\u3000\u30 Jinzai Food Group Co.Ltd(003000) 36 Beijing Supermap Software Co.Ltd(300036) )
Event:
The company issued the 2021 annual report on the evening of March 24, 2022.
Comments:
The company achieved steady growth in performance and continued to invest in R & D and innovation
In 2021, the company achieved an operating revenue of 1.875 billion yuan, a year-on-year increase of 16.46%, of which GIS software accounted for 98.77%. The net profit attributable to the parent company was 288 million yuan, a year-on-year increase of 22.55%; The net profit deducted from non parent company was 269 million yuan, with a year-on-year increase of 21.66%. In terms of expenses, the company's sales, management and R & D expenses were 268 million yuan, 235 million yuan and 217 million yuan respectively, and the rates of sales, management and R & D expenses were 14.28%, 12.52% and 11.59% respectively. In 2021, the company released a new product supermapgis 10I (2021) to realize new upgrading; Xi'an R & D base is newly established to radiate the whole country together with R & D bases in Beijing, Shanghai, Chengdu and Nanjing. In terms of overseas business, the company added 34 agents from 11 overseas countries, 37 Mou contracts and 8 international cooperation universities.
Xinchuang project blossoms at multiple points and has obtained Kunpeng Huawei validated certification
In 2021, the company's information innovation projects blossomed in many places, participated in the construction of information innovation projects at the ministerial level, and realized the implementation of information innovation orders from 9 ministries and commissions and more than 30 provinces and cities. There are information innovation benchmark projects at the ministerial level, provincial level, municipal level and county level, which has a good demonstration effect and is conducive to the subsequent promotion and application of the company in relevant government organs and local institutions directly under the company. In addition, in order to deeply participate in Xinchuang, the company's three subsidiaries have obtained the state secret qualification. So far, 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. Among them, SuperMap iserver 10I was certified by Kunpeng Huawei validated in March 2021, which is the first product scheme to obtain validated certification in China.
We will continue to promote the ecological partnership strategy and promote the Ecological Industrialization of industries
The company strengthened in-depth cooperation with its head partners, fully embraced Kunpeng computing ecology, and became a member of openeuler open source community and opengauss Community Council; 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; The company has been shortlisted in Alibaba cloud intelligent hybrid cloud delivery and service provider library and has signed many orders (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, in 2021, the company signed more than 150 new ecological partners; Held the 2021 SuperMap ecological summit and worked with 166 partners and more than 240 managers to draw up an industrial blueprint; Complete compatibility certification with Guanghui City, guangqiyuan, Iflytek Co.Ltd(002230) , Dawning Information Industry Co.Ltd(603019) and other platforms.
Profit forecast and investment suggestions
Under the background of "new infrastructure" and "Xinchuang", the company is facing major strategic development opportunities of "autonomy, three-dimensional, cloud and internationalization". Driven by R & D, it is expected to open up new growth space. It is predicted that the operating revenue of the company from 2022 to 2024 will be 2.311, 2.819 and 3.396 billion yuan, the net profit attributable to the parent company will be 368, 466 and 586 million yuan, the EPS will be 0.75, 0.95 and 1.20 yuan / share, and the PE will be 27.78, 21.93 and 17.42 times. The net profit of the parent company is adjusted to 30.00 yuan, which is three times of the expected net profit of the parent company in the past 30-30 years, and the net profit of the parent company is adjusted to 30.00 yuan in 2022. Maintain the "buy" rating.
Risk tips
Covid-19 recurrent pneumonia; The construction of real 3D China is lower than expected; The replacement process of domestic GIS software is lower than expected; Overseas market expansion is lower than expected; Goodwill impairment.
