Per AI Express, on December 31, 2023, Joajin** released a research report commenting on Yun Xingyu (873806).
Next Wednesday (January 3), there will be a new stock "Yun Xingyu" on the Beijing Stock Exchange to subscribe, and the issue ** is 4$63, and the full exercise of the over-allotment option will result in a price-to-earnings ratio of 2211x (calculated based on net profit deducted from non-attributable to parent in 2022).
Yun Xingyu (873806): The company focuses on the field of smart transportation, and has extended from the initial field of highway smart transportation to multi-field comprehensive services related to smart transportation. From 2020 to 2022, the company achieved operating income of 247.2 billion yuan 27$5.5 billion 239.7 billion yuan, and the yoy in 2021-2022 will be 1147%/-12.99%, with a compound annual growth rate of -1 in two years of operating income52%；Achieved net profit attributable to the parent company of 10.7 billion yuan 11 billion 09.9 billion yuan, and the yoy from 2021 to 2022 will be 275%/-10.40%, the compound annual growth rate of net profit attributable to the parent company in two years is -405%。In the latest reporting period, from January to September 2023, the company achieved operating income of 160.7 billion yuan, a year-on-year change of -1168%；The net profit attributable to the parent company was 08.5 billion yuan, a year-on-year change of 2812%。
Investment Highlights: 1. The company is a pioneer in the integration business of domestic highway intelligent transportation system, benefiting from the resource advantages of the controlling shareholder Capital Group. Capital Group directly or indirectly controls the company9340% of the shares, the controlling shareholder of the company;After continuous penetration, the actual controller of the company is the Beijing State-owned Assets Supervision and Administration Commission. Capital Group is the main owner of expressways in Beijing, and there are many sections of expressways in Beijing that it has invested in, built and operated. The company is based in Beijing, is one of the earliest enterprises engaged in highway intelligent transportation system integration business, is also one of the first companies in the industry to obtain qualifications, since 1997 fully contracted the Beijing Airport Road toll system renewal and reconstruction project, continue to deepen the field of intelligent transportation, in Beijing highway intelligent transportation field has a high market share, completed the first domestic application of the national standard ETC system engineering construction. 2. The scale of the company's winning projects in the domestic highway information market has been in the forefront of the industry all year round, and it is expected to extend to the field of urban intelligent transportation based on the above technical experience in the future. According to ITS114 smart transportation statistics, in 2022, the scale of the company's winning projects will rank sixth in the industry among the highway informatization projects with an investment of more than 10 million yuan in China.
The company has the ability to provide emergency support for major activities and the execution of complex projectsIt has undertaken traffic emergency support projects for major events such as the 70th anniversary of the founding of the People's Republic of China, the Beijing Winter Olympics and the Chengdu Universiade, and has formed a strong comprehensive business support capabilityAnd through a series of complex projects in Fujian, Guangdong, Sichuan and other places, including a number of large-scale and complex projects of mechanical and electrical system integration including cross-sea bridges and mountain tunnels, it has accumulated strong technical application strength. In the past, the company's business mainly focused on highway intelligent transportation, and in the future, it is expected to cultivate and develop the business in the field of urban intelligent transportation based on the technology and experience accumulated in the field of highway intelligent transportation system.
Comparison of listed companies in the same industry: the company focuses on the field of intelligent transportation;According to the data released by the China Securities Index cited in the company's issuance announcement, the company's "software and information technology services (i65)" has a static average price-earnings ratio of 61 in the latest month10x。TransInfo Technology, Wantong Technology, COSCO Shipping Technology, Jiechuang Intelligence, Hongjing Technology, and Ruihuaying are selected as comparable listed companies of Yunxingyu, but except for Ruihuaying, the above companies are all A-shares in Shanghai and Shenzhen, and there are big differences with Yunxingyu in terms of business volume and valuation benchmarks, and the comparability is relatively limited. Looking at the situation of comparable companies, the average revenue of comparable companies in 2022 is 273.3 billion yuan, with a gross sales margin of 2427%。
Risk Warning: There is still a possibility that the company that has started the inquiry process may not be able to be listed due to special reasons, the company's content is mainly based on the content of the prospectus and other public information, there is a risk that the selection of listed companies in the same industry is not accurate enough, and there may be interpretation bias in the interception of content data. The specific risks of listed companies are shown in the main text.
*: Huibo Investment Research).
Disclaimer: The content and data in this article are for reference only and do not constitute investment advice. Do so at your own risk.
Edited by Tsang Kin-fai).
National Business Daily.