\u3000\u30 Zhongyan Technology Co.Ltd(003001) 88 Xiamen Meiya Pico Information Co.Ltd(300188) )
Event: in 2021, the company achieved a revenue of 2.5 billion yuan, a year-on-year increase of 6%; The net profit attributable to shareholders of listed companies was 311 million yuan, a year-on-year decrease of 17%.
The epidemic has a great negative impact on business development. In 2021, the company's e-Forensics revenue was 1.1 billion yuan, with a year-on-year increase of 6%, but the growth rate was lower than that of 21h1; The gross profit margin increased by 1.27pct, mainly due to the increase in the revenue of electronic data forensics products with high gross profit margin, such as forensics aircraft carrier and mobile phone forensics. The revenue of big data intelligent products was 980 million yuan, a year-on-year decrease of 10%, mainly due to the impact of the epidemic and other reasons. On the one hand, the orders of big data business opportunities were delayed, on the other hand, the implementation and acceptance of orders on hand were delayed; The gross profit margin of PCT increased by 894.4%, mainly due to the increase of software revenue.
The epidemic also has a great negative impact on cash flow. In 2021, the company's net operating cash flow decreased by 80% year-on-year, which was mainly affected by the epidemic, and the delay in the approval progress of local customers' financial payment resulted in the decrease of the company's sales collection; In addition, the company still maintained its investment in R & D and market development. In 2021, the number of personnel increased by about 400 compared with that in 2020. It mainly invested in expanding emerging strategic business sectors such as Cyberspace Security and new smart city. The R & D cost was 450 million yuan, an increase of 23% year-on-year.
Actively expand the application of big data in new fields. In 2022, the central public security budget expenditure was 19.993 billion yuan, an increase of 4.7%. However, considering the impact of epidemic and other factors on local public security expenditure and specific expenditure structure, the overall prosperity of network public security in China is still facing uncertainty. Based on the technical precipitation of public security big data, the company has expanded in the direction of smart city big data and urban brain, and released 6 products of "heaven and earth" big data operating system (qkos). At present, it has been put into use in more than 70 projects. It has expanded from the field of public security to the business fields of new smart city, video and image resources, network security, and expanded in emergency, market supervision Big data business opportunities in new industries such as enterprise digital transformation.
It is expected to benefit from the policy drive of electronic ID card. Relying on its leading edge in the field of public security big data, the company has participated in the construction of the big data platform for electronic ID cards, and provided various data governance, data security and various applications of the supporting platform in the future. It is expected to benefit from the policy drive of electronic ID cards in the future.
Maintain the "buy" rating: we believe that the big data business benefits from the development opportunities brought by multi sectoral data integration on the one hand, and the continuous improvement of its share on the other. However, considering that the negative impact of the epidemic on the national network public security budget continues to exceed expectations, the net profit for 22-23 years is reduced by 36% / 32% from 5.3/5.9 to 3.4/400 million yuan, and the net profit for 24 years is predicted to be 490 million yuan, corresponding to pe39x / 33x / 27x, However, considering that the valuation has been adjusted to the historically low level and is expected to benefit from the catalysis of relevant policies such as electronic ID card in the future, the "buy" rating will be maintained.
Risk warning: the expansion of new fields is lower than expected; Personnel cost pressure; The persistence of the negative impact of the epidemic exceeded expectations.
