\u3000\u3 Guocheng Mining Co.Ltd(000688) 201 Beijing Infosec Technologies Co.Ltd(688201) )
Event:
The company issued a performance express. In 2021, it realized an operating revenue of 526 million yuan and a net profit attributable to the parent of 157 million yuan, including 146 million yuan after deduction.
Comments:
1. Thanks to the high degree of productization, the company’s net profit performance in 21 years exceeded expectations
The company achieved a revenue of 526 million yuan in 2021, with a year-on-year increase of 26.36%; The net profit attributable to the parent company was 157 million yuan, a year-on-year increase of 46.03%; The net profit attributable to the parent company after deduction was 146 million yuan, a year-on-year increase of 43.08%. The company’s revenue growth is higher than the expected growth rate at the end of the market, and the improvement of management efficiency is weaker than that at the end of the market.
2. Driven by multiple applications, the company has widely benefited from business innovation in the financial industry
With the application innovation of the financial industry and the industry’s own demand for security, the downstream needs of digital currency, interest rate reporting system, CIPS, phase II of electronic letter of credit, and the transformation of state secrets in the securities and futures industry are gradually released. The company’s password products have been deeply cultivated in the financial industry for many years and are expected to benefit from the application promotion and business innovation in the financial industry.
3. Deep cultivation in multiple industries and steady increase in income
From the perspective of downstream customer structure, the company has been deeply engaged in finance, government and enterprise industries. Through the further extension and expansion of product structure and business scenarios, combined with the wide coverage of marketing network and service system, the sales revenue has increased steadily.
Based on the 2021 performance express released by the company, taking into account the completion of the company’s actual revenue in 2021 and the company’s comprehensive consideration of productization and profitability in the process of expansion, we adjusted the forecast of the company’s operating revenue from 2021 to 2023 to 526 / 710 / 959 million yuan (the original forecast was 562 / 773 / 1075 million yuan), The net profit forecast is RMB 157 / 203 / 280 million (the original forecast was RMB 152 / 212 / 299 million), maintaining the “buy” rating.
Risk warning: the repeated epidemic situation leads to the slowdown of the project progress; The transformation process of state secret algorithm is not as expected; Market competition intensifies risks; The performance express is the preliminary calculation result, and the specific financial data shall be subject to the annual report disclosed by the company
