\u3000\u30 China Baoan Group Co.Ltd(000009) 38 Unisplendour Corporation Limited(000938) )
Performance review
On the evening of March 25, the company released its annual report, realizing a revenue of 67.638 billion yuan, Y / y12.5 billion yuan 57%； The net profit attributable to the parent company is 2.148 billion yuan, Y / Y 18.51%; Overall, it is in line with expectations.
Business analysis
The core revenue grew rapidly, the revenue structure was optimized, and the market share continued to increase. During the reporting period, ICT infrastructure and service business achieved revenue of 41.348 billion yuan, Y / Y 24.81%, accounting for 61.13% of revenue, Y / Y 6PP, steady development of it distribution business and continuous optimization of revenue structure: the subsidiary Xinhua 3 had revenue of 44.351 billion yuan, Y / Y 20.52%, net profit of 3.434 billion yuan, Y / Y 22.24%; The business revenue of Chinese enterprises was 36.258 billion yuan, Y / Y 22.56%; The business revenue of Chinese operators was 6.415 billion yuan, Y / y13.5 billion yuan 04%； International business revenue is 1.678 billion yuan, of which H3C brand revenue is 714 million yuan, Y / Y 48.81%. In 2021, the market share of the company's WLAN, Ethernet switch, server, router and other products continued to lead and remained in the top two in the industry.
Vigorously expand enterprise business, operator business and international business, and enable the digital transformation of industry customers. The company gave full play to the advantages of government, enterprises, operators, customers and overseas channels, and its business expansion was smooth. Focus on the layout of digital transformation solutions for 18 industries, and add nearly 30 smart city and digital village projects. Deeply implement the "three clouds and two networks", operators continue to make breakthroughs in centralized procurement, deeply participate in the construction of China United Network Communications Limited(600050) intelligent man, realize the scale deployment of 7 provinces in the cloud backbone private network of China Mobile, and realize the scale deployment of China Telecom Corporation Limited(601728) 5g STN bearer network. In the past 21 years, there were 5 new subsidiaries, 12 overseas subsidiaries, and 830 certified overseas partners. The service delivery can cover 135 countries, contributing to the development of the global digital economy.
Ziguang cloud has completed the consolidation, and the strategy of "core cloud network edge end" has been further improved. The annual revenue of the subsidiary ziguangyun was 1.009 billion yuan, Y / Y 67.84%, and the net profit attributable to the parent was -90.741 million yuan, with a year-on-year decrease of 43.55%. Ziguang cloud has built 43 nodes across the country, covering 22 provinces, built an integrated service system of platform + ecology + operation, and built core PAAS and SaaS capabilities. The company's ICT product line is perfect and the industry cloud accumulation is deep. It is expected that the total revenue will maintain double-digit growth in the next three years.
Profit adjustment and investment suggestions
We fine tune the profit forecast according to the latest performance, and the adjustment range is within 5%. It is estimated that the revenue of 22-24 years will be 79.013/91.438104.545 billion yuan, and the net profit attributable to the parent company will be 23.13/25.66/3.237 billion yuan, which corresponds to 24 / 22 / 17 times of the current share price PE respectively, maintaining the "buy" rating.
Risk tips
Industry competition intensifies; 5g promotion fails to meet expectations; Sino US trade friction deepened; Overseas market expansion did not meet expectations; Managing risks; Covid-19 epidemic continues to affect overseas demand
