\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 570 Hundsun Technologies Inc(600570) )
The annual report of the company was released with an increase of 5.41 billion yuan in 2021, an increase of 5.41% year-on-year; The net profit attributable to the parent company was 1.464 billion yuan, a year-on-year increase of 10.73%; The net profit attributable to the parent company after deducting non profits was 947 million yuan, with a year-on-year increase of 29.03%.
The performance is in line with expectations. In 2021, the gross profit margin of the company was 72.99%, a decrease of 4.10 percentage points compared with the same period last year; The net profit margin on sales was 27.11%, down 3.26 percentage points from the same period last year; The sales expense ratio was 10.15%, an increase of 1.67 percentage points compared with the same period last year; The management fee rate was 12.40%, down 0.53 percentage points compared with the same period last year; The R & D expense rate was 38.92%, an increase of 3.07 percentage points compared with the same period last year.
The growth rate of main business income is outstanding. In terms of products, in 2021, the large retail IT business realized an operating revenue of 2.111 billion yuan, a year-on-year increase of 39.79%; Big asset management IT business realized an operating revenue of 1.706 billion yuan, a year-on-year increase of 39.84%; Internet innovation business realized a revenue of 803 million yuan, a year-on-year increase of 33.69%; The operating revenue of data infrastructure it, bank it and non-financial business was 354 million yuan, 354 million yuan and 163 million yuan respectively.
M & A will improve the layout of capital trading system. 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 cloud network of its controlling subsidiary, thus improving the layout of the capital trading system.
Investment suggestion: the company is one of the leading enterprises of China Financial Technology Corporation. We expect the company’s EPS from 2022 to 2024 to be 1.25 yuan, 1.49 yuan and 1.78 yuan respectively, maintaining the “buy” rating.
Risk tip: strict financial it supervision policies; Industry competition intensifies.
