\u3000\u3000 Beijing Baolande Software Corporation(688058) (688058)
Key investment points
Event: the company issued a performance forecast, and it is expected to achieve a revenue of 280-310 million yuan in 2021, with a year-on-year increase of 53.6% - 70.1%; The net profit attributable to the parent company is expected to be RMB 90-110 million, with a year-on-year increase of 50.7% - 72.0%.
The company's performance increased significantly, and the growth rate of revenue and profit exceeded 50%. In 2021, the net profit attributable to the parent company was RMB 90-110 million, and the net profit attributable to the parent company in a single quarter in the fourth quarter was RMB 90-100 million. The growth rate of the net profit attributable to the parent company in 2021 was about 50% - 72%. The substantial increase in revenue and net profit attributable to the parent company was mainly due to the company's increasing efforts in the development of the party and government and the financial industry, and the rapid increase in the coverage of financial customers, resulting in the rapid growth of performance. At the same time, the company actively grasped the market opportunities of China's basic software and other information technology application industries, further consolidated the telecommunications industry and broadened the dimensions of transportation, energy, education and other industries.
Party and government credit innovation has been actively promoted, and there is huge room for the development of financial credit innovation. Xinchuang is an important part of China's electronic infrastructure construction, enabling economic development in the new form. With the introduction of national digital economy related policies, the development of digital economy has accelerated, and the information innovation market has flourished. In 2021, China's financial, telecommunications, party and government sectors of information technology and innovation started one after another, and the information technology and innovation industry entered a boom stage of rapid development. From 2020, Beijing Baolande Software Corporation(688058) actively participated in the 14th five year plan of provinces and cities, not only provided middleware products, but also participated in the product scheme design of operation and maintenance and security, obtained a large number of high-quality customers, and continuously expanded the market share of Party and government information and innovation. With the launch of industry information innovation and the promotion of Party and government information innovation from electronic official documents to e-government, and the sinking and penetration from provincial and municipal levels to district and county levels, the acceleration of financial information innovation development resonates with the party and government. For the financial credit creation business, the amount of orders in the first phase is several million, and the subsequent orders will continue to increase. According to the data of the people's Bank of China, there are more than 4000 existing banks in China. At present, only more than 200 banks participate in the pilot of middleware information innovation. Assuming that it is replaced by 10% every year, the market development space is still huge. Beijing Baolande Software Corporation(688058) actively participated in the construction of financial Xinchuang. In 2021, the company has achieved more than 50% coverage in financial Xinchuang, obtained a large number of orders, high-quality customer resources and is expected to occupy a larger market share.
Continue to increase R & D investment and product iteration to help market layout. In 2021, the company continued to invest in research and development, successively launched cache middleware, container monitoring, browser monitoring, APP monitoring, container cloud monitoring, application situation intelligence awareness, low code platform, operation and maintenance integration platform and other products, updated 58 versions of various products and completed 1160 features of various products. Through the rapid iteration and enrichment of products to help the rapid layout of the company's market. At the same time, the company further strengthens the real strength of the R & D team and sales team by introducing multi-level talents, and improves the construction of the company's R & D and sales system.
Profit forecast and investment suggestions. It is estimated that the EPS from 2021 to 2023 will be 2.85 yuan, 4.14 yuan and 6.14 yuan respectively, and the net profit attributable to the parent company will reach a compound growth rate of 59.1% in the next three years. Considering the rapid advancement of localization and substitution process, the strong demand for Middleware in the field of Party and government, the company's coverage of financial information and innovation has increased to more than 50%, the order volume has increased rapidly, and the quality of new downstream customers, it is expected that the company's order volume will usher in significant growth in the field of Finance and party and government in 2022. It will be covered for the first time and given a "hold" rating.
Risk warning: the expansion of financial customers is less than expected, the order risk of key customers and other risks.
