\u3000\u3 Guocheng Mining Co.Ltd(000688) 588 Linkage Software Co.Ltd(688588) )
Event:
The company released its 2021 annual report, and achieved an annual operating revenue of 653 million yuan, a year-on-year increase of 3.58%; The exchange rate of Japanese yen decreased in 2021. If calculated according to the exchange rate of the same period last year, the company's revenue increased by 11.84% year-on-year. The company realized a net profit attributable to the parent company of 146 million yuan, a year-on-year decrease of 27.28%; The net profit deducted from non parent company was 108 million yuan, a year-on-year decrease of 28.81%, which was also due to the decline of yen exchange rate, which affected the growth rate of apparent performance. If calculated at the yen exchange rate of the same period last year, the exchange loss in 2021 will be reduced by 33 million yuan.
Comments:
Human efficiency was further improved, and the company's cost control advantage was highlighted. In 2021, the company's per capita income reached 374000 yuan, an increase of 6400 yuan compared with 2020; If calculated according to the exchange rate of the same period last year, the per capita income of the company will reach 403700 yuan in 2021. The further improvement of human efficiency benefits from the company's strong project fine management ability, especially the software project management system independently developed by the company can effectively manage the whole process of each project; The prediction accuracy of the project to be undertaken by the company is also high, so that the company can maintain a high personnel utilization rate
Important customers have been further developed. In 2021, the company focused on developing new customers, including Nomura international Orient Securities Company Limited(600958) Co., Ltd., Standard Chartered securities (Hong Kong) Co., Ltd., Ping an asset management and other customers; At present, the company has more than 70 securities customers and more than 10 fund companies and asset management companies in the Chinese market.
New technologies continue to deepen their application. The company has built a core trading system, margin trading system, investment banking business system and wealth management system for many securities companies in Japan, including stock, bond, fund and other brokerage businesses. The company has independently developed a big data real-time processing platform to provide customers with a complete platform solution for precision marketing and investment consulting. In addition, the company has widely used cloud native technology in development and application: for example, it has developed an insurance business platform based on Cloud Architecture, and built a "winning platform" middle platform project with Lexus micro service platform (ldsf) as the technology base.
Considering the sharp fluctuation of yen exchange rate, we will reduce the company's revenue from 946 / 1177 million yuan to 785 / 937 million yuan from 2022 to 2023, and the revenue is expected to be 1.128 billion yuan in 2024; The net profit from 2022 to 2023 will be reduced from 297 / 363 million yuan to 180 / 224 million yuan, and the net profit in 2024 is expected to be 270 million yuan. The current price corresponds to 27.43/22.08/18.35 times PE, maintaining the "buy" rating.
Risk tips: 1) the company holds more than 1% of the issued shares of relevant listed companies; 2) The epidemic continues to affect the financial industry, and the system renewal and replacement process is lower than expected; 3) Exchange gains and losses arising from the sharp fluctuation of yen exchange rate may affect the company's performance
