Digiwin:MacVisit,ERP leader in smart manufacturing

类别:公司研究 机构:麦格理证券股份有限公司 研究员:麦格理证券研究所 日期:2017-01-18

Company profile

    Digiwin develops ERP software (36% of 1H16 revenue) with a focus on themanufacturing space. In 2014, it was a top 3 player in manufacturing ERP byrevenue, according to CWResearch. It also distributes third-party peripheralsoftware and hardware (23%). It offers full scope of services, includingimplementation and after-sale services (42%). The company is attending ourA-share Corporate Day on 17 Jan 2017.

    History

    Established in Taiwan in 1982, it entered China in the ’90s and listed on theGEM Board of the Shenzhen Stock Exchange in 2014. China accounted forabout 37% and Taiwan about 63% of its 2015 revenue. Digital China (861 HK,NR, HK$6.34), is its largest shareholder with about an 18% stake.

    Business segment and development plan

    Continuous product upgrade. Digiwin has been upgrading its softwareproducts to meet the growing demand from enterprises as they navigateupgrades in manufacturing. In July 2015, Digiwin launched its flagship ERPproduct T100 with a focus on big enterprises. Up until 1H16, it had won morethan 40 new enterprise customers for the T100, including Scud, Fujian StartGroup and Ningbo Mengshen Mattress.

    Strategic alliances across the value chain. Digiwin is trying to expand itsproducts offerings across the value chain via partnerships and has set upmodel production plants with leading vertical players to promote smartmanufacturing initiatives. Digiwin has partnered with Advantech (2395 TW,NT$253.00, UP, TP: NT$170.00), a major global iPC maker and industrialautomation solutions provider, and CICI Advanced Systems (5209 TW, NR,NT$40.10), a well-known systems integrator in Taiwan. It also jointly set upmodel production plants based on Industry 4.0 with Jongtay Office Furnitureand Ningbo Techmation (603015 CH, NR, Rmb12.75).

    9M16 results highlights

    Digiwin’s revenue grew 5% YoY to Rmb806m in 9M16, whereas adjustedprofit grew 17% YoY to Rmb30m, owing to operating leverage in sales andmarketing expenses for new products. GPM was largely flat at 81%, as therevenue mix between in-house and third-party products stayed stable.

    Earnings estimates and valuations

    Consensus on Wind estimates 463/54/41% earnings growth in 2016/17/18Eon a low base of 2015. The stock is trading at 97/63/45x 2016/17/18E PE.

    Conclusion

    The meeting with Digiwin will allow investors to understand the value chainand competitive landscape of ERP and software space, including Kingdee(268 HK, HK$2.99, OP, TP: HK$3.70) and Yonyou (600588 CH, Rmb21.47,OP, TP: Rmb31.00).

    The share price of Digiwin has plunged 48% since Jan 2016 vs 32% and 17%respective declines for Yonyou and Kingdee. Digiwin believes itsunderperformance may have been largely due to slower-than-industrysoftware revenue growth as well as increased sales and marketing expenseon new products.

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