\u3000\u30 Chongqing Baiya Sanitary Products Co.Ltd(003006) 87 Guangzhou Sie Consulting Co.Ltd(300687) )
Event:
The company recently released a performance express, which realized a revenue of 1.934 billion in 21 years, a year-on-year increase of 39.57%, and a net profit attributable to the parent company of 228 million, a year-on-year increase of 29.69%.
The performance was in line with expectations, and the revenue growth exceeded the median forecast
The company achieved revenue of 1.934 billion in 21 years, with a year-on-year increase of 39.57%, and net profit attributable to the parent company of 228 million, with a year-on-year increase of 29.69%. The revenue growth rate was higher than the median forecast, and the performance was in line with expectations. The company's main business maintained a good growth, mainly due to the company's continuous improvement of its product-oriented ability in industrial software and digital middle platform, and continued to implement the strategy of regional expansion and market leadership. We believe that the company's rapid revenue growth in the whole year comes from the pan ERP and intelligent manufacturing business, which have achieved the expected performance objectives, the product power has been continuously improved, and the company's industry expansion is progressing smoothly.
Focus on the East China market and further develop the market
In an interview, the chairman of the company publicly mentioned that "Saiyi wants to deploy 'heavy troops' in East China, strive to rebuild at least one' South China 'in 23 years, build a 1000 person east China headquarters within 3 years, and radiate the Yangtze River Delta with Shanghai as the core." We believe that the company's focus on East China is conducive to improving the relevant implementation and sales team, further developing a large number of customers in equipment manufacturing, electronic information, medicine and other industries, and improving the market share of the company.
Constant increase and upgrading of the middle stage can improve the product power, which is expected to realize the diversion of intelligent manufacturing
Through fixed growth, the company will further improve the enterprise digital solution upgrading project based on shared technology, and continuously improve the company's product ability in industrial software and digital platform. We believe that fixed growth has improved the company's product power. In the future, the company will further guide the intelligent manufacturing business by building a middle platform for customers, so as to fully tap the value of customers' digital needs.
Investment suggestions:
The company will increase the development of Technology Center, which will realize the integrated development of the company's multiple solutions and enhance the company's core competitiveness. According to the 21 year performance express, we expect that the company will focus on developing the East China market in the future, and the intelligent manufacturing business is expected to achieve rapid development. Adjust the company's revenue of 1.819/23.99/3.155 billion to 1.934/26.13/3.519 billion, and the net profit attributable to the parent company of 2.52/3.48/476 million to 2.28/3.10/423 million in 21-23 years, and maintain the "buy" rating.
Risk warning: the progress of technology research and development is slow, the business promotion is not as expected, and the market competition pattern is deteriorating. The performance express is only for accounting, and the final data is subject to the annual report
