\u3000\u3 Guocheng Mining Co.Ltd(000688) 369 Beijing Seeyon Internet Software Corp(688369) )
Event: on April 12, 2022, the company released its annual report for 2021, realizing a revenue of 1.031 billion yuan, a year-on-year increase of 35.1%; The net profit attributable to the parent company was 129 million yuan, a year-on-year increase of 19.7%; Net profit deducted from non parent company was 120 million yuan, with a year-on-year increase of 35.9%; Net operating cash flow was 135 million yuan, a year-on-year increase of 8.2%.
Digital government operation and enterprise operation are the core beneficiaries, and the performance growth momentum is sufficient. In 2021, the company seized the market demand opportunity of digital transformation of government and enterprise customers and information innovation, strengthened the construction of head customer operation and delivery system, strengthened regional layout and partner layout, and achieved high growth in operating revenue: 1) from the perspective of main products, the revenue of A8 series software (for medium and large-scale and group enterprise organizations) was 712 million yuan, a year-on-year increase of 33.1%; The revenue of G6 series software (for government organizations and institutions) was 149 million yuan, a year-on-year increase of 67.5%; 2) From the perspective of vertical field, the operating results of head customers were remarkable, with project revenue of 217 million yuan with a contract amount of more than one million yuan, a year-on-year increase of 74.5%; Xinchuang business achieved substantial growth, with a revenue of 119 million yuan, a year-on-year increase of 149.5%; The cloud transformation strategy was gradually promoted, with a revenue of 105 million yuan, a year-on-year increase of 123.2%.
During the 14th Five Year Plan period, the development of digital economy has accelerated, and the demand for digital transformation of various subjects is strong, which is expected to further drive the performance growth of the company. The State Council issued the “14th five year plan” for the development of digital economy, and the promotion of “collaborative office” and other applications has been mentioned many times, with increasing attention; As the most widely used business scenario in enterprise operation, collaborative office ushers in a new development cycle driven by digital demand and policy guidance. Relying on the high-speed development and upgrading of China’s key projects, OA is expected to fully focus on the advantages of China’s high-speed development and upgrading of the industry, and is expected to be a leading enterprise in the key field of digital application.
R & D investment continues to increase, laying a good foundation for further development. In 2021, the company invested 180 million yuan in R & D, with a year-on-year increase of 51.4%, and the R & D expense rate was 17.56%, with a year-on-year increase of 1.9pct. R & D expenses are mainly used for cloud business development and the construction of a new generation of collaborative technology cloud platform V8 to meet the digital transformation needs of large / large group organizations; The company attaches great importance to R & D, with rapid product iteration and guaranteed leadership. In addition, during the reporting period, the company actively expanded its marketing network layout, increased the investment of marketing resources, and continuously optimized its business model.
Profit forecast: benefiting from the digital upgrading of government and enterprises and the rapid growth of the demand for information and innovation, the overall revenue of the company is expected to maintain a high growth, maintain the revenue forecast of the company for 22-23 years of 1.334/1.661 billion yuan, and the new 24-year revenue forecast is 1.990 billion yuan; Maintain the forecast of the company’s net profit attributable to the parent company for 22-23 years of RMB 171 / 228 million, and increase the forecast of net profit attributable to the parent company for 24 years to RMB 279 million; The EPS of 22-24 years is 2.22/2.96/3.62 yuan respectively, and the corresponding PE is 23x / 17x / 14x respectively.
Risk warning: the promotion of Xinchuang is not as expected; Industry competition intensifies.
