\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 570 Hundsun Technologies Inc(600570) )
Event: on the evening of March 30, Hundsun Technologies Inc(600570) released the annual report of 2021, realizing an annual 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, with a year-on-year increase of 10.73%. The net profit deducted from non attributable to the parent company was 947 million yuan, with a year-on-year increase of 29.03%. The basic earnings per share was 1.01 yuan. It was proposed to give three out of ten and cash out of one yuan (including tax). The net profit attributable to the parent company for the whole year slightly exceeded our previous forecast of 1.371 billion yuan.
Comments:
Retail asset management it is still the main source of revenue, and innovative business is growing rapidly
The revenue of large retail business was 2.111 billion yuan, accounting for 38%, and the revenue of asset management business was 1.706 billion yuan, accounting for 31%. The product lines of wealth Zhongtai, financial sales and investment consulting business, as well as the product lines of investment and transaction management, valuation and asset management operation platform of large asset management business have achieved good growth. The revenue of innovative business was 804 million yuan, accounting for 15%. In terms of innovative business, data service, data terminal application, data middle platform, intelligent investment and research and other businesses grew rapidly.
The upgrading of core systems is progressing smoothly
Based on new technologies such as cloud computing, big data and artificial intelligence, the company launched a new generation of distributed products o45 and UF3 0 and other core systems. In December 2021, Huabao fund launched o45, the model point was established, and a lot of upgrading experience was accumulated. It is expected that more upgrading iterations of stock customers will be promoted in the future, and the project implementation efficiency will be gradually improved.
Extensive M & A goes deep into the field of banking and insurance
In 2021, Hang Seng successively entered the field of insurance core system through the acquisition of Baotai technology, and acquired the exclusive right to operate and develop the products of finastra’s banking fund management system summit in China through its holding subsidiary Yunying network, directly entering large and medium-sized banks to provide services. The company is expected to further improve the product line layout of fund management system.
Profit forecast and valuation
Taking into account the strengthening of the company’s endogenous and extensive growth capacity and the growth of personnel costs, we predict that the revenue in 202223 will be 6.8988521 billion yuan (original value: 6.406 billion yuan and 7.77 billion yuan), and the net profit attributable to the parent company will be 1.561/1.802 billion yuan (original value: 1.561 billion yuan and 1.802 billion yuan) respectively. At the same time, the profit for 24 years will be increased. The predicted revenue will be 10.336 billion yuan, the net profit will be 2.258 billion yuan, EPS will be 1.07/1.23/1.54 yuan / share, and the corresponding PE will be 44x / 38x / 30x respectively. Maintain the “overweight” rating.
Risk tips
\u3000\u30001. Systemic risk, 2 The upgrading progress of new products did not meet expectations, 3 Epidemic risk, 4 Capital market risk leads to clients’ investment not meeting expectations.
