\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 570 Hundsun Technologies Inc(600570) )
Event overview
The company released its annual report for 2021. In 2021, the company realized an operating revenue of 5.497 billion yuan, a year-on-year increase of 31.73%; The net profit attributable to the shareholders of the listed company was 1.464 billion yuan, a year-on-year increase of 10.73%; The net profit of non deduction was 947 million yuan, a year-on-year increase of 29.03%. In addition, according to the company’s new strategic planning and organizational structure adjustment, combined with the prospect of the market and regulatory policies in 2022, the company’s main business revenue budget in 2022 increased by about 25% year-on-year, and the company’s cost budget in 2022 increased by about 30% year-on-year.
Analysis and judgment:
Big retail it & big asset management it performs well, and the future of innovative Internet business can be expected.
In 2021, the company’s large retail it revenue reached 2.1 billion yuan, a year-on-year increase of 39.79%. 1) UF3. The company’s new generation securities comprehensive financial service platform 0 has achieved full-service launch, and the distributed cloud native architecture has been continuously developed in terms of information innovation. It has made in-depth cooperation with seven securities companies, including Huatai Securities Co.Ltd(601688) , Founder Securities Co.Ltd(601901) , China Industrial Securities Co.Ltd(601377) and so on. 2) The investment advisory business has expanded its territory, with more than 50 new partners throughout the year, the bid winning rate of asset allocation system is about 85%, and the new generation of marketing service platform “Huiying” has added 11 customers. 3) The traditional business areas are also outstanding, with 40 new generation TA, 38 new financial sales systems, 21 new CRM and call centers, and cooperation between app and Credit Suisse Securities.
In 2021, the revenue of Da asset management it reached 1.7 billion yuan, a year-on-year increase of 39.84%. In addition to the trust industry and banking and wealth management sub industries, Hang Seng asset management o45 products have also achieved the first formal launch of customers in the fund industry. We expect that o45 products will continue to strengthen in 2022 and become a new growth pole of the company.
The company’s innovative Internet business can be expected in the future, with a revenue of 804 million yuan in 2021, a year-on-year increase of 34%. The company’s Hang Seng Juyuan intelligent Xiaofan iteratively upgraded several intelligent components to achieve rapid contract growth. Hengyun technology continued to maintain a leading position in Hong Kong, China, with 18 new customers in the retail product line and a revenue of more than HK $200 million. Use UF3 0 system design and architecture. The new generation of Hengyun securities trading and settlement system at the bottom of the system has made positive progress in the Hong Kong market, with 8 customers signed in a single year.
All core products have completed the upgrading of cloud native technology, and continue to promote the adaptation test of Xinchuang products.
During the reporting period, the company’s core products UF3, o45, valuation 6 and new generation TA all completed the upgrading of cloud native technology. In addition, the company launched the light cloud platform to comprehensively help industry customers’ digital transformation and upgrading through online API distribution, online development platform and online community services.
In terms of Xinchuang, the company has completed Xinchuang adaptation test for more than 30 business systems, including UF3 0. TA system, investment trading system, capital operation system, custody valuation system, etc., and more than 20 business systems are undergoing adaptation testing. In addition, the company released the lightdb enterprise version of Hang Seng database product, completed the testing and certification of Xinchuang software and hardware platform, and jointly created a Xinchuang model with Hang Seng’s new generation TA, which was launched in Soochow Securities Co.Ltd(601555) first.
Actively participate in the standard construction of emerging technologies, stabilize the leading position of financial it, maintain appropriate investment, and improve the industrial layout.
The company actively participates in the standard construction of emerging technologies and stabilizes the leading position of financial it. 1) In the field of database, won the bid for the construction of database test standards of Shanghai Stock Exchange Xinchuang base. 2) In the field of high-performance, we released the proposal of market product performance evaluation standard based on FPGA. 3) In the field of artificial intelligence, the financial knowledge map platform has obtained two product certification certificates of application platform and construction platform certification issued by CESI; NLP team releases intelligent Q & A evaluation standard; The intelligent multimedia team issued the evaluation standard of intelligent double recording vision system. 4) In the field of blockchain, relevant products have passed the evaluation of five technical indicators organized by the ICT Institute of the Ministry of industry and information technology, participated in the formulation of five blockchain technical standards and won three industry-level awards.
In 2021, the company maintained moderate investment and improved the layout of financial technology industry. 1) the company acquired the Finastra Summit and Opics related business and intellectual property rights in Chinese mainland and Hong Kong and Macao Based on the acquisition of Hang Xin Li Rong company, and integrated business with the cloud holding network of the holding subsidiary to improve the company’s layout in the field of capital trading system. 2) The company controlled Danwo intelligent through capital increase, further supplemented the intelligent investment and research product line, and has landed 12 customers at present. 3) Through relevant cooperation funds, the company has invested in a number of technology-based start-ups leading in the market segments, such as Xingchen Trina Solar and Hongji technology, and conducted cooperation in relevant business fields. 4) In terms of internationalization, it acquired n2nconnect23, a leading trading solution provider in Malaysia 66% of the company’s shares, providing business layout for the company’s expansion in the Southeast Asian market.
Investment advice
Based on the judgment of industrial policies and the promotion of various businesses of the company, we adjusted the profit forecast. We predict that the company will realize operating revenue of RMB 7.13/85.61/10.184 billion from 2022 to 2024 respectively (the original forecast of 20222023 revenue was RMB 6.98/8.85 billion respectively), with a year-on-year increase of 29.7%, 20.1% and 19% (the original forecast of 20222023yoy + 25.7% / 26.8%); The net profit attributable to the parent company was 1.765/2.049/2.297 billion yuan (the original forecast was 2.3 billion yuan in 22-23 years respectively), with a year-on-year increase of 20.6%, 16.1% and 12.1% (the original forecast was 22-23 years yoy + 29.5% / 28.7%); EPS is 1.21 yuan, 1.4 yuan and 1.57 yuan respectively. Taking the closing price of 46.65 yuan on March 30, 2022 as the reference, the corresponding PE is 38.63x, 33.28x and 29.68x respectively. The company continues to work in the field of financial technology, and the leading position of securities it is stable. We continue to be optimistic about the development prospect of the company and maintain the “buy” rating.
Risk tips
The risk that the promotion of financial innovation policy is less than expected, the risk that the progress of innovation business is less than expected, and the risk that the project development is less than expected due to repeated epidemics.
