\u3000\u3000 Dawning Information Industry Co.Ltd(603019) (603019)
The company released the performance express for 2021, and the growth rate of net profit attributable to the parent company reached 37.98%. On February 22, 2022, the company released the performance express of 2021. In 2021, the annual operating revenue was 11.183 billion yuan, with a growth rate of 10.06%; The net profit attributable to shareholders of listed companies was 1.135 billion yuan, with a growth rate of 37.98%; Deducting the net profit not attributable to the parent company of RMB 753 million, with a growth rate of 43.23%.
In 2021q4, the growth rate of net profit attributable to the parent company exceeded 30%, and the overall annual net interest rate increased by 2 percentage points. According to the performance express, the net profit attributable to the parent company in 2021q4 was 668 million yuan, a year-on-year increase of 34%; The operating revenue was 4.691 billion yuan, a year-on-year increase of 12%, higher than the growth rate of the overall operating revenue of the whole year. The increase in the net profit attributable to the parent company is mainly due to the increase in the gross profit of the company and the increase in the net profit of associated enterprises. In terms of net interest rate, the net interest rate of the company in 2021 is 10%, about 2 percentage points higher than that in 2020.
Various businesses are advancing smoothly, and the layout of sales and ecology is relatively perfect. In terms of business layout, the company continued to carry out research and development for high-end computers, storage, cloud computing, big data, artificial intelligence, network security, independent software, new generation energy-saving infrastructure, etc., forming a complete and safe technical system, creating good conditions for the industrialization of the company's core technology. In terms of ecology, the company continues to extend the cooperation between upstream and downstream industrial chains and actively layout in subdivided fields. The operating revenue of haiguang information, an associate, increased by 113% year-on-year in 2021h1; At the same time, focusing on the construction of the national advanced computing industry innovation center, the company adopts the network layout and cluster development mode. In terms of sales, the company has marketing branches in 30 provinces, cities and regions all over the country, as well as more than 50 industry sales teams in government, energy, Internet, education and so on.
Leading enterprises in the industry are expected to benefit from the trend of information innovation, and "counting from the east to the west" may become a new increment of the company. According to the prospectus of haiguang information, a joint venture of the company (to be listed), the products of many well-known Chinese server manufacturers such as Inspur, Lenovo, xinhuasan and Tongfang have been equipped with haiguang CPU chips, and have successfully won key customers in the fields of finance, energy, chemical industry, telecom operators and so on. Haiguang DCU series products have been officially released in March 2021, and small batch production has been completed. It is expected to be widely used in big data processing, artificial intelligence, Business Computing and other fields in the future. Xinchuang is expected to penetrate from the field of Party and government to the field of industry. The demand for Xinchuang in finance, energy, operators and other industries is expected to be gradually released, and the company is expected to benefit as a leading enterprise. At the same time, the policy of "counting from the east to the west" continues to be promoted. According to the national integrated big data center system layout plan, it is expected to lay out eight computing power hubs nationwide, guide large and super large data centers to gather in the hubs and form data center clusters. "Counting from the east to the west" will bring the construction of ICT infrastructure such as servers, which is expected to form a long-term good for the company's domestic chips, servers, computing and other businesses.
Investment suggestion: it is estimated that the net profit attributable to the parent company from 2021 to 2023 will be 1.143/14.67/1.735 billion yuan, and the corresponding PE will be 43x, 33x and 28x respectively. Select the domestic alternative sector of wind, and the average PE (wind consensus expectation) of relevant companies in 22 years is 36x. The company has certain valuation advantages and maintains the "recommended" rating.
Risk tip: the pace of information innovation in key downstream industries is uncertain, and the progress of ecological cooperation is less than expected.
