\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 728 Pci Technology Group Co.Ltd(600728) )
Main points:
Event overview
Pci Technology Group Co.Ltd(600728) issued the 2021 annual report on March 18. In 2021, the company achieved an operating revenue of 6.224 billion yuan, a year-on-year increase of 45.19%; The net profit attributable to the parent company was 314 million yuan, a year-on-year increase of 242.27%; Net profit deducted from non parent company was 294 million yuan, with a year-on-year increase of 277.05%. The company's performance in 2021 is basically the same as that disclosed in the previous performance express, which is in line with our expectations.
Outstanding performance, self research and high gross profit to accelerate the release of profits
On the revenue side, the company achieved an operating revenue of 6.224 billion yuan in 2021, a year-on-year increase of 45%. In terms of business: 1) the company attaches importance to self-developed products. In 2021, the operating revenue of self-developed products was 526 million yuan, a year-on-year increase of 31%; 2) The company's industrial intelligent solutions entered the delivery period, realizing an operating revenue of 2.843 billion yuan, an increase of 83% year-on-year. At the same time, the company has made positive progress in the newly signed intelligent business, and its performance is expected to continue to increase in the future. On the profit side, the company realized a net profit attributable to the parent company of 314 million yuan in 2021, with a year-on-year increase of 242%. The main reasons are: 1) the rapid growth of revenue and the decrease of cost rate caused by scale effect; 2) The gross profit margin of the self-developed product line reached 63%, an increase of about 8pct, driving the optimization of the overall gross profit margin of the company. From the perspective of cash flow, the operating cash flow of the company in 2020 and 2021 was 590 / 380 million yuan respectively, which was stable as a whole, and the company had strong ability in supply chain management and fund management. We believe that, on the one hand, the company benefits from the high vision of the artificial intelligence industry and the requirements of the 14th five year plan in terms of intelligent rail transit and transportation, and a large number of business opportunities have emerged in the industry; On the other hand, combined with its deep accumulation in the field of wisdom +, the company continues to explore new digital twin technologies and attaches importance to self-developed products. In the long run, it is expected to realize the continuous growth of performance and the further release of profits.
Create technical barriers for core scenes in an all-round way, and pay attention to the research and development of continuous overweight technology and the construction of middle platform
The company's business focuses on the "big transportation" track (smart rail transit and Urban Smart transportation) and two main application scenarios (public safety and emergency management), and deeply creates all-round barriers to technology. On the one hand, the company continues to explore the product innovation of digital twin technology, focusing on the research and development of three-dimensional modeling, video data fusion, industry simulation modeling and other technologies, In the past three years, a total of 100 patents related to artificial intelligence and digital twin technology have been applied for, of which invention patents account for 84%; On the other hand, improve the three platforms of AI, AR and data, improve the standardization of algorithm training algorithm process and data processing process, and lay the foundation for large-scale sales of products. At present, self-developed products such as "Huajia MOS", "IDPs urban traffic brain" and "smart station" have been applied and delivered. In 2021, the company spent 307 million yuan on R & D and carried out large-scale fund-raising, of which about 1.9 billion yuan will be used for the R & D of digital twin core technologies and the innovation of "big transportation" digital products, so as to occupy a higher value link of the industrial chain in the era of digital economy.
With the advent of the era of digital economy, the company seizes the opportunity and makes national layout
The 14th five year plan for the development of digital economy points out that by 2025, the added value of core industries of digital economy will account for 10% of GDP, and continue to promote the development of digital industrialization and industrial digitization. At the same time, the plan specifically mentions accelerating the integration of urban data and the cultivation of industrial ecology, and improving the level of urban data operation, development and utilization. From the perspective of the company, the company has decades of industry accumulation in smart rail transit, urban transportation, safety and emergency scenarios, and has mastered profound industry know-how. On the one hand, the company has delivered smart scenarios in big cities such as Guangzhou, Changsha and Chengdu, which fully proves its technical strength; On the other hand, combined with the accumulated experience of its own projects and the development opportunities in the digital economy era, while consolidating the market advantages of Guangdong, Hong Kong and Macao Bay area, the company has strengthened the national sales layout, established six regional business platforms in Guangzhou, South China, Central South, West, East and North, and has obtained new orders in Wuhan, Shenzhen, Beijing, Hefei and other places, initially realizing the national layout.
Investment advice
Under the catalysis of policies such as the accelerated landing of AI + scenarios and digital economy, the company focuses on two main application scenarios: rail transit, urban traffic core track and urban safety and emergency management. It is expected to achieve rapid volume and continuous expansion of application scenarios with the help of industry experience and technology. We expect the company to achieve revenue of RMB 7.9/98/12.1 billion from 2022 to 2024, with a year-on-year increase of 27% / 24% / 23%; The net profit attributable to the parent company was RMB 590 / 840 / 1.17 billion, with a year-on-year increase of 89% / 41% / 40%, maintaining the "buy" rating.
