\u3000\u3 China Vanke Co.Ltd(000002) 373 China Transinfo Technology Co.Ltd(002373) )
Revenue grew steadily and maintained the “buy” rating
The company released the 2021 annual report and the forecast of the first quarterly report of 2022. In 2021, the revenue was 10.281 billion yuan, a year-on-year increase of 9.15%. Due to the impact of Hangzhou Hopechart Iot Technology Co.Ltd(688288) fair value changes, we lowered the profit forecast for 20222023 and added 2024. It is estimated that the net profit attributable to the parent company in 20222024 will be 876, 1073 and 1321 million yuan (formerly 16002 and 1932 million yuan), EPS will be 0.55, 0.68 and 0.84 yuan (formerly 1.01 and 1.22 yuan), and the current share price corresponding to PE will be 19.4, 15.8 and 12.9 times. We are optimistic about the long-term development of the company and maintain the “buy” rating.
Event: the company released the annual report of 2021 and the forecast of the first quarterly report of 2022
(1) annual report of 2021: the company achieved revenue of 10.281 billion yuan, a year-on-year increase of 9.15%, intelligent transportation revenue of 4.231 billion yuan, a year-on-year increase of 19.52% after deducting the impact of etc products and the demolition of provincial toll stations; The revenue of intelligent IOT was 6.074 billion yuan, a year-on-year increase of 15.11%; The revenue of artificial intelligence business was 87 million yuan, a year-on-year increase of 43.22%. The net profit attributable to the parent company was RMB 724 million, a year-on-year decrease of 33.01%, which was mainly due to the change in the fair value of Hangzhou Hopechart Iot Technology Co.Ltd(688288) held by the company due to market fluctuations, which decreased significantly compared with the same period in 2020, and the increase in expenses caused by the expansion of sales channels and the increase in R & D investment.
(2) forecast of the first quarter report of 2022: the expected loss of net profit attributable to parent company is 240290 million yuan. Affected by market fluctuations, the decline in fair value of Hangzhou Hopechart Iot Technology Co.Ltd(688288) will have an impact on net profit of about 190222 million yuan; Deducting the net profit not attributable to the parent company, the estimated loss is RMB 50 million to RMB 70 million, mainly due to the impact of the epidemic, the company’s product sales have decreased year-on-year, and some delays in the delivery of transportation solution projects have led to the corresponding delay in revenue recognition.
Intelligent transportation and intelligent IOT two wheel drive open growth space
(1) smart transportation: the national transportation power strategy, the new infrastructure policy and the 14th five year plan continue to promote the digital transformation of the transportation industry. With the growth of transportation digital investment and the concentration of market share, the company is expected to continue to benefit as a leader. In 2021, the company will invest in Lianlu intelligent to enter the automotive electronic business in the Internet domain, realizing the complete closed loop of “vehicle + road”, and the vehicle road coordination is expected to accelerate the implementation. (2) Intelligent IOT: the company’s AI algorithm continues to iterate. Boguan intelligence has launched 100 + training and learning algorithm, 200 + pre training model and 900 + industry algorithm to expand to different business scenarios; At the same time, the company actively promotes channel sinking and is expected to continue to open up growth space.
Risk tip: the growth of intelligent transportation orders is less than expected; The shipment volume of Internet of things products is lower than expected
