\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 845 Shanghai Baosight Software Co.Ltd(600845) )
Event:
The company issued the 2021 annual report after the closing on March 28, 2022.
Comments:
The net profit attributable to the parent company increased by 35.92% year-on-year, and continued to enhance the ability of technological innovation
In 2021, the company achieved an operating revenue of 11.759 billion yuan, a year-on-year increase of 15.01%, including software development and engineering service revenue of 8.502 billion yuan, service outsourcing revenue of 3.121 billion yuan and system integration revenue of 129 million yuan. The net profit attributable to the parent company was 1.819 billion yuan, a year-on-year increase of 35.92%; The net cash flow from operating activities was 1.928 billion yuan, a year-on-year increase of 25.68%; The gross profit margin was 32.52%, with a year-on-year increase of 3.39 PCT; The net interest rate was 16.23%, a year-on-year increase of 1.94pct. In 2021, the company adhered to technological innovation, improved its R & D system, further increased investment in industrial Internet, big data center, PLC products, industrial Siasun Robot&Automation Co.Ltd(300024) , process model, green and low-carbon, and focused on solving the “neck” problem. The R & D cost was 1.290 billion yuan, a year-on-year increase of 29.60%, and the R & D cost rate was 10.97%.
Promote the construction of baozhiyun IDC phase V project, and further accelerate the layout of cloud services
In 2021, the company promoted the construction of baozhiyun IDC phase V project, continuously consolidated the Shanghai base and orderly carried out resource reserve in core areas. Baozhiyun Luojing “supercomputing hub” project was included in the list of new data center projects supported by Shanghai Municipal Commission of economy and information technology in 2021; Adhere to the guidance of key regional planning, actively promote the industrial layout around first tier cities, and establish Hebei Baoxuan company; Continue to expand the market of bases such as Nanjing, Wuhan and Ma’anshan; Promote the cultivation of regional markets, establish strategic partnerships with external partners, and promote business cooperation in many provinces and cities across the country. In terms of cloud services, baozhiyun has been upgraded to a multi node and distributed Cloud Architecture. The “cloud core” one + suite has realized the digital management of cloud services, network services and operation and maintenance services, and the national node layout has been further accelerated.
Continue to optimize the industrial Internet architecture system and release domestic large-scale PLC products
In 2021, the company promoted the development of relevant components of industrial Internet platform as planned, and successively released data middle platform, business middle platform and artificial intelligence middle platform during the year; Plan and develop domestic SCADA software for distributed whole process of metallurgical industry, and form pilot application; Strengthen the support of industrial Internet platform for cross industry, cross space and cross man-machine interface interoperability and integration, and create smart manufacturing version 2.0 upgrade; Complete the construction of information security supervision platform and security situation awareness platform, and form an in-depth defense system for industrial Internet security. In order to break through the “neck” situation that the metallurgical production line control system has long relied on imports, the company launched its independently developed PLC products in combination with Baoxin industrial Internet platform, gave full play to its demand advantages, product advantages and service advantages, and comprehensively promoted the large-scale and industrialized development of domestic independent and controllable high-end control system.
Profit forecast and investment suggestions
The company has been deeply cultivated in the field of industrial manufacturing for many years. With the release of large PLC products, a new growth space has been opened. It is predicted that the operating revenue of the company from 2022 to 2024 will be 14.585 billion yuan, 17.826 billion yuan and 21.597 billion yuan, the net profit attributable to the parent company will be 2.354 billion yuan, 2.976 billion yuan and EPS will be 1.55, 1.96 and 2.43 yuan / share, corresponding to 30.47, 24.10 and 19.42 times of PE. In the past three years, the company’s PE has mainly operated between 35-80 times. Considering the current market situation, the company’s target PE in 2022 is adjusted to 45 times, and the corresponding target price is 69.75 yuan. The current price has a large space from the target price and is raised to the “buy” rating.
Risk tips
Covid-19 recurrent pneumonia; IDC room construction and shelf speed are lower than expected; The integration and prosperity of the iron and steel industry are lower than expected; The development of industrial Internet business is less than expected; PLC product promotion is not as expected.
