\u3000\u30003 Fujian Zhangzhou Development Co.Ltd(000753) 00075)
On April 7, 2022, the company released the performance express of 2021 and the performance forecast of the first quarter of 2022. In 2021, the net profit attributable to the parent company was 207 million yuan, with a year-on-year increase of 30%; In the first quarter of 2022, the net profit attributable to the parent company was 35-40 million yuan, an increase of 32% - 50% over the same period of 21 years.
The optimization of profit margin in 2021 led to high performance growth, and the performance in 2022q1 maintained rapid growth. 1) 2021: the company actively explored the market, continued to optimize the business structure, and increased the proportion of software related businesses. According to the calculation of the company's performance express, the net interest rate of the company in 2021 was 14%, about 3 percentage points higher than that in 2020. In 2021, the company's operating profit, total profit and net profit attributable to the parent company increased by more than 30% year-on-year. 2) 2022q1: the growth range of net profit attributable to the parent company is 32-50%, and the growth range of net profit excluding non attributable to the parent company is 31-50%. The company's orders in the fields of digital industry, industrial digitization, digital governance, data element resource application and so on have achieved rapid growth, and digital economy related businesses have become an important engine for the company's development. Meanwhile, according to the announcement, the company will advance part of the performance bonus paid in the third quarter of previous years to the first quarter this year. After deducting the impact of performance bonus, the year-on-year increase of net profit attributable to the parent company in 2022q1 is about 60% - 80%.
The development of digital economy is the general trend, and the construction of "one network unified management" and digital governance under the catalysis of policies is beneficial to the company. 1) The construction prospect of "one network unified management" under the catalysis of policy is expected. On March 28, 2022, the Ministry of housing and urban rural development issued the notice on comprehensively accelerating the construction of urban operation management service platform, proposing that "by the end of 2023, all provinces and autonomous regions will build provincial-level urban transportation management service platforms, and cities above the prefecture level will basically build urban transportation management service platforms. By the end of 2025, the system and mechanism of" one network unified management "of urban operation management will be basically improved, and the urban operation efficiency and risk prevention and control ability will be significantly enhanced, The level of scientific, refined and intelligent urban governance has been greatly improved. "One network unified management" and "grid management" are expected to become the focus of digital economy construction. The company has been deeply cultivated in the industry for many years, has a leading position, and is expected to fully benefit from the promotion of policies. 2) With "data governance", the long-term prospect of L4 intelligent grid vehicle is expected. The L4 intelligent grid car of the company loads various data acquisition equipment, collects data in multiple scenes, calculates relevant data through edge computing capacity, and transmits the results to the command center, which has potential in improving the efficiency of urban data governance. The promotion of related businesses is also expected to bring about the transformation of the company's business model, with SaaS transformation potential, and help continuously optimize labor costs.
Investment suggestion: under the general trend of digital economy construction, as a leading enterprise of smart city, the company is expected to benefit from the promotion of "one network unified management", "grid management" and other construction; At the same time, the company has made efforts to "L4 driverless + operation", improve the urban data governance ability, and gradually promote the transformation of its own business model. It is estimated that the company's EPS from 2021 to 2023 will be 0.42/0.57/0.72 yuan, and the corresponding PE will be 48x, 35x and 28x. Considering the market position of the company in the smart city field, Iflytek Co.Ltd(002230) , Wonders Information Co.Ltd(300168) are selected as comparable companies. The average PE of relevant comparable companies in 2022 is 42x. Considering the advantages of the company in the fields of "one network unified management" and the long-term prospect in the field of L4 intelligent grid vehicle, the "recommended" rating is maintained.
Risk warning: the promotion of new technology is not as expected, and the impact of the epidemic is uncertain; Industry competition intensifies.
