\u3000\u30 Zhongyan Technology Co.Ltd(003001) 30 Xgd Inc(300130) )
Event: the company released its 2021 annual report. In 2021, it realized an operating revenue of 3.612 billion yuan, a year-on-year increase of 37.21%; The net profit attributable to the parent company was 201 million yuan, a year-on-year increase of 131.98%.
The performance is in line with expectations. In 2021, the company’s gross profit margin was 21.78%, a decrease of 5.20 percentage points compared with the same period last year; The net profit margin on sales was 5.61%, an increase of 2.38 percentage points compared with the same period last year; The sales expense ratio was 5.49%, down 0.43 percentage points compared with the same period last year; The management fee rate was 5.51%, down 1.12 percentage points compared with the same period last year; The R & D expense rate was 6.83%, down 1.41 percentage points from the same period last year.
The payment business has developed rapidly. Jialian payment business realized an operating revenue of 2.37 billion yuan in 2021, with a year-on-year increase of 39.07% Xgd Inc(300130) payment business achieved an operating revenue of 1.022 billion yuan in 2021, with a year-on-year increase of 23.75%; The biometric business achieved an operating revenue of 142 million yuan in 2021, with a year-on-year increase of 29.99%; The revenue of audit business in 2021 was 84 million yuan, with a year-on-year increase of 34.76%.
The digital RMB business has made steady progress. At present, the company has completed the preliminary technical joint debugging system test of some institutions, and cooperated with banking institutions to further assist the merchant terminal transformation, dual offline pilot transformation, scene landing and other promotion services. It has been applied in scenes such as the Winter Olympic Games, and accelerated the ecological construction of digital RMB acceptance environment. At the same time, the company actively carries out the product development of digital RMB “Hard Wallet”, and has completed the product design and technology development.
Investment suggestion: the company takes payment as the starting point and gradually opens application scenarios. It is estimated that the company’s EPS from 2022 to 2024 will be 0.62/0.87/1.25 yuan respectively, giving a buy rating.
Risk warning: impact of payment industry policies; The performance of the acquired company is less than expected; Industry competition intensifies
