In 2021-12-06, Yang Ye and Liu Gaochang of Guosheng Securities Co., Ltd. conducted research on Jieshun Technology and released a research report entitled "holding B-end parking lot and C-end customer Resources, potential enablers in the New Energy era". The current share price is 10.89 yuan.
Jieshun Technology (002609)
As the leader of domestic parking system, it naturally has the basis to expand the operation of new energy charging. According to our report "Jieshun Technology: smart parking Leader for the coordinated Development of BCG Strategy" released on June 15, 2020, the company has a market share of about 12.9% in the parking system market in 2019, ranking first in China, especially in the Pearl River Delta region where the company is headquartered. In the face of the current trend of the new energy industry, on the one hand, we expect that the parking space gap will continue to exist, on the other hand, the practical problems such as insufficient charging piles, difficult to find, damaged, unable to match, and difficult to build new charging piles in old residential areas bring car owners' charging anxiety. We think that the company relies on the B-end customer group of the parking lot, which has the first market share in China. Naturally has the basis to expand the new energy charging operation business (the company Interactive Yi disclosed on August 30, 2021 that it has cooperated with charging pile enterprises such as special calls and car stores, and some of the cooperative parking lots have opened up parking and charging services).
With more than 69 million C-side parking users, parking, charging and other businesses are expected to accelerate the improvement of C-end stickiness, and there is expected to be a major break in the business model. According to the public information of the company Interactive easy on November 8, 2021, by the end of the third quarter of this year, jetcar parking has reached more than 69 million users (based on the company's business attributes, we believe that the vast majority of users are car owners). The huge number of C-end car owners will become a strong foundation for the company to carry out charging business operations in the future, further opening up the parking space management and payment clearing functions of users' parking and charging business, and enhance ARPU. Combining the advantages of low discount costs brought by the accelerated "purchase" business between the company and the parking lot (the company launched a 100 million yuan cash purchase parking duration plan on October 14, 2021) and more than 19000 online parking lots across the country (Interactive easy's data at the end of the third quarter of 2021 disclosed on November 8, 2021), it is expected to launch a paid discount package to the C side in the future, which will further enhance the stickiness of the C side. Achieve a major break in the business model.
Maintain a "buy" rating. We forecast that from 2021 to 2023, the income will be 1.598 billion yuan, 1.959 billion yuan and 2.417 billion yuan, and the net profit will be 187 million yuan, 256 million yuan and 351 million yuan respectively, maintaining the "buy" rating.
Risk tips: macroeconomic downside risk; accounts receivable deterioration risk; management risk brought by new business; assumption and estimated deviation risk.
A total of five agencies have rated the stock in the last 90 days, including four buy ratings and one overweight rating; the average institutional target price in the past 90 days is 15.31; according to the Securities Star valuation analysis tool, the good company of Jetshun Technology (002609) has a rating of 3 stars, a good price rating of 3 stars and a comprehensive valuation rating of 3 stars. (rating range: 1-5 stars, up to 5 stars)