\u3000\u3000 Dawning Information Industry Co.Ltd(603019) (603019)
Event: on February 22, the company issued the announcement of 2021 annual performance express, realizing a total operating revenue of 11.183 billion yuan, a year-on-year increase of 10.06%; The net profit attributable to shareholders of listed companies was 1.134 billion yuan, a year-on-year increase of 37.98%, exceeding market expectations. At the same time, the company also issued the announcement on withdrawing the provision for asset impairment in 2021. The total amount of the provision for asset impairment is about 200 million yuan, which is included in the profit and loss of 2021. After considering the factors such as reversal or write off in the current period, the consolidated net profit of the company in 2021 will be reduced by 164 million yuan.
The performance in 2021 exceeded expectations, and the actual operation situation may be more optimistic. 1) In 2021, the company realized a net profit attributable to the parent company of 1.134 billion yuan, a year-on-year increase of 37.98%, exceeding market expectations. At the same time, from the perspective of deducting non net interest rate, during the reporting period, the company's profit margin reached 6.73%, an increase of 1.55 percentage points compared with the same period last year, reflecting the continuous strengthening of the company's profitability. 2) On the other hand, during the reporting period, the company made a total provision of about 200 million yuan for accounts receivable, inventories and intangible assets, which comprehensively reduced the consolidated net profit of 164 million yuan in 2021; Historically, the company made a total of about 106 million yuan of asset impairment loss and credit impairment loss in 2020 and 59 million yuan of asset impairment loss and credit impairment loss in 2021. If the impact of this provision for impairment is excluded, the actual operation of the company may be more optimistic.
It infrastructure, Xinchuang and other businesses are expected to advance smoothly, which is expected to drive the company's long-term growth. 1) In terms of the core strategy of Xinchuang, in November 2020, the company's major additional issuance project of RMB 4.779 billion was successfully implemented. The raised investment projects are high-end computer R & D and production expansion projects based on domestic chips (RMB 2 billion), high-end computer IO module R & D and industrialization projects (RMB 920 million) The high-end computer built-in active control firmware R & D project (RMB 480 million) and supplementary working capital (RMB 1.38 billion) are expected to build a complete innovation chain and industrial chain of "chip design and manufacturing, whole machine system, software ecology and application services", and substantially accelerate the upgrading of information innovation strategy.
2) in terms of recent progress of Xinchuang, on January 15, 2022, according to the announcement of caizhao.com, "China Mobile's centralized procurement of PC servers (batch 1) (standard packages 3, 7, 11 and 12) from 2021 to 2022" totaled about RMB 1.422 billion (including tax), and the controllable sales of China Science and technology was about RMB 385 million, accounting for about 27%, ranking second, reflecting the competitiveness of Xinchuang products. 3) In recent years, the IT infrastructure construction capacity of the company has been gradually improved around downstream customers such as government affairs, industry, cloud and Internet, and the industry demand has also been expanding, which is expected to support the continuous high growth of business in the medium term.
Haiguang's shipment may exceed expectations in 21 years, and the listing process is advancing steadily. 1) In the first half of 2021, haiguang information achieved a revenue of 571 million yuan, a year-on-year increase of 113.18%, and its revenue exceeded market expectations. Referring to the laws over the years, the revenue accounted for more than 70% in the second half of the year, and the annual chip shipment is expected to be rapid and large-scale. The net profit in the same period was -39.4717 million yuan, which reflected that the company was in the stage of rapid development by continuously increasing R & D investment in chips, processors and other products, especially the introduction of core talents. 2) According to the official website of Shanghai Stock Exchange, haiguang information is currently in the IPO inquiry and feedback stage of science and innovation board, and the listing process is expected to move forward steadily.
A number of assets in the body may not be fully expected, the growth certainty is high, and the valuation is still at the bottom of history. 1) The company is the top Technology Incubation Platform of the Chinese Academy of Sciences. It holds shares and shares in many high-quality assets such as shuguangyun, Zhongke Sanqing, haiguang, Shuguang digital innovation, Geovis Technology Co.Ltd(688568) and has strong growth certainty, which is expected to drive the high growth of the company in the next few years. 2) According to key assumptions, we estimate that the net profit attributable to the parent company from 2021 to 2023 will be 1.134 billion yuan, 1.580 billion yuan and 2.190 billion yuan respectively. The current market value of 48.9 billion yuan (February 22, 2022) corresponds to only 32x PE in 2022, which is still undervalued.
Maintain the "buy" rating. Adjusting the profit forecast according to key assumptions and recent announcements, it is estimated that the operating revenue from 2021 to 2023 will be RMB 11.183 billion, 12.375 billion and 13.746 billion respectively (the previous forecast is RMB 11.849 billion, 13.697 billion and 15.695 billion), and the net profit attributable to the parent company will be RMB 1.134 billion, 1.580 billion and 2.190 billion respectively (the previous forecast is RMB 1.124 billion, 1.493 billion and 1.918 billion). Maintain the "buy" rating.
Risk tip: the competition in the server industry is intensifying; The mass production of chips is less than expected; Increased trade friction
