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大行評級 | 東吳證券:賽意信息有望成為離散製造龍頭企業 首次覆蓋 給予“買入”評級
格隆匯4月20日丨東吳證券發研報指,賽意信息做高端ERP實施起家,2012年進入智能製造領域,大力投入自研產品,2016-2021年營收復合增速達26%;智能製造營收由2017年的0.73億元快速躍升到2021年的5.92億元,年複合增速高達68%,營收佔比達到31%;2021年自研產品佔到約30%,且快速提升,形成自研產品矩陣,從服務商轉變為A股稀缺的離散製造企業信息化“產品+服務”提供商。公司在智能製造領域投入10年,與西門子合作,已獲得多個行業客户的認可,形成產品、經驗、客户的先發優勢,充分受益行業增長紅利。泛ERP業務為公司智能製造業務的基石,公司實施SAP等高端ERP拉動對智能製造產品的需求,推出自研產品、行業套件、技術中台,提升產品標準化程度和毛利率,平台提升人力複用率,優化管理效率。該行認為公司有望成為離散製造龍頭企業,預計2022-2024年歸母淨利潤為2.52/3.41/4.58億元。該行首次覆蓋,給予“買入”評級。該股報37.88元,總市值152億元。
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