\u3000\u30 Shaanxi Zhongtian Rocket Technology Co.Ltd(003009) 96 Pansoft Company Limitid(300996) )
Leading digital manufacturer of central enterprises, maintaining the “buy” rating
Considering the continuous increase of the company’s investment, we maintain the company’s net profit attributable to the parent company in 2022 at 203 million yuan, lower the forecast for 2023 to 295 million yuan (the original forecast was 307 million yuan), and increase the forecast for 2024 to 403 million yuan, EPS to 144, 209 and 2.86 yuan / share. The current stock price corresponds to PE of 23.3, 16.1 and 11.8 times. We are optimistic about the development prospect of the company and maintain the “buy” rating.
The performance is close to the upper limit of the notice, and the cash flow performance is bright
(1) in 2021, the company achieved an operating revenue of 582 million yuan, a year-on-year increase of 37.86%. By industry, the revenue of petroleum and petrochemical industry was 300 million yuan, a year-on-year increase of 12.83%; The income of the real estate construction industry was 183 million yuan, a year-on-year increase of 188%; In addition, the revenue of Finance and coal industries increased by 40.8% and 23.4% respectively. (2) The net profit attributable to the parent company was 139 million yuan, a year-on-year increase of 66.18%, close to the upper limit of the notice. The gross profit margin was 46.42%, a year-on-year increase of 3.06 percentage points; The sales expense rate was 2.66%, a year-on-year decrease of 0.39 percentage points, and the management expense rate and R & D expense rate were 8.04% and 12.65% respectively, a year-on-year increase of 0.9 and 0.4 percentage points. (3) The net cash flow from operating activities was 164 million yuan, with a year-on-year increase of 77.43%.
The construction industry has made positive breakthroughs and the growth space has been continuously opened
In 2021, the company made great efforts to seize the major opportunity of the China State Construction Engineering Corporation Limited(601668) informatization special work “China Construction 136 project”, and actively expand the Internet business in the construction industry such as smart construction site, digital construction, construction of Internet of things and so on. At present, the company’s strategic customer business has initially achieved a breakthrough in expanding from the field of financial management to the field of operation management and production management, and from the field of application software to the field of basic platforms such as technology platform and data platform. In the future, the company will continue to cultivate in the construction and real estate industry, actively expand other central enterprise customers, and continuously open the market space.
The digital transformation of central enterprises welcomes the east wind of the policy, and the company is expected to fully benefit
Central enterprises are an important supporting force for China’s economy, and digital transformation is the general trend. In February 2023, the central state owned assets supervision and Administration Commission issued the guidance of the State Council on accelerating the construction of a world-class enterprise financial management system, and committed to improving the overall financial management level of enterprises. The company has long served customers of central enterprises such as Petrochina Company Limited(601857) , China Petroleum & Chemical Corporation(600028) , CNOOC, national pipe network, China State Construction Engineering Corporation Limited(601668) and will fully benefit from the digital transformation and development of central enterprises.
Risk tips: macroeconomic fluctuation risk, technology upgrading risk and internal governance risk.
