\u3000\u30003 Luolai Lifestyle Technology Co.Ltd(002293) 00229)
Semantic intelligence leads and maintains the “buy” rating
The company has been deeply engaged in the field of natural language processing for a long time, with strong technical strength and leading layout in data security and other fields. Considering the continuous increase of the company’s investment, we lowered the forecast of the company’s net profit attributable to the parent company from 2022 to 2023 to 319 million and 410 million yuan (the original forecast was 346 million and 424 million yuan), increased the forecast of 2024 to 521 million yuan, EPS to 0.45, 0.57 and 0.73 yuan / share, and the current share price corresponds to 26.2, 20.4 and 16.1 times of PE from 2022 to 2024. Considering the company’s leading position in the NLP field, we maintain the “buy” rating.
After deducting the impact of real estate project income and statement of subsidiaries, the growth rate of actual income and profit exceeded 30%
In 2021, the company achieved a total operating revenue of 1.029 billion yuan, a year-on-year decrease of 21.4%; The net profit attributable to shareholders of listed companies was 246 million yuan, a year-on-year decrease of 23.0%. Since the operating revenue of the company in 2021 no longer includes the supporting commercial real estate project revenue of Chengdu subsidiary in 2020 and the Internet marketing revenue of the original holding subsidiary Netcom, deducting this impact, the actual main business revenue increased by 31.83% and the actual main business profit increased by 33.28% year-on-year.
Optimize the business structure and drive the rapid increase of gross profit margin
In terms of products, the revenue of artificial intelligence software products and services was 181 million yuan, with a year-on-year increase of 51.95%. The total revenue of artificial intelligence, big data software products and services and security products accounted for more than 80%, and the gross profit margin was higher than 70%. In terms of industries, corporate customers such as finance, manufacturing and energy realized an income of 344 million yuan, a year-on-year increase of 43.38%; The revenue of the public safety industry was 377 million yuan, a year-on-year increase of 104.84%; The revenue of government industry reached 228 million yuan, a year-on-year decrease of 29%; The Internet and media industry achieved revenue of 80 million yuan, down 51.95% year-on-year. Thanks to the improvement of the company’s business structure, the company’s gross profit margin on sales was 62.13%, a year-on-year increase of 4.06 percentage points.
Technology and products realize the full adaptation of “Xinchuang” ecology, and multiple typical application scenarios are implemented
The company’s products have the ability to support the application technology of Xinchuang, and have reached mutual compatibility certification and partnership with Xinchuang ecological manufacturers. In 2021, many new opportunities emerged for users from the government, media, public security and law enforcement to finance, energy and other industries. Throughout the year, the company’s order revenue in the information innovation market achieved high and rapid growth.
Risk warning: policy support is less than expected; The company’s business expansion was less than expected.
