\u3000\u30003 Luolai Lifestyle Technology Co.Ltd(002293) 00229)
The event company issued its annual report for 2021. In 2021, the company achieved a total operating income of 1.029 billion yuan. Since the operating income of the company in 2021 no longer includes the income of supporting commercial real estate projects of Chengdu subsidiary in 2020 and the Internet marketing income of the original holding subsidiary Netcom, the actual main business income increased by 31.83% year-on-year compared with the same period last year (if considering the above effects, it decreased by 21.44% year-on-year); The net profit attributable to the parent company was RMB 246 million. Regardless of the above factors, the actual profit of main business increased by 33.28% year-on-year (if considering the above effects, the net profit decreased by 23.00% year-on-year).
Focus on “smart digital security” and continue to explore the cloud service market for government and enterprise customers. Since 2021, the company’s main business no longer includes the income from supporting commercial real estate projects of Chengdu subsidiary and the Internet marketing income of Netcom, the former holding subsidiary. It focuses on its main business. Its main business is divided into three parts: artificial intelligence products and services, big data products and services and data security products and services. The three main businesses are based on the company’s long-standing technological advantages. Because the company’s core technologies of artificial intelligence and big data are universal across industries / fields, business applications can continue to expand in multiple scenes and industries / fields such as government, finance, manufacturing, energy, Internet and media, public security, etc. at present, the company has more than 8000 enterprise customers. The delivery and deployment modes of the company’s technical products include private cloud, hybrid cloud and public cloud or the integration of multiple modes to meet the complete needs of customers from general to individual.
Administrative and financial expenses increased significantly, R & D investment continued to increase, and the cloud rate continued to increase. The company’s annual sales expenses decreased by 18.22% year-on-year, and the management expenses increased by 43.85% year-on-year, which was due to the year-on-year increase of amortization of self-developed intangible assets and labor costs, and the year-on-year increase of financial expenses by 201962% was due to the recognition of interest expenses of convertible bonds. Focusing on its main business, the company continued to increase R & D investment. In 2021, the company’s R & D investment increased by 15.51% year-on-year, and the proportion of R & D investment in operating revenue was 20.30%. During the reporting period, the company released a number of new technology products or SaaS cloud services, among which artificial intelligence mainly includes TRS Haiwen natural language processing engine V9 0. Alto knowledge map platform 3.0; Big data mainly includes TRS Haibei big data management system V9 0. TRS data center station; SaaS data intelligent services mainly include: TRS several star intelligent risk control big data platform, TRS several open service platforms, TRS network observation big data analysis platform; Data security mainly includes: application log security audit system and Skynet security data exchange service system. Cloud and data services maintained a high growth rate, and the SaaS proportion of products and services increased rapidly. Cloud and data services accounted for 36.84% of revenue, and the SaaS proportion of products and services also increased rapidly.
Layout the meta universe and promote the improvement of the business model of “intelligent virtual human”. Metauniverse is in the early stage of development. As an important part of metauniverse, digital virtual human, digital collection and virtual real symbiosis have become the first scene to land. Semantic intelligence is the technical base that metauniverse and virtual human can finally replace artificial. A variety of products provided by the company to customers have actually played the role of “intelligent virtual human” with professional knowledge. The company will build on its existing business model, Continue to explore and improve the business model of “intelligent virtual human”, and explore a broader business space under the wave of the third generation Internet.
Investment advice company is a technology driven company. It is the first stock of semantic intelligence in China and the target of A-share scarce artificial intelligence. The data security industry will support a new space for network security, and the company’s network security business combining semantic intelligence and big data technology will usher in new development opportunities. Under the main business strategy of “smart digital security”, the business model has shifted from the privatization deployment of software to SaaS, DAAS and Kaas models, realized the upgrading of cloud and intelligent data services, and continuously improved the technical barriers of semantic intelligence. At the same time, taking the “virtual human +” Scene as a breakthrough, we have developed an artificial intelligence technology platform that enables the soul of virtual human content, and actively laid out and studied the next-generation Internet applications. We believe that based on years of technology accumulation, the company has unique technical advantages in the field of digital economy and meta universe, and its main business will continue to maintain a good growth trend in the future. We predict that the company’s net profit attributable to the parent company from 2022 to 2024 will be 303 377 494 million respectively, EPS will be 0.42 0.53 0.69 yuan respectively, and the corresponding PE will be 25.27 20.35 15.53. Maintain a “recommended” rating.
The risk indicates the risk of intensified competition in the industry; Product research and development did not meet expectations; The promotion of SaaS model is not as expected; The risk of government expenditure and downstream prosperity falling short of expectations.
