\u3000\u3 Guocheng Mining Co.Ltd(000688) 058 Beijing Baolande Software Corporation(688058) )
Seizing the opportunity of Xinchuang, the revenue increased rapidly
The company achieved an operating revenue of 28800 yuan in 2021, with a year-on-year increase of 57.97%; The net profit attributable to the parent company was 9500 yuan, with a year-on-year increase of 55%; The deduction of non net profit was 8500 yuan, with a year-on-year increase of 72.15%. In addition, the company seized the opportunity of high-speed growth in the fields of party, military and education, and continued to expand its business share in 2021, which laid a solid foundation for the company’s rapid growth in the fields of energy, military and finance.
Continuous implementation of financial middleware and benchmarking
In 2021, the company’s final bid winning coverage of bidding customers in the financial field will reach more than 50%, and the exclusive procurement will reach more than 60%. Typical financial customers of the company include mainstream large banks, insurance and securities companies in China, such as China Development Bank, credit investigation center of the people’s Bank of China, Agricultural Development Bank of China, etc; The coverage rate of Xinchuang procurement of insurance companies reaches more than 60%, such as China Life Insurance Company Limited(601628) , sunshine insurance, etc; Securities companies include Shanghai Stock Exchange, Shenzhen Stock Exchange, Citic Securities Company Limited(600030) , China Securities Co.Ltd(601066) , Huatai Securities Co.Ltd(601688) , etc. The leading position of the company in financial information innovation will help the company fully benefit from the outbreak of this round of financial information innovation and promote the accelerated development of business.
Continuous R & D investment and improvement of product competitiveness
In 2021, the company continued to focus on the field of distributed and cloud architecture software infrastructure, independently developed and formed a series of core technologies with independent intellectual property rights, and added key core technologies, including Java application server performance optimization technology, distributed application transaction reliability processing technology, intelligent computer room technology in intelligent operation and maintenance field Root cause analysis method and exception detection method of network element exception, etc. The company has independently mastered the six core technologies related to middleware, formed a complete solution of cloud native middleware, independent research and development of products covering containers, micro services, Devops and other related emerging fields, formed advantage integration with traditional middleware, message middleware and other products, and turned to providing support for applications covering the whole life cycle of development, production, operation and maintenance.
Profit forecast
We are optimistic about the continuous improvement of the company’s profitability driven by innovative business and financial innovation. It is predicted that the net profit attributable to the parent company from 2021 to 2023 will be 85 million yuan, 137 million yuan and 198 million yuan respectively, and the EPS will be 212 million yuan, 3.42 million yuan and 4.95 yuan respectively. The current share price corresponds to 55, 34 and 23 times of PE respectively. It is covered for the first time and given a “recommended” investment rating.
Risk tips
Risks of lower than expected policies and implementation of the information and innovation industry, lower than expected business expansion of the company, increased competition, repeated epidemics and macroeconomic downside risks.
