\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 845 Shanghai Baosight Software Co.Ltd(600845) )
Performance review
On the evening of March 28, the company released its annual report. In 2021, it realized a revenue of 11.759 billion yuan. During the accounting period, it acquired Pegasus Zhike, with an adjusted Y / y of 15.01%; The net profit attributable to the parent company is RMB 1.819 billion, Y / Y 35.92%; Deduct non net profit of RMB 1.718 billion, Y / Y 38.95%, which is in line with market expectations.
Business analysis
The gross profit margin of core business increased, and the net operating cash inflow increased rapidly. The gross profit margin of the company’s software development business is 27.6%, Y / Y 3.88pp; The gross profit margin of service outsourcing business is 46.72%, Y / Y 3.68pp; The comprehensive gross profit margin is 32.5%, Y / Y 3.55pp. The company continued to increase R & D investment, with the R & D expense rate of 10.97%, Y / Y 1 PP. With the growth of sales scale and the improvement of profitability, the company realized a net operating cash inflow of 1.928 billion yuan, Y / Y 25.68%. We believe that the integration of Baowu group is expected to bring order growth, give play to synergy and promote the continuous improvement of the company’s profitability.
Promote the development of industrial Internet platform components, and use intelligent means to help the “double carbon” strategy. During the accounting period, data, business and artificial intelligence were released successively; Distributed full process domestic SCADA software has formed pilot application in metallurgical industry; The independently developed PLC products will comprehensively promote the domestic independent and controllable high-end control system to scale and industrialization from point to area; Build Siasun Robot&Automation Co.Ltd(300024) equipment ecosystem and expand to other industrial fields. The iron and steel industry has complex production and manufacturing links and rich application scenarios. Digital chemicals such as information management system and intelligent manufacturing equipment are conducive to energy conservation and emission reduction. The company participates in the formulation and review of industry standards related to carbon peak of the Ministry of industry and information technology, and contributes to the national “double carbon” strategy. It is expected that in the next three years, the company will still invest in the construction of industrial Internet and the promotion of PLC products, with a compound growth rate of 30% +.
Orderly expand IDC resource reserves in core areas and promote the national layout of baozhiyun. Benefiting from the guidance of the “new infrastructure” policy, the construction of baozhiyun IDC phase V project of the company has been steadily promoted. IDC business adheres to the guidance of key regional planning, tamps the Shanghai base, establishes Hebei Baoxuan company, and expands to Nanjing, Wuhan, Ma’anshan and other markets. It is planned that the overall scale of cabinets will reach 50000 in 2023. In terms of cloud services, it has been upgraded to multi node and distributed Cloud Architecture to realize the digital management of cloud services, network services and operation and maintenance services. It is estimated that the company’s service outsourcing business revenue will grow by 25% in the next three years, and the gross profit margin will be stable at about 45%, which is at a high level among peers.
Profit adjustment and investment suggestions
We maintain the profit forecast. It is estimated that the company’s operating revenue in 22-24 years will be RMB 15.157195.74/25.047 billion, and the net profit attributable to the parent company will be RMB 2.151/28.19/3.704 billion, corresponding to 33 / 25 / 19 times of the current share price PE, maintaining the “buy” rating.
Risk tips
IDC demand of Internet manufacturers is lower than expected; The informatization expenditure of the iron and steel industry was lower than expected.
