\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 845 Shanghai Baosight Software Co.Ltd(600845) )
Event summary
Shanghai Baosight Software Co.Ltd(600845) released the performance express of 2021 on March 8, 2022. During the reporting period, the company achieved a total operating revenue of about 11.759 billion yuan, a year-on-year increase of about 15.01%; The total profit was about 2.013 billion yuan, a year-on-year increase of about 29.02%; The net profit attributable to the parent company was about 1.819 billion yuan, a year-on-year increase of about 35.92%, and the performance was in line with market expectations.
Focus on industrial Internet and create a new engine for performance growth
The net profit attributable to the parent company increased steadily, and automation and informatization continued to advance. With the promotion of integration and integration of Baowu group, the growth of demand for smart manufacturing and smart operation, and the increase of business income scale such as automation, informatization and cloud services, the net profit attributable to the parent company increased significantly by about 35.92% year-on-year during 2021. At the same time, relying on the unique and rich stock resources of Baowu group, the merger of the group brings the company not only a huge demand for steel informatization orders, but also helps the company develop the business territory of data center. In addition, IDC and cloud services have become the basic indicators of digital economy and Baoxin's performance, and are expected to open the company's second growth curve in the future.
Deeply cultivate the iron and steel information industry and comprehensively improve the company's innovation
The company has always adhered to the "smart" development strategy, actively responded to the development strategy of the national digital economy, empowered the industrial Internet and small and medium-sized enterprises, and helped the digital transformation of cities and the high-quality development of manufacturing industry. Relying on the xin3plat industrial Internet platform released in 2020, the company has successfully passed the first batch of iomm excellence certification of the highest digital maturity in China, realizing cross industry and cross field connectivity, business agility and data intelligence. According to the official wechat disclosure of Baowu group, by the end of 2021, xin3plat had covered 26 first-class subsidiaries of the group, with a coverage rate of more than 80%. The number of devices covered by the platform exceeded 4.28 million, cloud software and industrial app7500 +, micro service 46000 +, industrial model 6700 +, and serving 290000 enterprise users. At the same time, the company helps many industries realize information development. In 2021, the integrated monitoring solution for rail transit fully automatic operation undertaken by the company was applied for the first time in Shanghai rail transit line 14. Meanwhile, the company helped Luotian County, Hubei province build Jiangsu Nonghua Intelligent Agriculture Technology Co.Ltd(000816) cloud platform in November 2021. In the future, the company will continue to adhere to technological innovation, further increase investment in industrial Internet, big data center, PLC product R & D and promotion, and comprehensively improve Siasun Robot&Automation Co.Ltd(300024) business capacity, so as to innovate in the field of "neck" problem, improve its core competitiveness and expand the industrial foundation.
Investment suggestion: as one of the leading enterprises in China's iron and steel informatization, industrial software, industrial Internet and IDC
Cross domain and large market value leading enterprises with subdivided tracks may usher in new opportunities for development. It is predicted that the operating revenue of the company from 2021 to 2023 will be RMB 11.759 billion, 15.454 billion and 20.227 billion, the net profit attributable to the parent company will be RMB 1.819 billion, 2.284 billion and 2.954 billion, the EPS will be RMB 1.20, 1.50 and 1.94/share, and the corresponding PE will be 40, 32 and 24 times, maintaining the "recommended" rating.
Risk tip: the promotion of industrial Internet platform is not as expected; IDC room construction and shelf rate are lower than expected;
The integration speed of the steel industry was lower than expected.
