\u3000\u30 Chongqing Baiya Sanitary Products Co.Ltd(003006) 74 Yusys Technologies Co.Ltd(300674) )
Event: the company released its 2021 annual report. In 2021, it realized an operating revenue of 3.726 billion yuan, a year-on-year increase of 24.97%; The net profit attributable to the parent company was 396 million yuan, a year-on-year decrease of 12.60%; The net profit attributable to the parent company after deduction was 362 million yuan, a year-on-year increase of 22.53%.
The performance is in line with expectations. In 2021, the company’s gross profit margin was 34.15%, a decrease of 1.00 percentage points compared with the same period last year; The net profit margin on sales was 10.61%, down 4.58 percentage points from the same period last year; The sales expense ratio was 4.17%, down 0.67 percentage points compared with the same period last year; The management fee rate was 7.95%, down 0.55 percentage points compared with the same period last year; The R & D expense rate was 11.67%, an increase of 1.16 percentage points compared with the same period last year.
Innovative business is developing rapidly. The company’s innovative operation platform service continues to develop in multiple modules, and actively develops supply chain finance for small, medium-sized and micro enterprises on the basis of digital credit module. In 2021, the company’s innovative business realized a revenue of 164 million yuan, a year-on-year increase of 46.49%; The revenue from software business was 2.86 billion yuan, a year-on-year increase of 28.16%; The revenue from system integration was 700 million yuan, a year-on-year increase of 28.16%.
The fixed increase is completed to ensure the long-term development of the company. At the beginning of 2022, the company successfully raised 1.115 billion yuan for online financial platform construction projects for small, medium-sized and micro financial institutions, intelligent analysis and application platform construction projects based on artificial intelligence technology, comprehensive risk and value management construction projects and supplementary working capital, so as to ensure the long-term development of the company smoothly.
Investment suggestion: the company is in a leading position in the banking IT field, and its innovative business is developing well. We expect the company’s EPS from 2021 to 2023 to be 0.69, 0.85 and 1.05 yuan respectively, maintaining the buy rating.
Risk warning: the progress of innovative business is not as expected; Industry competition intensifies.
