\u3000\u3 China Vanke Co.Ltd(000002) 230 Iflytek Co.Ltd(002230) )
1. The company announced the operation of 2021 and 2022q1, and the performance of Q1 continued to increase
The company issued a voluntary information disclosure announcement on actively responding to the general concerns of investors: 1) in 2021, the company achieved a revenue of 18.314 billion yuan, a year-on-year increase of 40.61%; The net profit attributable to the parent company was 1.556 billion yuan, a year-on-year increase of 14.13%; The net profit deducted from non parent company was 979 million yuan, with a year-on-year increase of 27.54%. The company increased investment and personnel reserve for the future. In 2021, the R & D cost was 2.839 billion yuan, a year-on-year increase of 28.43%; The sales expense was 2.686 billion yuan, a year-on-year increase of 28.9%; Increase the personnel reserve by 3301. 2) 2022q1: the company achieved a revenue of 3.506 billion yuan, a year-on-year increase of 40.18%; The net profit attributable to the parent company was 110 million yuan, a year-on-year decrease of – 21.34%; The net profit deducted from non parent company was 145 million yuan, with a year-on-year increase of 36.71%. The year-on-year decline in the company’s net profit attributable to the parent company is mainly due to the recognized profit and loss of – 154 million yuan due to changes in fair value caused by stock price fluctuations, such as Cambricon Technologies Corporation Limited(688256) , Three’S Company Media Group Co.Ltd(605168) and Three’S Company Media Group Co.Ltd(605168) .
2. The application scale of “base business” continues to expand, and the education business continues to develop
In 2021, the company’s “base business” took root and entered the harvest period of development. The scale of landing applications continued to expand, accounting for more than 50% of the total revenue. In 2021, the solution of teaching students according to their aptitude in the company’s education business will increase the overall coverage of 20 urban areas (counties) across the country, and the income will increase by 48%; The number of charging schools for personalized learning manuals increased by 50%, the scale of users increased by 40% year-on-year, the revenue increased by 63% year-on-year, and the renewal rate increased from 75% to 90%; The English listening and speaking test has covered the national college entrance examination in 14 provinces and cities and the secondary school entrance examination in 87 prefectures and cities, with a 45% increase in revenue; IFLYTEK learning machine C-terminal sales increased by 150%. In 2021, intelligent medical assistants in the company’s medical business have covered 280 counties and districts across the country, providing 770000 diagnoses per day, 170000 valuable revised diagnoses per year, and the daily visits of family doctor assistants have increased by 100%; Gmv of consumer business increased by 152%, and 7 million vehicles were installed in front of smart car business. In 2021, there were 40 + cooperative car enterprises, 1100 + models, 200 new cooperative models, and the fixed-point reserve increased by 90%.
3. Reaffirm the revenue target of 100 billion at the end of the 14th five year plan and be optimistic about the company’s sustainable growth ability
Liu Qingfeng, chairman of the company, revisited the development goal of one billion users and one hundred billion income during the “14th five year plan” at the annual cloud meeting on January 29 to drive one trillion ecology. According to the company’s announcement, the company’s revenue target of 100 billion is mainly composed of 30 billion for Education (including 10 billion for regional individualized teaching solutions, 5 billion for personalized learning manuals, 5 billion for examinations and language learning and 10 billion for learning machines), 20 billion for medical care and elderly care (including 5 / 5 / 10 billion for g / B / C-end revenue respectively), 20 billion for open platform + C-end hardware, and 10 billion for automobile business, operators and smart city, Among them, the endogenous growth of the company’s business accounts for 80%, that is, 80 billion, and the C-end revenue accounts for 60% – 65%. At the 2021 annual cloud conference, the company launched iFLYTEK Super Brain 2030 plan to plan and guide the company’s medium and long-term technology and product development route. Its core purpose is to use artificial intelligence to solve major propositions of the future society, solve rigid needs, and let Siasun Robot&Automation Co.Ltd(300024) enter every family. We believe that as a company with AI core technology, the company has built a mature product ecosystem widely used in education, medical and other scenarios, and has complex systematic innovation based on AI technology + data + scenario application. We are optimistic about the company’s sustainable growth ability.
Profit forecast and investment suggestions: according to the company’s announcement, we adjusted the profit forecast. We adjusted the net profit of the company from RMB 1.802/2.408/3.212 billion to RMB 1.556/2.065/2.832 billion from 2021 to 2023, corresponding to 63.32/47.72/34.80 times of the current market value PE respectively, maintaining the “buy” rating.
Risk warning: the company’s business development is not as expected; Intensified market competition; The company’s performance is lower than expected; There may be differences between the operating data of the first quarter of 21 and 22 and the data finally disclosed in the periodic report.
