\u3000\u3 Guocheng Mining Co.Ltd(000688) 369 Beijing Seeyon Internet Software Corp(688369) )
Adhere to the development strategy of "platform + ecology" and maintain the "buy" rating
We are optimistic about the long-term development of the company. The net profit attributable to the parent company from 2022 to 2023 is predicted to be 181 million yuan and 235 million yuan, and the new forecast for 2024 is predicted to be 299million yuan, with EPS of 235, 306 and 3.89 yuan / share. The current share price corresponds to 21.8, 16.7 and 13.1 times of PE from 2022 to 2024, maintaining the "buy" rating.
The performance is in line with expectations, and the operating results of head customers are remarkable
(1) in 2021, the company achieved an operating revenue of 1.031 billion yuan, with a year-on-year increase of 35.10%. The rapid growth of revenue is mainly due to the digital transformation and upgrading of enterprises and the rapid growth of demand for information innovation. A6 and G6 product lines increased by 33.09% and 67.45% respectively year-on-year. It is noteworthy that the operating results of the company's head customers are remarkable. The project revenue of more than one million contracts is 217439300 yuan, a year-on-year increase of 74.51%; The business of Xinchuang achieved substantial growth, and the business income of Xinchuang was 120 million yuan, a year-on-year increase of 149.49%; The cloud transformation strategy was gradually promoted, and the cloud business revenue was 105 million yuan, a year-on-year increase of 123.16%. (2) The net profit attributable to the parent company was 129 million yuan, a year-on-year increase of 19.69%. The gross profit margin of the company's sales was 72.29%, a year-on-year decrease of 4.77 percentage points. We judge that it is mainly due to the increase of customized demand of head customers and the increase of information innovation projects with integrated content. Meanwhile, the company's R & D investment was 181 million yuan, a year-on-year increase of 51.38%, accounting for 17.56% of operating revenue, a year-on-year increase of 1.89 percentage points.
The business of Xinchuang made a breakthrough, and the contract growth doubled
Focusing on key industries such as the party and government, finance, energy and tobacco, the company has carried out the layout of information and innovation, completed the adaptation, upgrading and transformation of information and innovation products, and built a government enterprise collaborative office platform with information and innovation as the core. Among the newly signed direct selling contracts, the contract amount of Xinchuang was RMB 229 million, a year-on-year increase of 103.37%, of which the contract amount of government Xinchuang was RMB 1374086 million, a year-on-year increase of 37.23%; The contract amount of Xinchuang in the industry was 917299 million yuan, a year-on-year increase of 631.41%.
The new generation of collaborative operation platform V8 has entered the customer verification period, realizing the transition from platform to ecology
The company's new generation collaborative technology platform V8 has completed the overall infrastructure and platform capacity-building and entered the customer verification period. From the original standardized products of V5 collaboration platform to the comprehensive "cloud" of the main business and services of the new generation collaboration platform V8, the company's collaborative operation mode is realizing the leap forward development from platform to ecological mode.
Risk warning: market competition intensifies; The promotion of new products was less than expected.
