\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 570 Hundsun Technologies Inc(600570) )
Event: on March 14, 2022, Hundsun Technologies Inc(600570) released the annual operation briefing of 2021. In the whole year, the company is expected to realize an operating revenue of 549658 million yuan, a year-on-year increase of 31.73%; The net profit attributable to the parent company was 146354 million yuan, a year-on-year increase of 10.73%; Deduct non net profit of RMB 946.66 million, with a year-on-year increase of 29.04%.
Comments:
Benefiting from the dividend of financial innovation, the revenue is expected to grow by 31.73%. In 2021, the company expects to achieve an operating income of 549658 million yuan, with a year-on-year increase of 31.73%. The income growth is mainly due to the impact of financial innovation policies, and the base number affected by the epidemic last year is low. In order to meet the needs of digital upgrading and transformation of the financial industry and increase the overall investment of the company, the company expects the net profit attributable to the parent company to be 146354 million yuan, a year-on-year increase of 10.73%. In addition, in 2021, the company had no large asset impairment loss, while the asset impairment loss of the previous year was 239 million yuan. It is estimated that 946.66 million yuan of non net profit will be deducted in 2021, with a year-on-year increase of 29.04%.
The promotion of the new generation of products is smooth, and the product line layout is improved. In terms of customers, securities, funds, futures, trust and other industries maintained stable growth; The insurance and private placement markets are expanding well. In terms of products, new generation products such as investment trading system o45 and core business operation platform UF3 0. Asset valuation and accounting system 6.0, registration and transfer, financial sales, fund investment adviser, asset management operation platform and other products have been promoted smoothly. The distributed cloud native architecture has achieved in-depth cooperation with many customers and continued to maintain the company’s leading position in technology. In addition, Yunying network, a subsidiary of Hang Seng holdings, acquired the product exclusive right and exclusive license development right of finastra’s Bank fund management system summit in China, Hong Kong and Macao. The company is expected to further improve the product line layout of fund management system.
Multiple factors promote the sustained prosperity of the industry. In recent years, the prosperity of the company’s downstream securities companies, public funds, private funds and other industries has been high. The expenditure on it in various industries has gradually increased, and the reform of China’s capital market has been increasing. Moreover, the proportion of it expenditure in China’s capital market in revenue is several times lower than that of developed countries, and the development potential is huge. On the other hand, based on new technologies such as cloud computing, big data and artificial intelligence, the company launched a new generation of distributed products o45 and UF3 0 and others have begun to implement benchmarking projects, and new products adopt new architectures such as cloud native and micro services. With the demonstration effect of benchmarking projects, it is expected to accelerate the product iteration of other customers.
Investment suggestion: adjust the performance expectation of 2021 according to the company’s annual operation briefing. We estimate that the company’s operating revenue from 2021 to 2023 will be 5.497 billion yuan, 6.651 billion yuan and 8.034 billion yuan respectively, the net profit attributable to the parent company will be 1.463 billion yuan, 1.895 billion yuan and 2.295 billion yuan respectively, and the EPS will be 1.00, 1.30 and 1.57 yuan respectively. Maintain the “buy” rating.
Risk warning: the reform of capital market is less than expected; The promotion of new products was less than expected.
