\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 570 Hundsun Technologies Inc(600570) )
Key points
Event: on March 30, the company released its 2021 annual report. The annual revenue was 5.497 billion yuan, a year-on-year increase of 31.73%, and the net profit attributable to the parent company was 1.464 billion yuan, a year-on-year increase of 10.73%. The performance was in line with expectations.
All businesses continued to grow, and the revenue growth of large retail, large asset management and Internet innovation businesses was more than 30%. Thanks to the impact of financial innovation policies, the company’s main business income increased, and compared with last year, the company had no large asset impairment loss during the reporting period. 1) Large retail IT business: the revenue was 2.111 billion yuan, with a year-on-year increase of 39.79%, and the new generation of securities comprehensive financial service platform uf3.5% 0 has achieved full service launch. 2) Large asset management IT business: the revenue was 1.706 billion yuan, a year-on-year increase of 39.84%; Hang Seng asset management o45 product has officially launched its first customer in the fund industry and achieved phased results; Valuation 6.0 has obtained a number of cooperation in securities, banks, trusts and funds, and online cases are also increasing. 3) Internet innovation business: the revenue was 804 million yuan, with a year-on-year increase of 33.69%. The one-stop cloud service solution provides cloud based investment trading, valuation, custody and clearing, investment supervision, information disclosure, performance evaluation and risk management, algorithm trading, etc. for various financial institutions. 4) Banking and Industrial IT business: the revenue was 354 million yuan, a year-on-year decrease of 2.54%. 5) Data risk and infrastructure IT business: revenue was 354 million yuan, a year-on-year increase of 18.59%.
Personnel expansion, increased R & D investment and business growth led to rapid growth in current expenses, but the year-on-year growth rate of deducting non net profit was still 29%. In 2021, the number of employees in the company was 13310, with a year-on-year increase of 37%. The large-scale personnel expansion also verified the prosperity of the industry. In 2021, the R & D investment was 2.139 billion yuan, accounting for 38.92% of the revenue, an increase of 3.07 percentage points. In 2021, the net profit deducted from non parent company was 947 million yuan, with a year-on-year increase of 29.03%.
Focus on the commercialization strategy, complete the technology upgrading of a new generation of core products in 2021, and the new technology products will lay the foundation for subsequent sustained growth. In 2021, the company’s core products UF3, o45, valuation 6 and new generation TA all completed the upgrading of cloud native technology, and were officially launched in key customers. In terms of technology upgrading, the light technology platform introduced new technologies, released a series of new technology products such as lightdb, lightcore, lightatom and lighthsl, and launched the light cloud platform to help industry customers’ digital transformation and upgrading through online API distribution, online development platform and online community services.
Investment suggestion: the overall revenue and profit level of financial institutions continued to grow steadily, the capital market reform continued to expand and deepen, and the company was optimistic about becoming a leading provider of financial technology products and services in China. The revenue forecast for 22-23 years was raised to 6.878/8.611 billion yuan, which was + 8.2% / + 13.8% compared with the previous forecast, and the 24-year revenue forecast was 10.765 billion yuan; Considering the company’s new product layout and continuous R & D investment in the early stage, it will benefit in the future. The forecast of net profit attributable to the parent company in 22-23 years is adjusted to RMB 1.8112226 billion, which is – 0.5% / + 6.3% compared with the previous forecast, and the forecast of net profit attributable to the parent company in 24 years is increased to RMB 2.694 billion. The corresponding EPS of 22-24 years is 1.24/1.52/1.84 yuan respectively, and the corresponding PE is 38x / 31x / 25X respectively, maintaining the “overweight” rating.
Risk tip: the promotion of new products is not as expected, and personnel expansion brings cost pressure.
