\u3000\u3 Guocheng Mining Co.Ltd(000688) 058 Beijing Baolande Software Corporation(688058) )
Core view
Event: the company released the performance express of 2021, and the company achieved an operating revenue of 28800 yuan, a year-on-year increase of 57.97%; The net profit attributable to the parent company was 9500 yuan, with a year-on-year increase of 55%; The deduction of non net profit was 8500 yuan, with a year-on-year increase of 72.15%.
The performance was in line with expectations, and the income of the party and government and the financial market increased. The company's revenue increased by 57.97% over the same period in 2021, mainly because during the reporting period, the company actively explored the market, seized the development opportunity of information technology application and innovation in the Chinese market, comprehensively improved the development efforts of the party, government and finance industries, achieved and exceeded the targets set by the company at the beginning of the year for the development of the party and government and the market coverage in the financial industry, and continuously expanded the scope of military industry, energy Business in transportation, education and other fields has led to a large increase in income. Therefore, the company's main business income increased significantly. Q4 single quarter, the company achieved revenue of 160 million yuan, an increase of 46.79%.
Financial innovation is expected to accelerate, and the market share of corporate finance is high. The development of digital finance has greatly changed the operation mode and risk characteristics of traditional finance, and brought a series of new challenges to financial security. Since 2021, under the guidance of the 14th five year plan, the financial industry has strengthened scientific and technological support and guidance, deeply implemented the innovation driven development strategy, expanded the breadth and depth of digital transformation, and achieved fruitful innovation results. With the good promotion of the party and government's credit innovation, credit innovation will accelerate in eight key industries from 2022, among which the financial industry is expected to accelerate in 2022. With the penetration of Xinchuang from the party and government to the industry, the market space is opened, and the development speed is expected to accelerate. As a leading enterprise of Middleware in China, Beijing Baolande Software Corporation(688058) has been helping the construction of digital business in the financial industry. With rich experience and continuous innovation, it has created an ecological environment for customers to make domestic middleware and provided comprehensive solution support for large-scale distributed applications in the financial industries such as securities, banking and insurance. Beijing Baolande Software Corporation(688058) web middleware accounts for 50% of the pilot units of phase I and phase II of national financial information innovation, and there are a large number of management and business system cases.
Investment suggestion: it is estimated that the company's revenue from 2021 to 2023 will be 288 million yuan, 449 million yuan and 651 million yuan respectively, with a year-on-year growth rate of 57.97%, 56.00% and 45.00% respectively; The net profit attributable to the parent company was 95 million yuan, 152 million yuan and 233 million yuan respectively, with a year-on-year growth rate of 55.22%, 60.71% and 53.20% respectively. The EPS from 2021 to 2023 were 1.71, 2.75 and 4.21 respectively, and the corresponding PE were 66, 41 and 27 respectively. The "buy" rating was given for the first time.
Risk warning: market competition intensifies; The R & D of new products is less than expected; The strategic advance is less than expected; Economic downside risk.
