\u3000\u3 Guocheng Mining Co.Ltd(000688) 369 Beijing Seeyon Internet Software Corp(688369) )
Adhere to the development strategy of “platform + ecology” and maintain the “buy” rating
Considering the impact of the company’s increased investment and share based payment expenses, we lowered the forecast of the company’s net profit attributable to the parent company in 2021 to 128 million yuan (the original forecast was 139 million yuan). At the same time, considering the good opportunities for the development of digital economy and information innovation, we slightly raised the forecast of the net profit attributable to the parent company in 20222023 to 181 million yuan and 235 million yuan (the original forecast was 175 million yuan and 218 million yuan), EPS is 1.66, 2.35 and 3.05 yuan / share. The current share price corresponds to 33.6, 23.7 and 18.3 times of PE from 2021 to 2023, maintaining the “buy” rating.
The performance met expectations and continued to increase R & D investment and marketing investment
The company released the performance express in 2021, realizing a total operating revenue of 1.031 billion yuan, a year-on-year increase of 35.11%; The net profit attributable to the parent company was 128 million yuan, a year-on-year increase of 18.50%; The year-on-year net profit of RMB 4.41 billion was in line with our previous expectations, with a year-on-year increase of RMB 3.51 billion. The rapid growth of the company’s performance in 2021 is due to the accelerated development of digital economy and the continuous deepening of the development of Xinchuang market. On the other hand, the company continues to increase its own revenue, with a year-on-year increase of more than 50% in R & D investment, and increase the investment of marketing resources. If the impact of share based payment expenses is restored, the growth rate of net profit attributable to the parent company is expected to match the growth rate of revenue.
Benefiting from the in-depth development of Xinchuang market, the company welcomes the development opportunity
With the gradual improvement of domestic basic software and hardware ecology, the localization substitution of collaborative management software has also become an inevitable trend, and the pace of substitution is accelerating. Focusing on key industries such as the party and government, finance, energy and tobacco, the company has carried out the layout of information innovation, completed the adaptation and upgrading of information innovation products, and built a government enterprise collaborative office platform with information innovation as the core, which will fully benefit from the general trend of information innovation development.
A new generation of collaborative operation platform V8 will be launched soon to realize the transition from platform to ecology
The company is about to launch a new generation of collaborative operation platform V8, which provides customers with collaborative application services based on Cloud Architecture with a new collaborative cloud service model of cloud based and online service. Based on the cloud native platform and integrating data and artificial intelligence technology, V8 can serve high-end customers and synchronously cover medium-sized, medium-sized and small-sized customers. From the original standardized products of V5 collaboration platform to the comprehensive “cloud” of the main business and services of the new generation collaboration platform V8, the company’s collaborative operation mode is realizing the leap forward development from platform to ecological mode.
Risk warning: market competition intensifies; The promotion of new products was less than expected.
