\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 570 Hundsun Technologies Inc(600570) )
Event: on March 30, 2022, the company released its annual report for 2021, realizing an operating revenue of 5.497 billion yuan, a year-on-year increase of 31.73%; The net profit attributable to the parent company was 1.464 billion yuan, a year-on-year increase of 10.73%; The net profit deducted from non parent company was 947 million yuan, with a year-on-year increase of 29.03%, which was consistent with the previous briefing.
Financial policy innovation driven business development, and large retail and large asset management it increased by 40% at the same time. 1) During the reporting period, the company's revenue increased by 31.73% year-on-year, and the net profit attributable to shareholders of listed companies increased by 10.73% year-on-year. The main reason is that due to the impact of financial innovation policies, the company's main business income has increased, and there is no large asset impairment loss in the reporting period compared with last year. 2) During the reporting period, all businesses of the company maintained continuous growth. In terms of securities, trust and insurance industries, the growth of securities and futures markets has remained stable; In terms of products, the new generation of core products such as o45, valuation 6.0, Ta, financial sales and investment consulting products have been promoted smoothly and won the favor of customers. UF3 0 has achieved full-service online, and the distributed cloud native architecture has achieved in-depth cooperation with a number of securities companies, continuing to maintain the company's leading position in technology. Among them, the revenue of large retail IT business was 2.111 billion yuan, a year-on-year increase of 39.79%, accounting for 38% of the revenue; The IT business of Dazi management realized a revenue of 1.706 billion yuan, a year-on-year increase of 39.84%, accounting for 31% of the revenue; Data risk and infrastructure business realized an income of 354 million yuan, a year-on-year increase of 18.59%, accounting for 6% of the income; Banking and Industrial IT business realized a revenue of 354 million yuan, a year-on-year decrease of 2.54%, accounting for 7% of the revenue; Internet innovation business realized a revenue of 804 million yuan, a year-on-year increase of 33.69%, accounting for 15% of the revenue; The non-financial business realized a revenue of 163 million yuan, a year-on-year decrease of 6.47%, accounting for 3% of the revenue. 3) at the same time, during the period of acquisition and investment, the company acquired the Finastra's Summit and Opics related business and intellectual property rights in Chinese mainland and Hong Kong and Macao, and integrated with the cloud network of the controlling subsidiary, which improved the layout of the company in the field of capital trading system, and further promoted the development of the business.
Personnel investment ensures long-term and steady development, and the overall cost is stable and vigorously invested in R & D. 1) During the reporting period, the company realized an operating cost of 1.485 billion yuan, a year-on-year increase of 55.31%; The gross profit margin was 72.99%, a decrease of 4.1 percentage points over the same period last year, mainly due to the growth of the company's business and labor costs. 2) The sales expense was 558 million yuan, a year-on-year increase of 57.69%; Accounting for 10.15% of revenue, an increase of 1.67 percentage points over the same period last year, mainly due to the increase of personnel and salary in the current period. The management fee was 681 million yuan, a year-on-year increase of 26.31%; Accounting for 12.40% of revenue, a decrease of 0.53 percentage points over the same period last year. 3) The R & D expenditure was 2.193 billion yuan, a year-on-year increase of 43%, accounting for 38.92% of the revenue, an increase of 3.07 percentage points over the same period last year, mainly due to the increase of personnel and salary in the current period. During the reporting period, Hang Seng's core products UF3, o45, valuation 6 and new generation TA all completed the upgrading of cloud native technology, and were officially launched in key customers; In terms of technology upgrading, the light technology platform continues to be deeper and stronger, and new technologies are introduced; In addition, the company also actively participates in the construction of a number of emerging technology standards such as database, high performance and artificial intelligence
The strategic product o45 was launched in the first fund to meet the new era of investment research integration. 1) In recent years, China's asset management industry has witnessed great development. According to wind data, by the end of 2021, the total scale of China's asset management business had reached 67.87 trillion yuan, a year-on-year increase of 15.05%, of which public funds accounted for about 37.66%. The launch of the new regulations on asset management in 2018 has promoted the return of the asset management industry to its origin, and also brought space for fund companies to fully demonstrate their investment and research ability in the same stage competition with banks and securities companies. 2) At the same time, the launch of the science and innovation board, the pilot landing of investment advisers, the popularity of ETFs, the rise of global investment and ESG investment are constantly expanding the trading market and trading varieties, giving public funds a greater stage to play. This has brought great challenges to the fund company's system, and the demand for the construction of underlying it system has soared. 3) in December 20, 2021, the official account of the company reported that the Hang Seng new generation asset management system O45 was formally launched on the Warburg foundation, supporting all products and businesses, covering various types of domestic and foreign transactions, and connecting the domestic and international real-time wind control system, which integrates the instructions, transactions, wind control and liquidation of assets inside and outside the country. At the same time, o45 also introduced the experience of finastra, the world's leading financial technology company, in investment decision-making business, to help investment research management realize the leap from how to buy to what to buy and then to auto buy faster.
Maintain the "buy" rating. According to the key assumptions and recent announcements, the profit forecast is adjusted. It is estimated that the operating revenue from 2022 to 2024 will be 6.780 billion yuan, 8.334 billion yuan and 10.135 billion yuan respectively, and the net profit attributable to the parent company will be 1.826 billion yuan, 2.267 billion yuan and 2.824 billion yuan respectively. Maintain the "buy" rating.
Risk warning: the benefit of the policy is less than expected; The progress of financial cloud is less than expected; The capital market scene is less generous than expected
