\u3000\u30 Zhongyan Technology Co.Ltd(003001) 30 Xgd Inc(300130) )
The world's leading digital payment technology company, with two wheel drive for acquiring business and payment terminal. 1) Xgd Inc(300130) was founded in 2001. It is mainly engaged in the production, R & D, sales and leasing of software and hardware of electronic payment acceptance terminal equipment mainly based on financial POS machine. Taking this as the carrier, it provides customers with comprehensive solutions of electronic payment technology. 2) In 2021, the company's revenue from receipts and value-added services reached 2.372 billion yuan, a year-on-year increase of 44.71%, and the gross profit margin was 17.58%, a decrease of 6.36 percentage points over the same period. Through the service system of "payment + operation", Jialian payment takes payment as the entrance and fully integrates into the business scenarios of merchants. According to the characteristics of different industries, Jialian payment provides customers with a variety of value-added services and industry solutions such as member management, intelligent marketing, financial technology and so on in SaaS mode. In 2021, Jialian payment accumulated about 1.97 trillion yuan of transaction flow, an increase of 61.48% over the same period of last year. In recent three years, the compound annual growth rate of transaction flow reached 35.22%, and the scale of transaction flow increased rapidly. In addition, in 2021, Jialian payment continued to increase its investment in market channels and merchant subsidies. Since the amount of this subsidy is included in the cost at one time, its business gross profit margin shows a year-on-year decline in the short term. 3) Meanwhile, the revenue of electronic payment products reached 897 million yuan, a year-on-year increase of 16.46%, and the gross profit margin was 26.15%, an increase of 0.10 percentage points over the same period. In 2021, Xgd Inc(300130) formed a strategic cooperative relationship with customers in Africa, Europe and South America. At the same time, the product R & D team combined with overseas localization needs to develop specialized products, which was recognized by overseas customers. The revenue of the company's electronic payment equipment business in overseas markets increased by 88.30% year-on-year, and the shipment volume increased by 96.82% year-on-year. The performance increased significantly and maintained a good level of gross profit margin. In the Chinese market, in 2021, Xgd Inc(300130) payment successfully won the bid for many electronic payment equipment procurement projects of important customers such as China Construction Bank Corporation(601939) , postal savings bank of China, China Everbright Bank Company Limited Co.Ltd(601818) and so on. In addition, the tight supply of core materials in the upstream supply chain and the fluctuation of US dollar exchange rate have a certain impact on the gross profit margin of electronic payment terminal business. 4) In terms of profit, the company realized a net profit attributable to the parent company of 201 million yuan in 2021, with a year-on-year increase of 131.98%, of which the non recurring profit and loss was 84 million yuan, mainly due to the addition and deduction of value-added tax.
The promotion of digital RMB continues to accelerate, and a number of businesses are strategically located. 1) From the perspective of all countries, if a country's digital currency is successfully launched, or the entire international monetary system can be reconstructed, it will have a significant impact on the global financial system and macro-economy. Under the situation of big country competition, the promotion process of digital RMB is expected to continue to accelerate. 2) According to the 2021 annual report, the company actively promotes cooperation with banking institutions in the field of digital RMB operation activities and technical services. At present, we have completed the preliminary technical joint commissioning system test of some institutions, and cooperated with banking institutions to further assist the merchant terminal transformation, dual offline pilot transformation, scene landing and other promotion services, which have been applied in Winter Olympics and other scenes. At the same time, the company actively carries out the product development of digital RMB "Hard Wallet", and has completed the product design and technology development. In the future, the company will also follow the development of the industry and continue to explore new business models under the digital RMB ecosystem.
For the first time, give a "buy" rating. According to the key business assumptions and the annual report of 2021, the profit forecast is made. It is estimated that the operating revenue from 2022 to 2024 will be 4.682 billion yuan, 5.888 billion yuan and 7.199 billion yuan respectively, and the net profit attributable to the parent company will be 316 million yuan, 476 million yuan and 666 million yuan respectively. For the first time, give a "buy" rating.
Risk warning: the regulatory environment affects the business progress; The epidemic affected the offline economy.
