Jiayuan Technology (301117)
The company is positioned as a comprehensive solution provider of informatization and network security. Founded in 1994, the company was early engaged in advertising, security engineering and other businesses. Since 2012, the company has successively expanded government it, medical it, military it and other information services; And constantly tap the military network security needs and accumulate encryption technology research and development. From 2019, the company’s network security business began to gradually increase in volume, driving the rapid growth of the company’s performance. At present, the company has formed a business pattern of “one body and two wings” of informatization and network security, and has three major customer groups in government, medical treatment and military industry. In 2020, the proportion of security business will reach 61%.
Military network security is booming. Starting from entrusted research and development, the company has cut into the field of network security with coding technology as the core, forming a security product form of “embedded software + customized hardware”. The product is mainly wireless side encryption. At present, it is mainly used in aerospace data transmission. With the continuous enrichment of wireless side encryption application scenarios, the company has increased the coverage of security products in airborne, shipborne, satellite communication and other fields; The product has certain consumable properties, and the market demand and space are broad. The security business will be rapidly expanded in 20 and 21 years, and the revenue will reach 117 million yuan in 2020; As of October 31, 2001, the on hand orders of network security products reached 52.14 million yuan, and the intended orders (goods are prepared according to the goods preparation notice issued by the customer, but the contract has not been signed) are about 160 million yuan.
Medical it and military it are the focus of information development. The company’s medical it scheme is based on information interconnection and includes three product lines: smart medical management, smart medical service and smart hospital management. The company has accumulated several typical cases in Sichuan, and its revenue recovered significantly in the first half of 21 years. Military it is mainly oriented to “smart military barracks”, “smart national defense” and “smart military industry”, and provides information platforms such as administration, logistics, combat readiness, command and control for the military and military enterprises. In 2021h1, the information business revenue reached 75 million yuan, which has exceeded the whole year of 2020. Medical and military industry has been the company’s clear key development direction.
The medical and military industries have maintained a high boom, with personnel growth and business expansion. In the field of medical it, driven by policies such as DRG and electronic medical records, the market maintains stable growth, and the company is expected to enter the country by entering military hospitals. In the field of military it and network security, in the informatization process of weapons and equipment, wireless encrypted communication is a necessary option in satellite, airborne, shipborne, missile borne and other links. Informatization and security businesses continue to benefit from the modernization of national defense. The company increased personnel investment to ensure continued high growth of business; The two-year plan of R & D personnel increases by 56%, and the three-year plan of sales personnel more than triples.
Profit forecast and investment suggestions: it is predicted that the company’s revenue in the 21st-23rd years will be 297 million yuan, 463 million yuan and 695 million yuan respectively, and the annual growth rate of revenue will be 56% / 56% / 50%; The net profit attributable to the parent company is 92 / 153 / 242 million yuan, and the annual growth rate of profit is 74% / 67% / 59% respectively; Corresponding to the current share price, PE is 58 / 47 / 29 times, which is covered for the first time and given a “buy” rating.
Tips: the risk of national informatization development is less than expected; The delivery rhythm of network security orders is unstable, resulting in the delay of revenue recognition; Military business orders grew less than expected; Industry competition intensifies.
