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明源雲(00909.HK):地產行業SaaS產品及ERP解決方案的龍頭提供商,建議投資者申購
格隆匯 09-18 10:56

機構:興業證券

評級:建議申購

地產行業SaaS產品及ERP解決方案的龍頭提供商:明源雲成立於2003年,主要為房地產開發商及產業鏈其他參與者提供ERP解決方案和SaaS產品,服務對象覆蓋地產開發商、供應商、施工商、購房者、租户、物業公司、經紀公司、第三方服務公司等地產生態鏈相關方。從行業地位來看,公司是地產商ERP解決方案及SaaS產品的最大供應商,收入方面市場份額分別達到17%和23%。截至2019年,公司服務終端集團客户約4000家,其中開發商數量接近3000家,百強企業基本全覆蓋。

建議投資者積極“申購”:2019年公司的營業收入為12.6億元人民幣,淨利潤為2.2億元。按發售價格分別為16.50、15.75、15.00港元計算,公司發行新股後總股本為18.7億股,總市值分別為281、295、309億港元,對應公司2019年的PE為114、119、125倍,低於金蝶國際和廣聯達。我們認為公司在地產行業ERP解決方案及SaaS產品提供商中享有絕對龍頭地位,公司的產品覆蓋廣滲透性強,百強地產商基本全覆蓋,客户續約率高。SaaS產品收入穩步增長,ERP解決方案模塊打造成熟,功能及服務類型多樣,ERP解決方案增值服務收入高速增長。我們建議投資者“申購”。

風險提示:軟件解決方案研發和升級不及預期、提供服務客户數量下降、宏觀經濟增長放緩、地產行業調控政策加嚴。

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