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浪潮国际(00596)涨4.5% 海通证券称其是被低估的ERP+SAAS龙头

Tide International (00596) rose 4.5% Haitong called it the undervalued leader of ERP+SAAS

鳳凰網港股 ·  Dec 22, 2021 01:26

Phoenix New Media Hong Kong stocks | Wave International (00596) rebounded today, continuing the pattern of recent shocks and gains, with a turnover of 8.428 million yuan, or 4.46%, at 4.45 yuan.
Haitong released a research report saying that Tide International is the undervalued leader of ERP+SAAS, and two major factors drive the coming of a new demand cycle for ERP. There are two major factors driving the advent of the new demand cycle of ERP. The first is new technologies, including cloud computing, big data, AI, etc., especially cloud computing. Because SaasERP can complete the development, update and upgrade of software systems in the cloud, eliminating traditional offline operations and services, it greatly reduces the development costs, labor costs and time costs of enterprises, accelerates software iteration, and makes ERP more convenient for enterprises.
The report points out that customized development + operation and maintenance: the geographical advantages of local service providers. With the rapid popularization of ERP, ERP has changed from generalization to commercialization, and ERP in all industries has industry attributes, so the customization demand of downstream customers for ERP continues to rise. Compared with foreign manufacturers, domestic manufacturers understand the actual needs of domestic enterprises better and can provide customers with customized development with more compound needs.
According to the report, the competitiveness of the company's products continues to increase. In 2020, in the domestic ERP market, the company's market share was 11.7%, ranking fourth, followed by Yuyou, SAP and Kingdee. IDC and CCID China HCM software market research report shows that Chaochao HCMCloud ranks first in China's human resources management software SaaS market TOP3 and large enterprise market. According to the 2018-2019 China PaaS Market Research report released by Jishi Information, the report shows that Chaochao entered the PaaS market and the leading camp of aPaaS market by virtue of excellent technical and market capabilities, and ranked first in terms of comprehensive competitiveness.
Haitong also said that the company's revenue from 2021 to 2023 is expected to be HK $32.62,39.5 and HK $4.8 billion, respectively, and its net profit is HK $0.37, HK $0.59 and HK $93 million respectively. The bank believes that the core value of the company lies in ERP and cloud services business. Despite the large revenue scale of the Internet of things business, the profitability and development prospects of ERP and cloud services in the face of government and enterprise software-in-one solutions are relatively poor. In considering valuations, the bank refers to comparable companies in the same industry, and out of careful consideration, the bank gives ERP+ cloud services revenue dynamic PS3-3.5 times in 2021. The six-month fair value range is between HK $6.58 and HK $7.67, with an "better than the market" rating.

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