\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 570 Hundsun Technologies Inc(600570) )
In 2021, the revenue and profit are close to the “double 30” growth Hundsun Technologies Inc(600570) released its 2021 annual report on the evening of March 30, and achieved a revenue of 5.497 billion yuan in 2021, a year-on-year increase of 31.7%; The net profit attributable to the parent company was 1.46 billion yuan, a year-on-year increase of 10.7%; After deducting non recurring profits and losses, the net profit was 947 million yuan, a year-on-year increase of 29.0%.
The it core businesses of the two securities have achieved 40% growth, with full growth momentum. Specifically, the main business of Hang Seng was split. The core business of big retail it and big asset management it achieved revenue of 2.11 billion yuan and 1.71 billion yuan respectively, with a year-on-year growth rate of 40%; Innovative Internet business revenue was 804 million yuan, a year-on-year increase of 34%; Data risk and infrastructure it, banking and industrial it revenue were 354 million yuan and 354 million yuan respectively. The high growth of large retail and large asset management reflects the high prosperity of the securities it market. Financial technology is becoming the core means for securities and fund companies to form differentiated competitiveness.
Increase the talent reserve and show the strong executive power of the management under various pressures. The year 2021 of Hang Seng can be defined as “a year of investment”, with a sales cost of 560 million yuan, a year-on-year increase of 58%; The R & D cost was 2.14 billion yuan, a year-on-year increase of 43%. Behind the rapid growth of expenses is the company’s vigorous expansion of talent reserve. At the end of 21, the total number of employees of the company reached 13000, a year-on-year increase of 37%, of which the number of R & D personnel was 6065, accounting for 45.6%. Under the background of rapid growth of personnel scale and rising labor costs, the company has achieved a high growth of revenue and non profit deduction in 21 years, highlighting the executive power of the management.
The reform of capital market is expected to accelerate, and the digital transformation of finance is in the ascendant. From two dimensions, the catalytic power of financial it is strong: on the one hand, the financial reform and financial innovation are accelerating. In the 21st year, the Beijing stock exchange was “born in the sky”. The central economic work conference proposed to implement the comprehensive registration system, which will create good opportunities for hang Seng in 22 years and even the next three years; On the other hand, in the context of increasingly homogeneous competition, digitization is becoming the next growth point of it expenditure of financial institutions. Building innovative products such as data middle stage and business middle stage downward and enabling investment research and marketing systems upward with digitization are becoming an important direction of it expenditure of institutions.
Focusing on Hang Seng, the 22-year 25% revenue target shows confidence. Looking at Hang Seng’s own product layout, the strategic product o45 was launched on Huabao fund at the end of 21 and Huatai self operated in 22 years, and the next generation of core products was promoted smoothly; New generation securities integrated financial service platform UF3 0 has achieved full-service online, the original architecture of distributed cloud has been continuously implemented in information innovation, and has in-depth cooperation with 7 securities companies such as Huatai. In the 21st year, Hang Seng released a number of innovative products, got involved in financial digitization, acquired summit, absorbed overseas advanced technology, and continued to lead the industry in R & D. The annual report of the company sets the target of 25% revenue growth and 30% cost growth in 22 years, which is full of confidence.
Investment suggestion: it is estimated that the net profit attributable to the parent company will be RMB 1.83/23.1/2.84 billion in 22-24 years, and the current market value corresponds to 37 / 30 / 24 times of PE in 22-24 years. At present, under the unanimous expectation of wind, the PE of the securities it industry in the corresponding 22 / 23 years is 35 / 28 times. As the leader in the market share of the industry, the company is expected to enjoy the valuation premium, which is 71 times lower than its average PE (TTM) in the past three years. Therefore, the “recommended” rating is maintained.
Risk warning: the progress of capital market reform is less than expected; The gross profit margin fell due to the intensification of industry competition; The progress of promoting new products is less than expected
