\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 570 Hundsun Technologies Inc(600570) )
Revenue growth accelerated, and non operating profit deducted after restoration increased steadily. From the revenue side, the company's growth accelerated, with revenue growth of 48.7% and 29.5% in the third and fourth quarters respectively. The high growth of revenue for two consecutive quarters indicates the business acceleration after the company's expansion. The company's business plan points out that the revenue growth target for 22 years is 25%, exceeding the historical guidance level. From the profit side, 1) the gross profit margin was 73%, down nearly 4 percentage points year-on-year, mainly due to the increase of customized developers; 2) The sales / management / R & D expense ratio increased by 1.7 PCT, decreased by 0.5 PCT and increased by 3.1 PCT respectively, mainly due to the increase of the company's investment in sales and R & D; 3) The non recurring profit and loss is expected to be mainly caused by the investment income brought by the investment Shenzhen Ysstech Info-Tech Co.Ltd(300377) and the changes in the fair value of other assets. Due to the impact of share based payment (about 100 million yuan), the actual operating net profit deducted after restoration in 2021 was 1.05 billion yuan, an increase of about 8% year-on-year in 2020 (20 years plus impairment), and the performance showed steady growth.
The business boom is still high, and the cash flow is affected by the expansion of personnel, with more expenses. The inventory was 470 million, with a year-on-year increase of 120 million, mainly due to the increase in contract performance costs (about 100 million more than 20 years in 21 years), and contract liabilities were 3.2 billion, with a year-on-year increase of 100 million, which indicates that the company has sufficient business opportunities and high business prosperity. In the cash flow, the cash inflow from selling goods and providing labor services was 5.85 billion yuan (+ 16.3%), and the total cash inflow was 6.19 billion yuan (+ 15.8%), basically the same as the historical situation; The net cash flow from operating activities was 960 million yuan (- 31.6%), which was mainly due to the large increase of the company's personnel, resulting in a cash outflow of 3.52 billion employees, a year-on-year increase of 46.3% (the total number of employees in 21 years reached 13300, a net increase of 3571 compared with 20 years).
Competitive advantages are still superimposed, new products are continuously launched, and the growth space of the company continues to be optimistic. The company maintained a high R & D investment of 2.14 billion yuan, accounting for 38.9% of revenue, maintained its competitive advantage in the industry, and rose to No. 38 in the global ranking of IDC financial technology. Among the core products, UF3 0 centralized trading system adopts the distributed cloud native architecture, has deep cooperation with 7 securities companies such as Huatai, and o45 has also landed and launched one of the head fund customers. It is expected that it will continue to be single in the large asset management industry in 22 years. At the same time, the company actively cultivated new product lines, including Baotai technology's entry into the insurance asset side business system, lightdb's entry into the financial field database, PMS portfolio system, acquisition of summit fund management system, taking shares in n2n, layout the Southeast Asian market, and providing customized development business for key financial customers, which further opened the growth space of the company.
Risk warning: financial policy supervision risk; Industry competition intensifies; The expansion of new products was less than expected.
Maintain "buy" rating.
It is estimated that the net profit attributable to the parent company from 2022 to 2024 will be RMB 1.531/18.09/2.167 billion, with a year-on-year growth rate of 4.6/18.1/19.8%; Diluted EPS = 1.05/1.24/1.48 yuan, and the current share price corresponds to PE = 44.5/37.7/31.4x. The company is a leader in financial technology and maintains a "buy" rating.
