\u3000\u30 Jinzai Food Group Co.Ltd(003000) 36 Beijing Supermap Software Co.Ltd(300036) )
Core view
Event: on March 24, 2022, Beijing Supermap Software Co.Ltd(300036) released the annual report of 2021, and the company achieved an annual revenue of 1.875 billion yuan, a year-on-year increase of 16.46%; The net profit attributable to the parent company was 288 million yuan, a year-on-year increase of 2.88%; The net profit was 6.921 billion yuan, a year-on-year increase of 6.921 billion yuan.
The main products achieved steady growth. The company seized the development opportunities of digital transformation, information innovation, new infrastructure and other industries, continued technological innovation, multi-dimensional market development, improved the user capacity of “digital empowerment”, and the scale of operating revenue continued to expand. In 2021, the company’s GIS software business achieved a revenue of 1.852 billion yuan, a year-on-year increase of 16.40%.
The expense rate decreased slightly and the net interest rate continued to increase. In 2021, the company’s sales expenses, management expenses and R & D expenses were RMB 268 / 235 / 217 million respectively, and the corresponding expense rates were 14.28%, 12.52% and 11.59% respectively, with a year-on-year decrease of 0.80pct, 0.03pct and 1.34pct respectively. In 2021, the gross profit margin was 15.22%, a year-on-year decrease of 0.42pct, and the net profit margin was 15.22%, a year-on-year increase of 0.67pct.
Continuous innovation of fist products. In 2021, the company released a new product supermapgis10i (2021), which has been upgraded in many aspects and the core competitiveness of the brand has been continuously enhanced. Supermapgis10i (2021) supports multiple geographic entity types; In terms of three-dimensional visualization and three-dimensional interactive experience, it can provide richer and more realistic visual sense and experience for applications such as meta universe, digital twin and smart city; At the same time, there are many new breakthroughs in video GIS technology, ArGis technology and Web GIS technology.
Strengthen the in-depth cooperation of head partners. The company strengthens in-depth cooperation with head partners, such as Huawei, Alibaba, China system, etc. Based on the full stack adaptation of Kunpeng technology, the company goes deep into the fertile soil plan and cooperates more deeply and widely with Huawei in the field of GIS. Alibaba cloud intelligent hybrid cloud delivery and service provider library has been shortlisted, and many orders have been signed (including 10.55 million yuan for Neijiang smart city project); The company has reached a GIS platform product frame purchase agreement with China system. In addition, there are 150 new ecological partners in the signing period; Complete compatibility certification with Guanghui City, guangqiyuan, Iflytek Co.Ltd(002230) , Dawning Information Industry Co.Ltd(603019) and other platforms.
Xinchuang projects bloom in many places. In terms of GIS Xinchuang ecological construction, the company actively carries out product adaptation, technical verification and performance improvement with ecological partners. By the end of 2021, the docking test and adaptation of the company’s products with Kunpeng, Feiteng, Longxin, Shenwei, haiguang, Zhaoxin, Changsha Jingjia Microelectronics Co.Ltd(300474) 7 CPUs, 12 operating systems and 19 databases have been completed. Compared with 2020, the number of projects increased significantly in 2021. The company participated in the construction of information innovation projects at the ministerial level, realized the implementation of information innovation orders in 9 ministries and commissions and more than 30 provinces and cities, and had information innovation benchmark projects at the ministerial, provincial, municipal and county levels. In addition, in order to deeply participate in Xinchuang, the three subsidiaries obtained the state secret qualification and obtained the “admission ticket” of Xinchuang during the reporting period. We expect that with the acceleration and deepening of Xinchuang in the industry, the company is expected to gain more market share in Xinchuang market.
Investment suggestion: China’s GIS software leader is expected to benefit from policy promotion and localization wave. We expect the revenue of 22-24 years to be 2.344 billion yuan, 2.906 billion yuan and 3.546 billion yuan respectively, with a year-on-year growth rate of 25.0%, 24.0% and 22.0%; The net profit attributable to the parent company was 365 million yuan, 462 million yuan and 589 million yuan respectively, with a year-on-year growth rate of 27.0%, 26.5% and 27.6%, EPS was 0.75, 0.94 and 1.20 yuan respectively, and the corresponding PE was 28, 22 and 17 respectively, maintaining the “buy” rating.
Risk tip: the localization process of GIS basic software is slow; Affected by the epidemic, the economic growth rate declined; The unified confirmation of natural resources rights, land and space planning and other related businesses did not advance as expected.
