Kaiyuan**shares***Qidong recently conducted research on STEC and released a research report "The company's first coverage report: urban construction and operation integrated service provider, digital transformation continues to deepen", this report gives a ** rating to STEC, and the current stock price is 553 yuan.
STEC (600820).
The leading enterprises in urban construction and operation have a broad incremental space in the future, and they are given a "** rating" for the first time.
As the first listed company in the infrastructure sector in China, after more than 50 years of development, STEC can provide global cities with integrated services for the whole industry chain of "planning consulting, investment, design, construction and operation". We expect the company's revenue from 2023 to 2025 to be: 800 million yuan, the year-on-year growth rate was respectively. 9%；The net profit attributable to the parent company was respectively. 500 million yuan, the year-on-year growth rate was respectively. 0%；The diluted EPS were. 2 yuan, the current stock price corresponds to PE. 9 times. The first coverage is given a "** rating."
The performance maintained a steady upward trend, and the stable and high dividends demonstrated the value.
In the first three quarters of 2023, the company's operating income and net profit attributable to the parent company were respectively. 900 million yuan, a year-on-year increase. 1%, achieving positive growth for many consecutive years. In the first three quarters of 2023, the company's overall gross profit margin and net profit margin were respectively. 4%。Thanks to its good profitability, the company has maintained a dividend ratio of more than 30% for many years. In November 2023, the company implemented the 2023 semi-annual dividend, with a total dividend of 3100 million yuan, accounting for 40 percent of the net profit attributable to the parent company in the first half of 20236%。
The infrastructure sector covers the whole cycle, creating a moat of high-tech barriers.
The company's infrastructure construction business includes three sub-segments: engineering construction, engineering design, and infrastructure investment and operation. In the first half of 2023, the construction business, design service business, investment business, and operation business achieved revenue respectively. 600 million yuan, +21 year-on-year compared with the same period in 20221%、-39.9%、+0.7%、+20.6%。In terms of profitability, the gross profit margins of the four businesses in the first half of 2023 are: 1%。Among them, the gross profit margin of construction and operation business decreased compared with the whole year of 2022.
The development of digital elements is imminent, which is expected to promote the release of company value.
With the improvement of the top-level system, the dividends of data elements are about to burst out, and the company's urban operation group has long-term experience in construction, operation and management, and continues to promote the process of data business. Taking the G15 Jialiu Expressway operated by the company as an example, the effect of digital reconstruction is remarkable. At the same time, in May 2023, the company's first "Time and Space for Low-speed Operation Vehicles" data product was successfully listed on the Shanghai Data Exchange, which is expected to promote the transformation and upgrading of the company's business model.
Risk warning: the growth of business orders is less than expected, and the growth rate of infrastructure investment is less than expected.
*According to the calculation of the research report data released in the past three years, the research team of Huatai Kong Shu has conducted in-depth research on the stock, and the average accuracy of the past three years is as high as 8442%, and its ** attributable net profit in 2023 is 324.8 billion, and the **pe converted according to the current price is 535。
The latest profit** breakdown is as follows:
A total of 3 institutions have rated the stock in the last 90 days, ** 3 ratings; The average institutional price target over the last 90 days is 805。
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