\u3000\u30 Jinzai Food Group Co.Ltd(003000) 36 Beijing Supermap Software Co.Ltd(300036) )
The company released its annual report for 2021, achieving revenue of 1.88 billion yuan (+ 16.5%), net profit of 290 million yuan (+ 22.6%), and deduction of non net profit of 270 million yuan (+ 21.7%). The effect of the company's expense control was improved, driving the rapid growth of net profit. The company's performance met expectations and maintained the buy rating.
Key points supporting rating
The performance has increased rapidly, and the GIS leader has maintained a leading edge. During the reporting period, the company's revenue was 1.88 billion yuan (+ 16.5%), and its performance achieved rapid growth. Sales and management expenses increased by 10.2% and 16.2% year-on-year, and R & D expenses decreased slightly by 3.1%, mainly due to the increase in the proportion of capitalized R & D expenditure in R & D investment. The growth rate of the company's overall expenses was less than that of revenue. The expenses were well controlled, and the net profit increased by 22.6% year-on-year. According to the data of arc, the company ranks third in the Global GIS market share and first in the Asian GIS market. The leading position of the company is stable and continues to maintain its leading edge.
Continuous innovation and R & D to build a meta universe technology base. During the reporting period, the company released its new product SuperMap GIS 10I (2021), which can provide richer and more realistic visual and experience for applications such as meta universe, digital twin and smart city in terms of 3D visualization and 3D interactive experience. The company's GIS application research and development in the fields of digital twins and meta universe has laid a solid foundation for breaking through strategic key core technologies in the future.
The industry's information innovation continued to deepen and the ecological construction was further improved. The company's products have been tested and adapted to Kunpeng, Feiteng, Longxin, Shenwei, haiguang, Zhaoxin, Changsha Jingjia Microelectronics Co.Ltd(300474) 7 CPUs, 12 operating systems and 19 databases. Among them, SuperMap iserver 10I was certified by Kunpeng Huawei validated in March 2021, marking that SuperMap GIS has completed the full stack transplantation and Optimization Based on Kunpeng full stack scheme, and achieved the technical certification required for performance improvement verification. With the continuous promotion of industry information innovation, the company's GIS information innovation ecological construction will be further improved.
Valuation
It is estimated that the net profit from 2022 to 2024 will be 351, 434 and 566 million yuan, and the EPS will be 0.72, 0.89 and 1.16 yuan (considering the impact of epidemic factors on the company's project implementation and payment collection, it will be revised down by 17% ~ 22%), and the corresponding PE will be 29x, 24x and 18x respectively, maintaining the buy rating.
Main risks of rating
Revenue growth was lower than expected; Technological breakthrough is less than expected; The promotion of Xinchuang policy was less than expected
