\u3000\u30 Jinzai Food Group Co.Ltd(003000) 65 Beijing Highlander Digital Technology Co.Ltd(300065) )
Event:
The company issued the 2021 annual report after the closing on April 11, 2022.
Comments:
The operating revenue increased by 3.61% year-on-year, and the net profit attributable to the parent company was affected by the provision of convertible bond interest. In 2021, the company overcame the adverse impact of the normalization of the epidemic and promoted its business from the aspects of R & D, market and service. The newly signed orders increased year-on-year, and the orders of intelligent navigation business increased greatly. The company achieved an operating revenue of 902 million yuan, a year-on-year increase of 3.61%; The accrued interest of the parent company was RMB 4.402 million, which was mainly due to the decrease of the accrued interest of the parent company and the net interest of the bonds. Excluding the impact of interest accrual of convertible bonds, the net profit attributable to the parent company increased significantly compared with 2020. In terms of business, the revenue of intelligent ship and intelligent navigation was 468 million yuan, a year-on-year increase of 11.67%; The revenue from ocean observation and exploration was 358 million yuan, a year-on-year decrease of 12.63%; The revenue from other businesses was 76 million yuan, an increase of 81.96% year-on-year.
Actively carry out R & D activities around the main business. UDC has completed the second phase of prototype testing. The company continues to invest in scientific research. In 2021, the R & D investment is 123 million yuan, with a year-on-year increase of 40.01%. The R & D activities are mainly carried out in the fields of microwave navigation radar equipment and shore based radar system, intelligent navigation, ocean observation and detection equipment, UDC and so on. In 2021, UDC completed the second phase of prototype test. The evaluation report shows that in terms of energy consumption, the prototype has a pue value as low as 1.076; In terms of environmental impact, obtain environmental friendly assessment; In terms of network performance, it can carry the highest level services. In addition, the submarine data center test outline formed by China Classification Society (CCS) for UDC has become a reference for the implementation of offshore operation and underwater test of underwater data center equipment. At the same time, the company continues to promote the development of two industry standards and one group standard in the field of underwater data center. In terms of submarine observation network, the company has successfully realized the domestic development of submarine observation network equipment such as submarine connection box, instrument platform and scientific instrument interface module.
Sign service procurement contracts with atlas, and the business is expected to expand to more countries and regions. The company will issue the announcement on signing service procurement contracts for subsea data center after the closing on March 28, 2022, Shenzhen Hailan Cloud Data Center Technology Co., Ltd., the holding subsidiary of the company, and Singapore company atlastechnology management PTE. Ltd. signed the first submarine data center service procurement contract in the overseas market through online electronic signature on March 28, 2022. Atlas purchased the server service of a data warehouse of the submarine data center from Hailan cloud, with a service period of 5 years, The total service fee is 29.45 million yuan (excluding servers). The signing of this service procurement contract indicates the successful construction of the business model of overseas customers of the company’s subsea data center business, which has been expanded to Singapore companies and will expand to more countries and regions in the future.
Profit forecast and investment suggestions
The company focuses on the field of ocean observation and intelligent navigation. In recent years, it has increased its layout in the field of seabed IDC, which is expected to open a new growth space. It is predicted that the operating revenue of the company from 2022 to 2024 will be 1.430, 2.183 and 2.604 billion yuan, the net profit attributable to the parent company will be 166, 322 and 424 million yuan, the EPS will be 0.26, 0.51 and 0.67 yuan / share, and the corresponding PE will be 51.84, 26.66 and 20.22 times. In recent years, the company has actively expanded new business, with more investment and low net profit margin. It is more appropriate to adopt PS valuation method. In the past three years, the company’s PSTTM has mainly operated between 4-14 times, maintaining the company’s target PS of 10 times in 2022, with the corresponding target price of 22.56 yuan. Maintain the “buy” rating.
Risk tips
Covid-19 recurrent pneumonia; The business expansion of seabed IDC is not as expected; Goodwill impairment, etc.
