\u3000\u30003 Midea Group Co.Ltd(000333) 00033)
In 2021, the net profit attributable to the parent company increased by 10.86% year-on-year, and the performance fluctuated in the short term Hithink Royalflush Information Network Co.Ltd(300033) released its annual report on the evening of February 28. In 2021, the annual operating revenue reached 3.51 billion yuan, a year-on-year increase of 23.4%; The net profit attributable to the parent company was 1.91 billion yuan, a year-on-year increase of 10.9%; The net profit attributable to the parent company after non deduction was 1.89 billion yuan, a year-on-year increase of 13.8%.
Q4 growth slowed down and focused on R & D investment. From the company’s performance in the fourth quarter, the company’s revenue growth slowed down. Q4 achieved a revenue of 1.325 billion yuan in a single quarter, with a year-on-year growth rate of 12.33%, which was lower than that in the first three quarters. On the one hand, the revenue of 20q4 increased by 101% in a single quarter, with a certain high base pressure; On the other hand, from the turnover index, the total turnover in a single quarter of 21q4 was 39%, which was lower than the growth margin of 76% in 20q4. There is a certain difference between the profit side growth rate and the revenue, mainly because the company continues to maintain the investment in R & D. in 2021, the annual R & D expenses reached 828 million yuan, with a year-on-year increase of 41.55%, much higher than the revenue growth rate Hithink Royalflush Information Network Co.Ltd(300033) products are in a critical period of upgrading and iteration. Telecom value-added services represented by stock speculation software usher in a good opportunity for digital transformation of AI blessing. New products represented by Ifind and love fund are still in a critical stage of competing for the market. The company continues to increase R & D investment to ensure the competitiveness of products.
Ecological advantages are fully displayed, and new products are still in the promotion stage. Dismantling the four major business performances in Hithink Royalflush Information Network Co.Ltd(300033) 21, β The value-added telecommunications, Internet advertising and promotion services with strong attributes achieved revenue of RMB 1.618 billion and 1.284 billion respectively, with year-on-year growth rates of 25.95% and 53.64% respectively, bringing good flexibility to the company’s performance. In 2021, the average daily turnover of A-Shares was 1.06 trillion, with a year-on-year increase of 25%. As the securities app with the largest flow, the company can enjoy the performance flexibility brought by the active market. have α Potential software sales and fund consignment business achieved revenue of 296 million yuan and 312 million yuan respectively, with a year-on-year increase of 22.58% and – 35.30% respectively. Among them, the decline of fund sales on a commission basis was mainly due to the withdrawal of gold sales on a commission basis, while the fund sales business itself had a year-on-year growth rate of 72.94% in 21 years.
With cyclical flexibility, growth can be expected Hithink Royalflush Information Network Co.Ltd(300033) sits on the largest flow of China’s securities app at present and has significant ecological barriers at the C-end. Building an ecological platform based on app is expected to fully enjoy the flexibility brought by the increase of market trading heat. Recently, the market sentiment is relatively pessimistic, but the average daily trading volume of A-Shares has still reached more than 1 trillion since 2022, and the long-term activity of the capital market is still expected. At the level of innovative business, the company continues to increase R & D investment. The growth rate of core products Ifind and love fund has performed well in 21 years. The two products are located in a broad market space, and the company is expected to achieve good long-term growth with the two products.
Investment suggestion: it is estimated that the revenue of Hithink Royalflush Information Network Co.Ltd(300033) 2224 years will be 4.313 billion yuan, 5.309 billion yuan and 6.528 billion yuan respectively, with a year-on-year growth rate of 22.9%, 23.1% and 23.0% respectively; The net profit attributable to the parent company from 22 to 24 years was 2.440 billion yuan, 3.069 billion yuan and 3.861 billion yuan respectively, with a year-on-year growth rate of 27.7%, 25.8% and 25.8% respectively; The current market value corresponds to 24 / 19 / 15 times of PE in 22 / 23 / 24 years. The company is the leader of China’s securities app. While sitting on a huge ecological flow, the innovative business is actively expanding the blue ocean market and providing long-term growth for the company, so it maintains the “recommended” rating.
Risk warning: the capital market is less active than expected; The diversion of love fund is less than expected; The market speed of Ifind is lower than expected; Technology improvement is less than expected
