Securities code: Pansoft Company Limitid(300996) securities abbreviation: Pansoft Company Limitid(300996) No.: 2022006
□ specific object research ■ analyst meeting
Investor relations □ media interview □ performance briefing
Activity category □ press conference □ Roadshow
□ site visit □ others
The names of participating units and specific participating units and personnel are shown in the annex.
personnel
Time: 10:00-11:00 on March 31, 2022 20:00-21:00
Location: company conference room (teleconference), block B, Qilu Software Park, high tech Zone, Jinan
Secretary of the board of directors Li Yandong
Nie Yutao, financial director of listed company
Personnel to be: securities affairs representative Zhang Qingchao
Wu Chen, senior manager of investment and customs
This teleconference includes two links: introduction to the company's business situation in 2021 and Q & A exchange. The meeting contents are recorded as follows:
1、 About the company's operation in 2021
A: in 2021, the company will continue to develop large group enterprise customers, improve the industrial layout and investor relations, expand business areas and business scope, and strive to realize the continuous and stable growth of the main inward scale and profit contribution of revenue activities from large group customers; Continue to expand businesses in advantageous fields, improve the degree of production capacity and commercialization, strengthen the construction of sales capacity, adopt differentiated strategies to expand more group enterprise customers, broaden income channels, expand the income scale of advantageous businesses, and promote the transformation of customers in advantageous fields into long-term strategic cooperation customers. Market development, business quality and business results have been significantly improved.
In 2021, the company achieved an operating revenue of 582 million yuan, an increase of 37.86% over the same period of last year; The gross profit margin was 46.42%, an increase of 3.06 percentage points over the same period last year; Realize belonging to parent
The net profit of the company was 139 million yuan, an increase of 66.18% over the same period last year. Realized the synchronous growth of income scale and operating performance.
According to the analysis of customer structure, the revenue is relatively concentrated, mainly from the top five customers. From 2018 to 2021, the total revenue of the top five customers was 220 million, 280 million, 310 million and 440 million respectively; The proportion of income is 75%, 76%, 73% and 76% respectively; The revenue from the top five customers doubled and the proportion remained basically stable. The company has made full use of the cyclical, long-term and sustainable characteristics of information construction of large group enterprises to realize the stable and sustainable growth of business.
Revenue is analyzed by business type. Customized software accounts for a large proportion of revenue and is the company's main business. From 2018 to 2021, the total revenue from customized software was 160 million, 240 million, 290 million and 380 million respectively, accounting for 54%, 67%, 69% and 65% respectively. The revenue from customized software increased by 1.4 times, and the proportion remained basically stable in recent three years. With the continuous expansion of the company's business scale, the follow-up maintenance business of completed projects is gradually increasing, the operation and maintenance revenue is increasing, and the proportion is basically stable. The company's revenue from product software accounts for a relatively small proportion. According to the seasonal distribution of revenue, from 2018 to 2021, the fourth quarter revenue of the company was 225 million, 236 million, 280 million and 370 million respectively, accounting for 77%, 64%, 66% and 63% of the operating revenue of the current year. In the fourth quarter, the revenue accounted for a relatively high proportion, but the expenses were evenly distributed on a monthly basis, resulting in less profits in the first half of the year and seasonal fluctuations in the company's performance. The main reason is that the company's main customers are large group enterprises. The information construction of these customers has a long review cycle for project initiation, bidding, contract signing, project acceptance and payment for goods. The second half of the year, especially the fourth quarter, is usually the peak of project acceptance, resulting in seasonal characteristics of business income.
The company's net cash flow from operating activities matched the growth of revenue. From 2018 to 2021, the net cash flow from operating activities was RMB 30 million, RMB 70 million, RMB 90 million and RMB 160 million respectively, which achieved synchronous growth with profits and good matching.
Gross margin analysis. In 2021, the company's gross profit margin was 46.42%, achieving steady improvement. The main reasons are as follows: first, the company's business is more focused; Second, the competitiveness of products and solutions has been improved, and the premium ability has been improved; Third, relying on the improvement of OSP development platform capability, drive the improvement of development efficiency, delivery efficiency and delivery quality, so as to drive the improvement of human efficiency.
Analysis of R & D expenses. In 2021, the company continued to expand the investment scale and intensity in R & D, and the R & D investment was mainly concentrated in platform R & D and software product R & D.
From 2018 to 2021, R & D investment was 34 million, 39 million, 52 million and 74 million respectively, an increase of 1.18 times. R & D expenses accounted for 11%, 11%, 12% and 12.6% of operating revenue respectively, keeping pace with the growth of operating revenue.
