\u3000\u3 Guocheng Mining Co.Ltd(000688) 066 Piesat Information Technology Co.Ltd(688066) )
Core view
Event: on the evening of February 25, 2022, the company released its 2021 annual performance express. It is estimated that the annual operating revenue will be 1.468 billion yuan (+ 73.42%), the net profit attributable to the parent company will be 198 million yuan (+ 53.29%), and the non net profit deducted will be 154 million yuan (+ 34.13%).
The company’s new orders reached a new high throughout the year, and continued to build a three-dimensional marketing system across the country. The company expects to realize the net profit attributable to the parent company of 198 million (+ 53.29%) and deduct the non net profit of 154 million yuan (+ 34.13%) in 2021. After deducting the impact of share based payment, the non net profit deducted by the company has a year-on-year growth rate of about 57%. The reasons for the rapid growth of the company’s performance include: 1 the company continues to build and improve the four-level marketing system of “headquarters – Region – Provincial Office – city node”, the local market continues to be large-scale, the income of the downstream “pie + industry” product line increases rapidly, and the new orders signed in the whole year reach a new high; 2> The company has continuously participated in the information construction in special fields, and has become one of the few units with the ability to undertake overall projects. Its competitiveness has been continuously improved, driving the steady growth of income in special fields.
During the “14th five year plan” period, the national risk survey, natural resources and related businesses in special fields are expected to bring important opportunities to the company. 1> According to relevant national requirements, the first national disaster risk survey will be fully completed by the end of 2022. The company’s business in the pilot phase is progressing smoothly, and the next 1-2 years will be a key period for the implementation of risk census; 2> On February 24, the Ministry of natural resources issued the notice on comprehensively promoting the construction of real 3D China, which defined the construction objectives (2025 and 2035), construction tasks, construction division and other contents of real 3D China. The company is expected to win orders one after another by virtue of its geographic mapping ability; 3> The company issued an announcement on December 23, 2021 and signed a single source procurement contract with a unit, with a contract amount of about 279 million yuan. It is expected that the company will gradually improve the breadth and application of special orders in relevant fields with the landing of pingine.
The company won the bid for Hebi smart city project, and the city level remote sensing cloud service is expected to continue to be implemented. Recently, the company announced that it won the bid for the smart Hebi space-time big data platform construction project, which is a national new basic surveying and mapping pilot project and the first smart city project won by the company. By combining independent cloud products such as mountain fire monitoring, air pollution monitoring, planting planning, pest control guidance and other data support and management services with the requirements of urban comprehensive management, the company launched a comprehensive and all element urban remote sensing cloud platform to provide basic and efficient space-time service support for smart city construction and economic and social development, Relevant projects are expected to continue to land in the future.
Profit forecast and investment suggestions
According to the company’s 2021 annual performance express, we predict that the company’s earnings per share from 2021 to 2023 will be 1.07, 1.55 and 2.18 yuan (the original forecast was 1.05, 1.55 and 2.16 yuan, adjust the forecast of operating revenue and expenses, and reduce the overall gross profit margin). With reference to the 48 times P / E ratio given by the comparable company in 2022, the corresponding target price is 74.29 yuan, maintaining the buy rating.
Risk tips
The business expansion is less than expected and the market competition is intensified.
