\u3000\u3 China Vanke Co.Ltd(000002) 439 Venustech Group Inc(002439) )
Event:
The company released its 2021 annual report. In the 21st year, the company achieved a revenue of 4.386 billion yuan, a year-on-year increase of 20.27%; The net profit attributable to the parent company was 862 million yuan, a year-on-year increase of 7.15%; The net profit attributable to the parent company after deduction was 764 million yuan, a year-on-year increase of 8.74%.
Comments:
Overall, we believe that the company’s performance in 2021 is in line with expectations: from the revenue side, the company’s revenue growth rate is in the historical revenue growth range, and the new business strategy is reflected in the adjustment of revenue structure; From the profit side, although the company increased its strategic investment in 2021, the company’s profit performance is still relatively stable.
In combination with the incentive objectives in the equity incentive plan issued by the company in March 2022, if the company achieves the revenue objectives of revenue and net profit in 2022 at the same time (that is, the revenue and net profit will increase by 20% and 25% respectively), without considering the impact of tax, we expect the company to achieve revenue of about 5.3 billion yuan in 2022, net profit attributable to the parent company of about 1 billion yuan, and the corresponding net interest rate of about 17% (mainly due to the increase of share based payment), The corresponding latest PE multiple is about 20 times.
Considering that the layout of emerging businesses has been gradually implemented and fulfilled, and the company’s orders on hand by the end of 21 were 1.218 billion yuan, a year-on-year increase of 24%, of which the company expects 860 million yuan to be confirmed in 22. Looking forward to 2022, we are optimistic about the company’s performance, and believe that the actual growth of the company’s revenue is expected to exceed the incentive target and further improve the profit side.
Investment suggestions:
In combination with the company’s business performance in 2021 and considering the optimistic overall performance outlook of the company in 2022, we adjusted the previous profit forecast. It is estimated that the company’s operating revenue in 20222024 will be 5.409/65.937833 billion yuan (the original forecast of 5.5276737 billion yuan in 20222023), and the net profit attributable to the parent company in 20222024 will be 9.78/12.351454 billion yuan (the original forecast of 1.105/1.391 billion yuan in 20222023), maintaining the “buy” rating.
Risk tips: 1) the landing of urban safety operation center is not as expected; 2) Short term fluctuations in the company’s performance; 3) Industry competition intensifies; 4) Major changes in sector policies, etc
