Xiamen Meiya Pico Information Co.Ltd(300188) 2021 annual report comments: the core competitiveness continues to improve, and the expansion of new tracks has achieved initial results

\u3000\u30 Zhongyan Technology Co.Ltd(003001) 88 Xiamen Meiya Pico Information Co.Ltd(300188) )

Event:

The company issued the 2021 annual report after the closing on March 28, 2022.

Comments:

Operating revenue increased by 6.25% year-on-year, and business opportunity orders such as big data were affected by the epidemic

The total operating income of the company was RMB 2.56 billion, with a year-on-year increase of 2.51%; The net profit attributable to the parent company was 311 million yuan, a year-on-year decrease of 17.06%; The net profit deducted from non parent company was 273 million yuan, a year-on-year decrease of 19.85%. The company strengthened the transformation from big data to products and improved the product reuse ability of “Qiankun” big data operating system (qkos). The overall gross profit margin was 58.37%, an increase of 0.77 percentage points. The decline of the company’s profits is mainly due to the impact of covid-19 epidemic all over the country, the delay of business orders such as big data, the delay of implementation and acceptance of orders in hand. At the same time, the company’s expenses increased significantly during the period, and the sales / management / R & D expense rates were 11.55% / 14.14% / 17.70% respectively, which had an impact on the net profit.

The core competitiveness of the main business has been continuously improved, and the business expansion of the new track has achieved initial results

In terms of products, the revenue of cyberspace security products was 1.381 billion yuan, a year-on-year increase of 22.65%; The revenue of big data intelligent products was 975 million yuan, a year-on-year decrease of 10.19%; The revenue of network open source intelligence products reached 80 million yuan, a year-on-year increase of 38.12%; Intelligent equipment manufacturing achieved an income of 36 million yuan; The revenue from supporting services was 62 million yuan. The company continued to strengthen the exploration and expansion of new track business, carried out special marketing actions such as “spark”, “Jaguar”, “thunder” and “double hundred”, and continued to cultivate new industries and expand new regional markets while consolidating the original track and business markets of major industries. 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 last year. The main customers of Meiya Yian, a holding subsidiary, are enterprises and institutions. The newly signed orders in 2021 increased by about 65% compared with the same period last year.

Issue shares to the controlling shareholder SDIC smart to improve the company’s anti risk ability

On March 3, 2022, the company issued the plan for the company to issue shares to specific objects, which plans to issue shares to the controlling shareholder SDIC Intelligent Technology Co., Ltd., with a number of no more than 61838893 shares (including this number), and the issue price is 12.29 yuan / share. According to the above limits, after the issuance, the number of shares directly held by SDIC intelligence is 187314835 shares, accounting for 21.56% of the total share capital (after the issuance). Therefore, this issuance to specific objects will increase the direct shareholding ratio of SDIC intelligence, help to maintain the stability of the company’s control and provide a solid guarantee for the long-term stable development of the company. The total amount of funds raised from the issuance of shares to specific objects is no more than 760 million yuan (including this amount). The net amount of funds raised after deducting the issuance expenses will be used to supplement working capital, laying a foundation for the company to further expand its business scale and improve its profitability.

Profit and investment forecast

The company is a leader in China’s electronic data forensics industry and a leading enterprise in public security big data. It actively arranges new tracks and gradually opens up the growth space. It is predicted that the operating revenue of the company from 2022 to 2024 will be 3.048, 3.637 and 4.322 billion yuan, the net profit attributable to the parent company will be 382, 466 and 570 million yuan, the EPS will be 0.47, 0.58 and 0.71 yuan / share, and the corresponding PE will be 33.63, 27.55 and 22.54 times. At present, the pettm of the computer (Shenwan) index is 42.4 times. In the past three years, the company’s PE has mainly operated between 35-65 times, giving a target PE of 45 times in 2022 and a target price of 21.15 yuan. Maintain the “buy” rating.

Risk tips

Covid-19 recurrent pneumonia; Big data business expansion is lower than expected; The competition of electronic forensics market intensifies; New business expansion is less than expected.

- Advertisment -