\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 588 Yonyou Network Technology Co.Ltd(600588) )
Event: the company released its 2021 annual report. In 2021, it realized an operating revenue of 8.932 billion yuan, a year-on-year increase of 4.7%; The net profit attributable to the parent company was 708 million yuan, a year-on-year decrease of 28.2%; The net profit attributable to the parent company after deduction was 405 million yuan, a year-on-year decrease of 55.3%.
Cloud business is growing rapidly. In 2022, the company's software + cloud business realized a revenue of 8.641 billion yuan, a year-on-year increase of 15.7%. From the perspective of spin off of various businesses of the company:
Cloud business realized a revenue of 5.321 billion yuan, a year-on-year increase of 55.5%. The revenue of large cloud reached 3.735 billion yuan, a year-on-year increase of 45.4%; The revenue of medium-sized cloud reached 393 million yuan, a year-on-year increase of 150.3%; Small and micro enterprises realized a cloud revenue of 509 million yuan, a year-on-year increase of 111.2%; The revenue of government and public cloud reached 683 million yuan, a year-on-year increase of 50.0%;
The revenue of software business was 3.320 billion yuan, a year-on-year decrease of 18.0%.
Product capacity was further strengthened. During the reporting period, the company successively released nccloud Standard Version and cloud native version; Yonsuite products have provided more than 20 industry solutions; Developed and officially launched u9cloud products. The company has successively broken through a series of central state-owned enterprises and private enterprises such as CNNC group, SDIC group, Aerospace Hi-Tech Holding Group Co.Ltd(000901) group, China Mobile, China Post, Huawei, Byd Company Limited(002594) and so on.
Repurchase is used for equity incentive, spin off UFIDA and go public. The company announced that it plans to buy back 600-1 billion yuan of shares from March 11, 2022 to March 10, 2023 at a repurchase price of no more than 32.4 yuan / share for equity incentive for future employees. It is proposed to spin off its subsidiary UFIDA Automotive Information Technology (Shanghai) Co., Ltd. and list in Kechuang edition.
The fixed increase is completed, and the development of yonbip is expected to speed up. In January 2022, the company issued the report on the issuance of non-public offering A-Shares in 2020. The non-public offering raised 5.3 billion yuan and the issuance price was 31.95 yuan / share. The investors included 17 issuers, including hhlr (a subsidiary of Hillhouse), China International Capital Corporation Limited(601995) , Shenwan Hongyuan Group Co.Ltd(000166) , GIC, Wanjia fund and JPMorgan. The raised funds are used for yonbip construction project of UFIDA business innovation platform, phase III R & D center construction project of UFIDA Industrial Park (Nanchang), replenishing working capital and repaying bank loans. Yonbip, a business innovation platform of UFIDA, plans to invest 4.6 billion yuan. Yonbip is the flagship product of the company's cloud services. The smooth issuance of fixed growth will contribute to the company's leapfrog development.
Investment suggestion: the company is currently in the stage of increasing cloud transformation, and the company has continued to increase investment since 21 years. It is estimated that the company's EPS from 2022 to 2024 will be 0.28 yuan, 0.32 yuan and 0.43 yuan respectively, maintaining the "buy" rating.
Risk warning: industry competition intensifies; The equity incentive assessment cannot be achieved; The promotion progress of large enterprises is less than expected.
