\u3000\u3 Shengda Resources Co.Ltd(000603) 383 Fujian Apex Software Co.Ltd(603383) )
Revenue grew rapidly and maintained the “buy” rating
The company released its 2021 annual report. In 2021, it realized a net profit of 125 million yuan, a year-on-year increase of 37.07%. The company is a leader in the financial it segment, and its product line continues to expand to open up growth space; A5 Xinchuang edition of the company has realized diversified ecological support for domestic servers, operating systems and persistent databases, and is expected to fully benefit from the localization trend. Considering the impact of investment income, we lowered the profit forecast for 20222023 and added 2024. It is estimated that the net profit attributable to the parent company in 20222024 will be 180, 237 and 312 million yuan (formerly 192 and 250 million yuan), and EPS will be 105, 139 and 182. The current share price corresponds to PE of 24.8, 18.8 and 14.3 times. We are optimistic about the long-term development of the company and maintain the “buy” rating.
Event: the company released the annual report of 2021
In 2021, the company realized a revenue of 503 million yuan, a year-on-year increase of 43.68%; The net profit attributable to the parent company was 137 million yuan, a year-on-year increase of 26.65%; The net profit deducted from non parent company was 125 million yuan, with a year-on-year increase of 37.07%. The company’s main business maintained rapid growth and achieved rapid growth in the securities and futures, trust and fund industries. In 2021, the company’s overall gross profit margin was 69.33%, a year-on-year decrease of 3.51 percentage points, mainly due to the increase in the cost of customized developers; The rates of sales, management and R & D expenses were 9.12%, 13.75% and 24.54% respectively, with a year-on-year decrease of 1.68%, 1.05 and 0.81 percentage points respectively; The net interest rate was 27.32%, down 2.68 percentage points year-on-year.
Expand the product line and open up growth space, which is expected to benefit from the localization trend
The company is a leader in the financial it segment and remains a leader in CRM and operations. A5 Xinchuang edition of the company is the first fully online distributed core trading system with full memory, full business and self-control in the securities industry. It has realized diversified ecological support for domestic servers, operating systems and persistent databases, and is expected to fully benefit from the trend of localization in the future; The company’s independent and controllable middle platform system of live5 smart technology has been put into practice, which has helped the digital transformation of the financial industry. In 2021, the company carried out personnel expansion and equity incentive, which is expected to fully stimulate growth vitality; The company continues to increase R & D investment, continuously expand its product line through mergers and acquisitions, actively increase its layout in the fields of asset management, funds and private placement, and constantly open up growth space. It is expected to fully benefit from the localization trend and enter the accelerated growth period in the future.
Risk warning: product promotion is not as expected; Industry competition intensifies.
