\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 570 Hundsun Technologies Inc(600570) )
Key investment points
Investment Event: on March 30, the company released its 2021 annual report. In 2021, the company achieved a revenue of 5.497 billion yuan, a year-on-year increase of 31.73%; The net profit attributable to the parent company was about 1.464 billion yuan, a year-on-year increase of 10.73%; The net profit deducted from non parent company was about 947 million yuan, with a year-on-year increase of 29.03%. In 2022, the company’s main business revenue budget increased by about 25% year-on-year, and the cost budget increased by about 30% year-on-year.
Large retail it: seize the industry opportunity and deepen the leading advantage. During the reporting period, the company’s large retail IT business achieved a revenue of 2.111 billion yuan, a year-on-year increase of 39.79%. During the reporting period, the new generation of UF3 in the field of securities brokerage 0 has achieved full-service launch, and the distributed cloud native architecture has been continuously developed in terms of information innovation. It has made in-depth cooperation with seven securities companies, including Huatai Securities Co.Ltd(601688) , Founder Securities Co.Ltd(601901) , China Industrial Securities Co.Ltd(601377) and so on. New businesses such as Beijing stock exchange and comprehensive account optimization have also brought sufficient business opportunities and income to the company. At the wealth management end, in the traditional business field, 40 new generation TA, 38 new financial management and sales systems and 21 new CRM and call centers have been signed; At the public offering investment consulting end, the company added more than 50 investment consulting business partners throughout the year, the bid winning rate of asset allocation system reached 85%, and the new generation of marketing service platform “Huiying” also added 11 customers. With the rapid development of financial digitization and digital intelligence, the company timely grasped the market opportunities with a new generation of products with strong performance, took the lead in the fields of securities brokerage and financial management, and continued to strengthen the market leadership of its own technology and products in 2021.
Big asset management it: the core o45 continued to promote the landing, and institutional services made a breakthrough. During the reporting period, the company’s large asset management IT business achieved a revenue of 1.706 billion yuan, a year-on-year increase of 39.84%. During the reporting period, the investment and transaction management, valuation, asset management operation platform and other product lines of the company’s large asset management business achieved good growth. O45, the flagship product of asset management, has completed the upgrading of cloud native technology. On the basis of previous cooperation, it completed the smooth switching of large account products in Huatai in March 2022, realizing the multi center model with o45 as the core, and fully meeting the personalized requirements of different businesses. The I2 integrated institutional service platform solution improves the market coverage of single products and provides strong support for various seller institutions to carry out institutional service business. In terms of other products, the company’s ptrade fast strategy trading terminal was launched in March 2022 Southwest Securities Co.Ltd(600369) . The continuous implementation and promotion of core product o45 and the breakthrough of institutional business have continuously confirmed the company’s competitiveness and market recognition in large asset management business.
The capital market reform is deepened, and the company develops multiple lines simultaneously to explore a larger market: 2021 is a year of continuous deepening of capital market reform. With the establishment of comprehensive registration system, Beijing stock exchange and other basic systems and financial facilities, the pilot of public offering investment advisers has continued to increase, public offering REITs products have been approved for listing, foreign capital has accelerated the entry layout, and the openness and diversity of China’s capital market are strengthening. The great changes in the financial market and the demand of Finance for digital and digital intelligent transformation provide more development opportunities for financial it. While deepening its existing business, the company has increased its investment in forward-looking research through Hang Seng Research Institute, and continuously absorbed relevant leading technologies and experience of international and Chinese companies in the form of acquisition, acquisition and investment, so as to layout new businesses and new tracks. Through the development mode and idea of multi line development, the company continues to improve its business system, explore greater new markets, and continue to move forward towards a leading comprehensive financial IT service provider.
Investment suggestion: in the face of deep-seated changes in the financial market, the company increases investment, and its short-term profits are under pressure, but in the long run, the company’s growth and profit space will further rise. Based on this, we adjusted the revenue and profit forecast of the company in 2022 / 2023 and newly added 2024. It is estimated that the total revenue of the company in 20222024 will be 6.876/84.92/10.394 billion yuan respectively (the value before 2022 and 2023 will be 6.563/7.678 billion yuan), the net profit attributable to the parent company will be 1.309/15.23/1.878 billion yuan respectively (the value before 2022 and 2023 will be 18.81/2.332 billion yuan), the EPS will be 0.90/1.04/1.28 yuan respectively, and the corresponding PE will be 50 / 43 / 35 times respectively, Maintain the “buy” rating.
Risk warning: the tightening of supervision orientation will have an adverse impact on the company’s business; The intensification of industry competition leads to the weakening of profitability; The implementation of product development and business promotion are not as expected.
