\u3000\u30 Zhongyan Technology Co.Ltd(003001) 88 Xiamen Meiya Pico Information Co.Ltd(300188) )
Event: the company released the annual report of 2021. In 2021, the company realized an operating revenue of 2.535 billion yuan, a year-on-year increase of 6.25%, and the net profit attributable to the parent company was 311 million yuan, a year-on-year decrease of 17.06%, which was lower than the market expectation.
Key investment points
The epidemic affected the performance and confirmed that the core business grew steadily: the company achieved an operating revenue of 2.535 billion yuan in 2021, a year-on-year increase of 6.25%; The net profit attributable to the parent company was 311 million yuan, a year-on-year decrease of 17.06%. The year-on-year decline in the net profit attributable to the parent company in 2021 is mainly due to the expansion of business opportunities affected by the epidemic situation all over the country; In addition, the company continued to increase investment in research and development, and the cost rate increased by 3.4pct year-on-year. In terms of business, in 2021, the operating revenue of the company's core business cyberspace security products was 1.381 billion yuan, with a year-on-year increase of 22.65% and a gross profit margin of 59.28% (year-on-year -3.4pct); The operating revenue of network open source intelligence products was 80 million yuan, with a year-on-year increase of 38.12% and a gross profit margin of 72.16% (year-on-year -16.8pct); The operating income of supporting service industry was 62 million yuan, with a year-on-year increase of 14.55% and a gross profit margin of 71.34% (year-on-year -6.81pct); The operating revenue of big data intelligent products was 975 million yuan, a year-on-year decrease of 10.19%, and the gross profit margin was 55.49% (year-on-year + 4.89 PCT), which was mainly due to the impact of the epidemic and other reasons, the delay of big data business opportunity orders, the delay of the implementation and acceptance of on-hand orders.
The business expansion of the new track has achieved initial results and achieved a breakthrough from g-end to b-end: the company continues to strengthen the exploration and expansion of the new track business. In 2021, the amount of new orders signed by the company in the district and county markets was about 490 million yuan, a year-on-year increase of more than 60%; The sales orders of criminal investigation, enterprises and other subdivided new industries maintained a good growth compared with the same period in 2020; The main customers of the holding subsidiary Meiya Yian are enterprises and institutions, and the newly signed orders increased by about 65% year-on-year in 2021. The company actively promoted the construction of medium-sized enterprises, undertook the construction of financial media project of SDIC group, and achieved the first breakthrough in expanding from g-end market to b-end market.
Continue to increase R & D investment and innovation driven product transformation: the company's R & D expenses in 2021 were 449 million yuan, a year-on-year increase of 22.9%, accounting for 17.7% of the annual revenue. The company released "Qiankun" big data operating system (qkos) in 2021, marking a milestone in the transformation of big data R & D mode from "project type" to "product type". For the first time, automobile forensics has broken through the forensics technology of many intelligent vehicles at home and abroad; The forensics support rate of forensics equipment for new mobile phones, smart cars and IOT devices continued to increase. We expect that in the future, as the company continues to invest in R & D, the product competitiveness is expected to be further improved, and the product transformation will promote the company to reduce the implementation cost.
Profit forecast and investment rating: considering the impact of the epidemic, we adjusted the EPS from 0.82/1.04 yuan to 0.50/0.61 yuan in 20222023. It is estimated that the EPS will be 0.74 yuan in 2024, and the current market value corresponds to 32 / 26 / 22 times of PE in 20222024. We continue to be optimistic about the company's competitiveness as a leader in the data forensics industry and the ability to expand the new track of big data business, and maintain the "buy" rating.
Risk tip: the development of electronic forensics market is not as expected; The epidemic affected the business development of the new track.
