\u3000\u3000 Ygsoft Inc(002063) (002063)
The net profit attributable to the parent company in the fourth quarter of a single year increased by 36.17% year-on-year, and the smart energy business accelerated
In 2021, the company achieved a revenue of 1.915 billion yuan, a year-on-year increase of + 13.23%; The net profit attributable to the parent company was 305 million yuan, a year-on-year increase of + 16.17%; The net profit deducted from non parent company was 283 million yuan, a year-on-year increase of + 18.64%. In the fourth quarter alone, the company achieved an operating revenue of 770 million yuan, a year-on-year increase of + 8.79%; The net profit attributable to the parent company was 162 million yuan, a year-on-year increase of + 30.87%; The net profit deducted from non parent company was 147 million yuan, a year-on-year increase of + 36.17%. The company achieved a net interest rate of 15.94% in the whole year, and the net interest rate in the same period last year was 15.53%, an increase of + 41bps compared with last year. It is speculated that the company's high gross profit business will further improve its profitability.
The company's carbon asset management system won the annual excellent software product award issued by the software industry association
January 2022, high beam Carbon Asset Management Platform v1 0 won the 2021 excellent software product of China National Software And Service Company Limited(600536) Industry Association. Since 2017, Ygsoft Inc(002063) has been laying out the carbon asset management business of the power generation group. After five years of exploration and practice, it has made major breakthroughs and successfully implemented the carbon asset management projects of Huaneng Group and state power investment group. At the same time, it has opened the carbon asset management business of two key subdivided control and emission industries, namely cement and electrolytic aluminum, to help customers achieve the dual carbon goal as soon as possible, Promote green and low-carbon development.
With the acceleration of power informatization reform, the company is expected to open a new business space
The company has long been in a leading position in the field of enterprise management software in the power industry. Its main products and services include group management, carbon asset management system, power distribution integration platform, intelligent IOT, energy blockchain, etc. It adopts the mode of software and hardware integration to provide customers with a full range of industry solutions and services. Looking back to 2020, 66% of the company's revenue came from group management business, and 34% of its revenue came from businesses in advantageous fields such as smart energy and artificial intelligence. Under the background of accelerating the reform of power informatization, the proportion of the company's advantageous business areas is expected to further increase.
Risk warning: the promotion progress of power reform policy is less than expected; The business integration between State Grid e-commerce and the company is less than expected.
Investment advice: maintain the "buy" rating.
Based on the performance express, it is estimated that the net profit attributable to the parent company from 2021 to 2023 will be 3.05/3.80/492 billion yuan, with a growth rate of 16.2% / 24.4% / 29.5%, diluted EPS = 0.23/0.29/0.37 yuan, corresponding to 36 / 29 / 22 times of PE. Maintain the "buy" rating.
