\u3000\u30 Beijing Jingyeda Technology Co.Ltd(003005) 31 Urovo Technology Co.Ltd(300531) )
Event: on April 11, 2022, the company released its annual report for 2021, realizing a revenue of 1.417 billion yuan, a year-on-year increase of 22.19%; The net profit attributable to the parent company was 154 million yuan, a year-on-year increase of 28.94%; Net profit deducted from non parent company was 152 million yuan, with a year-on-year increase of 39.14%; The net operating cash flow was 151 million yuan, a year-on-year increase of 20.38%.
All businesses maintained good growth. The company's main products are divided into intelligent data terminal / intelligent payment terminal / special printer / software, development and service and other businesses including accessories sales. The proportion of revenue in 2021 is 45.8% / 8.3% / 34.1% / 1.7% / 10.1% respectively. Specifically, 1) the revenue of intelligent data terminal in 2021 is 650 million yuan, with a year-on-year increase of 17.0%. 2) The revenue of intelligent payment terminals was 120 million yuan, a year-on-year increase of 17.3%. 3) The revenue of special typewriters was 480 million yuan, a year-on-year increase of 26.3%. 4) The revenue of software, development and service business was 24 million yuan, a year-on-year increase of 50.3%. 5) Other business revenue was 140 million yuan, a year-on-year increase of 34.9%.
Under the background of "digital economy", the digital penetration of the industry is accelerated, and the demand for all kinds of intelligent terminals has broad prospects. The company takes IOT intelligent terminal products as the carrier to assist enterprises in intelligent and automatic transformation and upgrading. The industry scene covers logistics express, e-commerce, retail and service, manufacturing, medical and health care, etc. As one of the core downstream, the logistics express industry has developed well. According to the data of the State Post Office, the business volume of national express service enterprises has completed 108.3 billion in 2021, with a year-on-year increase of 29.9%. At the same time, enterprises in the industry have increased investment in information technology construction and gradually transition to technology intensive period. As a core component of industry 4.0, smart logistics benefits from the development of industrial Internet and has broad space for long-term expansion.
The core benefit target of Hongmeng industry is that the demand for tens of millions of terminals is expected to be gradually released in 2022. The mobile terminal Xinchuang started with Hongmeng, and the demand for tens of millions of Hongmeng terminals such as police individual law enforcement, operation of personnel such as power / health / environmental protection / forestry / safety supervision / fishery administration, warehousing and logistics of the party, government and army, and hospital patrol management terminals is waiting to be released. The company actively participated in the open source Hongmeng project, joined the "open atom open source foundation" as a gold donor, became a class B donor of the project group, and participated in the construction of Hongmeng project in the fields of industry application AIDC (automatic identification and data acquisition), IOT, payment and so on. At present, some of the company's intelligent terminal products have been adapted to Hongmeng system, and more upgrading and adaptation work are also being promoted in an all-round way.
Profit forecast: considering that in 2022, affected by the epidemic in major cities such as Shenzhen and Shanghai, the demand and order delivery of some customers will be delayed, and the revenue will decline under the low revenue base of 2022 in 2023, the revenue forecast for 22-23 years will be reduced to RMB 1.7832455 billion (the original value is RMB 1.978 billion and RMB 2.663 billion, with an adjustment range of - 9.9% and - 7.8%), and the new 24-year revenue forecast is RMB 3.288 billion; The forecast of net profit attributable to the parent company for 22-23 years was lowered to 254 / 349 million yuan (the original value was 261 and 354 million yuan, with an adjustment range of - 2.5% and - 1.3%), and the forecast of net profit attributable to the parent company for 24 years was 472 million yuan; The EPS of 22-24 years was 0.77/1.06/1.42 yuan respectively, and the corresponding PE was 20x / 14x / 11x respectively, maintaining the "buy" rating.
Risk warning: market competition intensifies; Covid-19 epidemic situation is repeated; New business expansion was less than expected.
