创业黑马:赋能中小创及专精特新,SaaS化推动企服全面升级

（以下内容从天风证券《创业黑马:赋能中小创及专精特新,SaaS化推动企服全面升级》研报附件原文摘录）
　　Dark Horse Technology Group （300688 CH） 赋能中小创及专精特新，SaaS化推动企服全面升级 Initiating coverage: SaaS and full-suite corporate services that kindle SME start-ups and niche players BUY (Initiation) 投资要点/Investment Thesis 投资要点/Investment Thesis 聚焦国内中小创，为企业提供全生命周期服务。创业黑马成立于2008年，为企业提供企业加速服务，以及包括SaaS模式、城市拓展、知识产权、财税、专精特新、营销、投融资等一系列的企业服务，公司以创新方法论和产业服务体系加速服务了上万家中小企业。公司第一大股东为牛文文先生，也是董事长、实际控制人。 Business focus: Chinese SME market and full life-cycle services Established in 2008, Dark Horse Technology Group provides enterprise acceleration services to tens of thousands of SME clients. Using innovative methodology and an industrial service system, its services cover SaaS, urban expansion, intellectual property, finance and taxation, specialization and innovation, marketing, as well as investment and financing. Chairman Niu Wenwen holds the controlling stake in the company. 中小创企业逢政策春风，企服及SaaS化空间可期。2021年全国登记在册的市场主体达到1.54亿户，其中企业4,842.3万户；21年新设企业904万户。新增企业以及国内企业数字化转型浪潮，为企业服务提供需求基础。企业服务各赛道发展态势良好，20年全国知识产权服务业营收规模约2,250亿元，21年中国企业培训市场预计规模1,992亿元。同时，SaaS逐步成为企服发展新引擎，21-23年中国企业级SaaS市场规模预计复合增速34%，23年市场规模预计达到1,304亿元。政策方面，中小企业在我国发展中扮演日益重要的角色，尤其是“专精特新”企业，频获政策支持。21年北交所成立，打造服务创新型中小企业主阵地。 SaaS and services for start-ups: policy momentum expands growth headroom China has 154m registered market entities, including 48.42m companies and 9.04m start-ups as of 2021. Start-ups require digitalization and provide a good demand base for enterprise acceleration service providers. Corporate service segments are currently on an uptrend in China: intellectual property service revenue amounted to about RMB225bn in 2020 while we estimate corporate training generated RMB199.2bn in 2021. SaaS is slowly becoming a new growth driver of corporate services. We expect China’s corporate SaaS market to expand at a 34% CAGR over 2021-23E to reach RMB130.4bn in 2023E. SMEs play an increasingly key policy role in China’s development, especially specialized start-ups, which receive policy support. The Beijing Stock Exchange was established in 2021 mainly to drive innovative SMEs. 以企业加速服务为基石，积极拓展企业服务，战略推进SaaS化升级。公司具体业务上，企业加速服务是针对创始人的战略管理咨询服务，是公司的基石类业务，核心产品包含“黑马成长营”、“黑马实验室”等。在加速业务基础上，公司以“业务企服化、企服SaaS化”为战略方针，推动业务优化升级。企业服务是公司在原有城市拓展等基础上，21年新增知识产权服务等细分赛道的发展期业务，由此公司服务从企业创始人拓展到企业，从企业创业阶段拓展至全生命周期。同时，公司持续加大SaaS化平台建设，目前已经搭建专精特新知识产权SaaS云平台，并推出知识产权服务产品“科创云”、企业加速产品“加速云”，以及 “产业大脑”，构建在线新服务。 Enterprise acceleration services at the core; building up SaaS, corporate services Dark Horse’s cornerstone business is enterprise acceleration services, especially strategic management consulting services for founders. The key programs include Dark Horse Growth Camp and Dark Horse Lab. In this segment, corporate and SaaS services form the basis of a strategic policy to upgrade and optimize businesses. From urban expansion corporate services, it expanded last year to include intellectual property services and other niche growth areas. Its services range from founder consultation to corporate development and covers the entire life-cycle right from the start-up. The company continues to build out its SaaS business. It built a specialized new IPR SaaS cloud platform and launched IPR services, Science and Technology Cloud, Acceleration Cloud and Industry Brain, which help its clients build new online services. 持续推进业务优化，21年重回健康轨道，随着业务模式完善，后续有望进入增长快车道。2021年公司实现营收3.4亿元，同比增长107.87%，归母净利润1143万元，同比增长55.90%。分业务看，21年企业服务收入1.82亿元，同比增长259.34%，收入占比为53.42%；企业加速服务收入1.47亿元，同比增长43.9%，收入占比为43.40%。由于企业服务在拓展阶段，21年毛利率和净利率短期受到影响，随着新业务逐步走出培育期，以及SaaS模式逐步渗透，公司利润率有望回升。 2021 recovery: improved business model could shift Dark Horse to the fast lane Dark Horse generated revenue of RMB340m, up 107.87% yoy, and net profit of RMB11.43m, up 55.90% yoy, in 2021. In a segmental breakdown: corporate service revenue came to RMB182m (up 259.34% yoy and accounting for 53.42% of the total) while acceleration services garnered RMB147m (up 43.9% yoy and accounting for 43.40% of the total). The corporate service business is in a growth phase, which dented 2021 gross and net profit margins, a short-term effect. As start-ups gradually emerge from their incubation phase and Dark Horse’s SaaS business penetration grows, we expect profit margin to recover. 投资建议/Investment Ideas 投资建议：创业黑马为A股具备特色的中小创企业服务领军，企业加速服务具有强品牌支撑以及丰富客户资源，新增企业服务提升公司业务深度，SaaS化模式的推进更为公司打开规模及效率的想象空间。政策方面，国家鼓励中小创尤其专精特新企业旗帜鲜明，相关行业有望迎来发展红利期。我们预计公司2022-2024年营业收入分别为5.97亿/8.05亿/10.09亿元，其中企业加速服务/企业服务22年营收同比增速分别为51.5%/98.8%；预计22-24年归母净利润分别为4997万元/8660万元/1.22亿元，同比增速分别为337.4%/73.3%/40.5%；首次覆盖给予“买入”评级。 Executive summary Market leader Dark Horse services A-share start-ups with market leading potential. In enterprise acceleration services, the company has the edge in its strong brand and rich customer resources. Start-ups expand its business while its SaaS model adds growth headroom for future scale and efficiency expansion. Chinese policy boosts SMEs, especially specialized start-ups with clear business differentiation, so we expect support industries to see strong growth. We expect Dark Horse’s revenue to arrive at RMB597m/805m/1.01bn in 2022/23/24E, with enterprise acceleration services/corporate services revenue growth at 51.5%/98.8% in 2022E. We expect net profit to amount to RMB49.97m/86.6m/122m in 2022/23/24E, up 337.4%/73.3%/40.5%. We initiate coverage and rate Dark Horse a BUY. 风险提示：宏观经济波动风险；政策影响风险；市场竞争加剧风险；新业务推进及SaaS化升级进展不达预期；疫情影响。 Risks include: macroeconomic volatility; adverse policy impact; intensifying competition; new business promotions and SaaS upgrades not progressing as expected; and Covid-19 pandemic impact. 以下为研报节选，查看更多请联系天风国际销售团队或访问天风国际研报网页。 The following is an extract. For the full report, please contact our sales team or visit the TFI report website. 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