-free model is making a comeback, and urban project orders are uncertain