\u3000\u30 Chongqing Baiya Sanitary Products Co.Ltd(003006) 74 Yusys Technologies Co.Ltd(300674) )
In 2021, the revenue growth rate is 25%, deducting the non profit growth rate of 23% Yusys Technologies Co.Ltd(300674) released the 20201 annual report on the evening of March 30. In 2021, the annual revenue reached 3.726 billion yuan, a year-on-year increase of 25.0%; The net profit attributable to the parent company was 396 million yuan, a year-on-year decrease of 12.6%; The net profit after deducting non-profit was 362 million yuan, a year-on-year increase of 22.5%.
Prosperity, balanced distribution of customers in the financial industry. From the perspective of splitting the revenue structure of Yuxin, the revenue of software development business in 21 years was 2.86 billion yuan, a year-on-year increase of 28%; The revenue from system integration was 700 million yuan, a year-on-year increase of 17%; The innovative business was 164 million yuan, a year-on-year increase of 46%. Financial soft services and innovation business are the important driving force for the company’s high growth. The company’s software development and service revenue from large state-owned banks increased by 33.42%, while the software development and service revenue of joint-stock banks increased by 28.35% over the previous year. In 2021, benefiting from the acceleration of financial information innovation and bank digital reform, bank IT manufacturers had full demand for orders, and the revenue side got out of the trough of the epidemic and achieved rapid growth.
Under the rapid expansion, the cost control is excellent. The main pressure of bank IT manufacturers in 2021 lies in the fierce competition for talents and the rise of labor costs. Yuxin has 12783 personnel in 21 years, with a year-on-year increase of 15%, and the gross profit margin of software development business is 37.8%, with a year-on-year decrease of 2.4pct. We can see the impact of 2021. In 2021, there were 1324 R & D personnel, accounting for 11%, with a total R & D investment of 435 million yuan, a year-on-year increase of 39%. The company has well controlled the pressure brought by the rise of personnel costs and kept the deduction of Non Profits matching the growth rate of income.
The growth rate of innovative business reached 46%, and the business volume reached 164 million yuan. In terms of innovative business performance in 2021, the retail financial ecological platform: a foreign bank and a large state-owned bank have been added, and two new customers have been successfully launched and started business trial operation; Digital credit: the company will further expand to Inclusive Finance and has signed contracts with three urban commercial banks; In terms of digital marketing operation, three new bank customers were signed, and one customer was successfully launched and started business trial operation; Financial cloud services signed two new consumer finance companies and two insurance companies.
Xinchuang leads the way to welcome the golden age of financial technology. Under the dual catalysis of localization and digitization led by Xinchuang, the financial industry continues to maintain it investment with a compound growth rate of more than 15% for 15-20 years according to IDC data. Under the guidance of financial Xinchuang in 2022, the investment of banks in domestic IT field is expected to further accelerate. Bank it has experienced the test of rising personnel costs and complex delivery of large banks in 21 years. 2022 is expected to usher in the dual catalysis of continuous order boom and slowing cost growth, and the profit elasticity is worth looking forward to. At the end of the 21st year, the company’s contract liabilities were 668 million yuan, a year-on-year increase of 69%, and orders continued to be full.
Investment suggestion: it is estimated that the net profit attributable to the parent company in 22-24 years is 549 million yuan, 696 million yuan and 870 million yuan respectively, with a year-on-year growth rate of 39%, 27% and 25% respectively. The current market value corresponds to 24 / 19 / 15 times of PE in 22-24 years. Yuxin is a leading bank IT enterprise. Meanwhile, the innovative business with high gross profit is growing. Under the catalysis of financial Xinchuang, bank IT manufacturers are expected to fully benefit, so they maintain the “recommended” rating.
Risk warning: the promotion of financial information innovation is not as expected; The landing of innovative business is less than expected; The intensification of industry competition leads to the continuous increase of labor cost
