\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 845 Shanghai Baosight Software Co.Ltd(600845) )
Core view
The performance will maintain high growth in 2021. The company released its 2021 annual report. According to the adjusted data in 2020, the company achieved a revenue of 11.759 billion yuan (+ 15.01%); The net profit attributable to the parent company was 1.819 billion yuan (+ 35.92%); Deduct the net profit not attributable to the parent company of RMB 1.718 billion (+ 38.95%); The net cash flow from operating activities was 1.928 billion yuan (+ 25.68%). In Q4 alone, the company achieved revenue of 4.354 billion yuan (+ 2.81%), net profit attributable to parent company was 403 million yuan (+ 12.35%), and net profit not attributable to parent company was 393 million yuan (+ 28.42%). The company's inventory reached 3.062 billion yuan and contract liabilities reached 3.692 billion yuan, still maintaining a stable growth.
Profitability continued to improve, and personnel and R & D investment continued to grow. By business, the company's revenue from software development and engineering services was 8.502 billion yuan (+ 19.10%), which focused on the informatization and automation of the iron and steel industry, and the gross profit margin increased by 3.88 percentage points; The service outsourcing revenue was 3.103 billion yuan (+ 8.87%), with IDC as the core, and the gross profit margin increased by 3.68 percentage points under the continuous release of production capacity; The revenue of system integration business was 129 million yuan (- 39.40%). Benefiting from the continuous improvement of the company's revenue quality, the company's overall gross profit margin increased to 32.52% and net profit margin increased to 16.23%. In terms of expense rate, the company's sales expense rate is 1.75% (-0.01pct), the management expense rate is 2.81% (+ 0.62pct), and the R & D expense rate is 10.97% (+ 1.00pct). The overall personnel of the company has remained stable in recent years, with an increase of 25% in 2021, reflecting the company's current high investment reserve for continuous growth.
The contribution increment of IDC phase V is expected, and the high guidance of related party transactions verifies that the demand for iron and steel automation and informatization is still strong. In 2021, the company continued to promote the national layout of baozhiyun business with strategic customers and established Hebei Baoxuan company. IDC business is limited by capacity, and its growth slows down in 2021. The successive delivery of Shanghai phase V in 2022 will once again provide IDC growth momentum; Baozhiyunluojing "supercomputing hub" project is included in the list of new data center projects supported by Shanghai Municipal Commission of economy and information technology in 2021. The company's guidance on related party transactions in 2021 is 6.310 billion yuan, and the actual completion is 6.565 billion yuan, mainly because the automation and information needs of China Baowu's subsidiaries exceeded expectations. In 2022, the company's guidelines for related party transactions reached 9.1 billion yuan, an increase of 44% over the guidelines in 21 years. Under the leadership of Baowu, the digital upgrading of the iron and steel industry is still the top priority. In 2021, the company continued to make breakthroughs in the field of industrial software, formed a pilot application of distributed domestic SCADA software in the whole process of metallurgical industry, launched self-developed large-scale PLC products, launched the implementation plan of "10000 Siasun Robot&Automation Co.Ltd(300024) ", and provided supporting control system and information management system for new processes and equipment related to low carbon. The dual growth engine is expected to continue to make efforts to promote the continuous growth of the company's performance.
Risk tip: the expansion of IDC is less than expected, the growth of steel informatization slows down, and the impact of the epidemic intensifies.
Investment advice: maintain the "buy" rating.
It is estimated that the operating revenue from 2022 to 2024 will be 152.17/195.12/246.11, with growth rates of 29% / 28% / 26% respectively, and the net profit attributable to the parent company will be RMB 2.500/3.208/3.959 billion, corresponding to 29 / 22 / 18 times of the current PE, maintaining the "buy" rating.
