\u3000\u30 Guangdong Tengen Industrial Group Co.Ltd(003003) 78 Digiwin Software Co.Ltd(300378) )
Event:
In the 21st century, the company realized an operating revenue of 1.788 billion yuan, a year-on-year increase of 19.52%; The net profit attributable to the parent company was 112 million, a year-on-year decrease of 7.58%.
The Chinese mainland is growing at a faster rate than expected.
The 21 business income increased by 19.52% over the same period, with the growth rate of 37.03% in mainland China and 7.1% in the Chinese mainland. Net profit attributable to parent decreased by 7.58% year-on-year. The total amortization amount of equity incentive expenses of the company in 21 years was 54 million yuan. After excluding the impact of the above equity incentive, the net profit attributable to the parent company was 166 million yuan, a year-on-year increase of 36.65%. Gross margin, gross margin decreased by 0.05 percentage points, of which 1.17 of the sales of hardware and software purchased outside the country were increased by 1.17 percentage points, and technical services decreased by 1.77 percentage points. From the regional perspective, the mainland region has increased 2.67 percentage points, and the external area of the Chinese mainland has decreased by 2.57 percentage points. In terms of expense rate, the sales expense rate, management expense rate, R & D expense rate and financial expense rate increased by 0.17/0.19/0.18/0.04 percentage points respectively. We believe that the revenue growth of Chinese mainland is faster, which shows that customers are constantly recognizing the company's products and expect to maintain sustained growth in the future.
Intelligent manufacturing is growing rapidly and advantageous industries are expanding
In 21 years, the company's intelligent manufacturing business revenue was 293 million yuan, with a year-on-year increase of 27.39%, accounting for 16.39% of the revenue; Among them, the intelligent manufacturing business in the mainland increased by 51% year-on-year. Through industry mom, the company meets the needs of subdivided industries, strengthens the integration of new technologies and application scenarios, and improves product solutions. The manufacturing field of the company focuses on mechanical equipment manufacturing, semiconductor, automobile industry, electronics, printing and packaging, brand distribution and other industries. We believe that with the continuous focus of the company's industry advantages, core business scenarios and the continuous expansion of new industries, and the continuous release of the company's standardized group price, intelligent manufacturing will continue to grow at a high speed.
Actively promote cooperation with Foxconn Industrial Internet Co.Ltd(601138) to build a global lighthouse factory
The company actively promotes the strategic cooperation with Foxconn Industrial Internet Co.Ltd(601138) , takes its own technology platform as the base, integrates Foxconn Industrial Internet Co.Ltd(601138) ot data acquisition and edge computing technology, and works together to build a lighthouse factory for leading customers in subdivided industries. The CITIC daika project jointly constructed by the two sides successfully passed the global lighthouse factory certification of Davos Economic Forum in 2021. We believe that the construction of the lighthouse factory project will help the company summarize the digital transformation path of industry leading customers, further empower other large, medium and small customers and realize the continuous expansion of customers.
Investment suggestion: according to the progress of the company's cooperation with Foxconn Industrial Internet Co.Ltd(601138) and the expansion rhythm of intelligent manufacturing, we adjusted the profit forecast for 22-23 years, adjusted the revenue from 2.15/2.517 billion to 2.146/2.596 billion, and adjusted the net profit from 2.16/2.94 to 197250 million, maintaining the "buy" rating.
Risk warning: Foxconn Industrial Internet Co.Ltd(601138) synergy is less than expected, business promotion is less than expected, the risk of the epidemic impacting customer demand, and the risk of deterioration of market competition pattern