From the results of the company's operation, various indicators such as revenue, profit, payment collection and R & D show an increasing trend.
2、 What impact will the "treasurer system construction" and "world-class financial system construction" issued by SASAC in 2022 have on the company
A: the company's products, programs and services mainly focus on the group's financial control, centralized fund management, financial sharing services, data application services and information system integration. They are highly in line with the relevant requirements of SASAC on the construction of treasurer system, the digital transformation of financial management and the construction of world-class financial system. The relevant spirit and requirements of SASAC play a significant role in promoting and have a large market space.
The company will actively seize the market opportunities and continue to focus on its main business areas. According to the overall requirements put forward by the SASAC, the company will focus on completing the R & D of group financial control related products and ERP products in the construction industry that meet the credit innovation standards and the needs of large group enterprises, so as to form world-class financial system solutions and ERP solutions in the construction industry, so as to optimize product layout and improve competitiveness.
3、 What are the advantages of the company in treasurer construction
A: the company started the treasurer business earlier. So far, many central enterprise customers have accumulated experience and products in the construction of the treasurer system, which has a certain first mover advantage; By benchmarking the requirements of SASAC on central enterprises to strengthen the construction of treasurer system, further improve the treasurer system, greatly improve the product maturity, applicability and competitiveness, and have certain product advantages and delivery advantages.
4、 The reasons for the good cash flow of the company in recent years
A: there are two main reasons. First, most of the company's customers are central enterprises, local state-owned enterprises and industry leading enterprises, with high performance ability and credit; Second, the company's business strategy meets the long-term cooperation needs of large group enterprise customers, attaches great importance to long-term, continuous and stable cooperation with customers, has established long-term cooperative relations, and has strong project implementation and delivery ability,
Customer satisfaction is high, which provides a basic guarantee for normal payment collection. Strong customer performance ability, strong delivery ability and high service satisfaction ensure the company's good cash flow.
5、 The company's general plan for personnel growth in 2022
A: there will be a rapid increase in personnel in 2022, and the growth rate is expected to be the same as that in 2021. 6、 The company's development direction in digital construction business in the next few years
A: the company attaches great importance to the expansion of business in the construction industry. The company has set up a holding subsidiary for the construction industry, pooled advantageous resources, comprehensively launched the research and development of digital construction products, and actively expanded the industrial Internet business in the construction industry such as smart construction site, digital construction and Internet of things. The company is continuously increasing R & D investment and striving for a breakthrough in the production field of the construction industry.
7、 Are the orders of the company in the first quarter of 2022 affected by the epidemic?
A: the epidemic has little impact on the company's business.
Annex list specific names of participating units and personnel (if any)
Date: March 31, 2022
1 Dongxing Securities Corporation Limited(601198) Research Institute sun Yeliang
2 Zhongtai Securities Co.Ltd(600918) Institute Wen Xuechen
3. He Bingyu of Zhongtai Securities Co.Ltd(600918) Research Institute
4 Zhongtai Securities Co.Ltd(600918) Research Institute Liu Yizhe
5 Beijing Yongjin Chunsheng investment season security
6 Shanghai harmony Huiyi Asset Management Co., Ltd
7 South Fund Zhong Yu
8 China Post life insurance Zhu Zhanyu
9 Mingda assets Li Tao
10 Shanghai Yingshui investment Linxin
11 CITIC asset management Liu Wei
12 south fund an Yongping
13 functional capital Jiang Dan
14 Shandong Lushang private equity fund Guo Jia
15 Tianhong fund Zhou Kaining
16 Lubao asset management company Tian Xiaoxi
17 Beijing Jiya Investment Management Co., Ltd. Zhu Zhe
18 Huaxi Securities Co.Ltd(002926) (self operated) MA Xingchuan
19 Guoyuan Securities Company Limited(000728) Geng Junjun
20 Liu Zhe of Beijing Hezheng Pratt & Whitney Investment Management Co., Ltd
21 Guoyuan Securities Company Limited(000728) Chang Yuting
Guozihua life insurance 22
23 Tibet Yuancheng Investment Management Co., Ltd. Hu Yanan
24 Golden Eagle Fund Du Hao
25 Xinhua fund Wang Hao
26 fan Xiaohui of Beijing Heju Investment Management Co., Ltd
27 Li Peilin of AVIC Nanshan equity investment fund management (Shenzhen) Co., Ltd
28 Li Guangdao of Fulida asset management (Zhuhai) Co., Ltd
29 individual investor Huang Xiaofen
30 individual investors Chris Terry
31 individual investor Yang Liping
