Energy management and charging piles are the traditional businesses of the company. Energy management is to monitor the electricity consumption of enterprises through software systems to help enterprises achieve energy saving. Later, it gradually entered the field of charging piles. The company's two traditional businesses are relatively average, with an annual income of about 200 million.
15 years, the company established Nengke Ruiyuan and entered the PLM field. The full name of PLM is product life cycle management. PLM is mainly used for research and development, especially for large enterprises. The research and development process is complex and PLM software is needed to coordinate all parties. R&D process includes demand demonstration, modeling, product design and production. PLM is used to manage R&D process, data access and personnel rights.
At present, the company does not have PLM productization ability, and mainly carries out secondary development based on the software of Siemens and Dassault. However, the company formed more than 1000 functional modules in the secondary development project, which laid the foundation for the company to develop products. The future development direction of the company should be to provide products like Siemens and Dassault, and become UFIDA software in PLM field.
PLM is still in the early stage of development in China, mainly because the domestic R&D was based on imitation reverse development, and PLM software was not used much. In the future, China will take the independent research and development route, and PLM software will be widely used. PLM is more difficult than ERP. The gross profit margin of PLM can reach more than 50% and the net profit margin is 20%.
In order to accelerate the development of PLM business, the company acquired Lianhong. Lianhong is mainly engaged in the secondary development of PLM, and is the largest agent of Siemens in China, mainly engaged in product sales, with less development business. Lianhong has a lot of rail transit business and has certain synergy with the company's customers.
The company's digital production line comes from PLM business and should be one of the applications of PLM. At present, the company mainly manufactures the virtual production line of engines and the virtual production line of Yuan Qi Forest, a beverage company. The company's digital production line mainly uses Dassault's design software. Digital production lines are mainly used in some complicated production lines. Firstly, a virtual production line is made, and then the optimal production line scheme is explored.
From the perspective of pattern, the main players of PLM in the world are Siemens, Dassault and PDC, and there are four in China. Nanjing Guo Rui Xinwei's revenue is 500-600 million, Beijing Suo's revenue is 654.38+0.8 billion, and Shanda Huatian's revenue is 654.38+0 billion. Shanda Huatian is mainly engaged in civil use, and the company and Nanjing Guo Rui Xinwei are the largest in China.
From the demand point of view, the domestic PLM market is about $3 billion, with an annual growth rate of about 15%. In the foreseeable future, the company's main market will be China. At present, the largest domestic demand is the military industry, which needs independent research and development and is in urgent need of localization. In the future, the company's long-term growth point will expand from military industry to civilian use.
From the perspective of the company's governance structure, the chairman and general manager are mainly responsible for new business, the chairman is mainly engaged in military business, his wife and general manager Zhao Lan are engaged in civil market, and vice president Yu Shengtao is responsible for traditional business such as electricity. With the development of PLM and digital production line business, the importance of traditional electrical business in the company has gradually declined. The three were originally acting in concert. Yu Shengtao withdrew from Concerted Action on 2 1, and then continuously reduced his shareholding in the company.
The company's financial situation is relatively general, mainly because the ROE level has been maintained between 5- 10% for a long time. The company used to be a new third board company, and was listed on the main board in June 16. Before 18, the company's income remained at around 200 million for a long time, and the company's income growth began to accelerate in June 18. 18/ 19/20 years realized revenue growth of 78%/87%/24% respectively.
If Yi Sai Information and Hande Information are compared, Yi Sai Information has the strongest profitability, the company's profitability is better than Hande Information, and the company's net interest rate is similar to that of Yi Sai Information, mainly because the efficiency of working capital is not as good as that of Yi Sai Information. The per capita output value of the company reached 1 1.2 million yuan, while the per capita output value of Yi Sai Information and Hande Information was less than 300,000 yuan. In 2020, the company's R&D expense ratio will reach 24%, while the R&D expense ratios of Yi Sai Information and Hande Information are only 65,438+02% and 65,438+08%. The company capitalized 60% of the R&D expense rate, which also reduced the company's profitability to some extent. Of course, this is mainly caused by financial treatment. The company's per capita output value and business cycle show signs of improvement year by year, which shows that PLM's new business has really improved the company's profitability.
Judging from the valuation, the company's 22-year valuation is around 30 times, and the profit growth is expected to be around 30%. If PEG is basically reasonable at present, Yi Sai Information is currently valued at 34 times, which is slightly more expensive than the company. The company's market value is 6.7 billion, which is also suitable for the current market environment of small stocks. The downstream prosperity is high, which is the shadow stock of military industry, and military industry may become the direction of steady growth.