\u3000\u3 Guocheng Mining Co.Ltd(000688) 369 Beijing Seeyon Internet Software Corp(688369) )
The performance in 2021 was in line with expectations, and the revenue and cash flow increased simultaneously
In 2021, the company realized a net profit attributable to the parent company of 120 million yuan, with a year-on-year increase of 20%, mainly due to the sharp decline in financial income caused by the conversion of some financial products into bank time deposits in 2021. If the above effects are not considered, the company realized a net profit attributable to the parent company of 120 million yuan after deduction, with a year-on-year increase of 36%, and the performance growth rate is in line with expectations. In terms of cash flow, the company achieved operating cash collection of 1.022 billion yuan, a year-on-year increase of 30.24%, and the revenue and cash flow increased simultaneously.
The performance of government affairs and information innovation reached a new high, and the cloud transformation strategy was gradually driven
In 2021, the company will seize the market demand opportunities of digital transformation of government and enterprise customers and Xinchuang.
(1) Xinchuang business: the revenue was 120 million yuan, a year-on-year increase of 149.49%. During the reporting period, among the newly signed direct sales 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 137 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 company continued to improve the industrial ecology of Xinchuang and reached strategic cooperation with Lanxin mobile, Qi An Xin Technology Group Inc(688561) , and Kirin software.
(2) cloud business: the revenue was 105 million yuan, with a year-on-year increase of 123.16%. The company actively built a “synergy +” ecosystem, made greater efforts to expand HR cloud services and comprehensively improved the cloud service capacity of digital intelligence human resources. The scale of customers increased by more than 125% and the scale of monthly live users increased by 715%; Further efforts have been made in ecological construction to integrate HR products including Fada, magic college and Hengshi report, fully integrate mobile platforms such as Feishu, nailing and enterprise wechat, and further improve the “collaboration + HR” ecosystem.
The new generation of V8 platform has been verified, and V8 will help develop the key customer market
In 2021, the company invested 181 million yuan in R & D, a year-on-year increase of 51.38%. The proportion of R & D investment in operating revenue was 17.56%, with a year-on-year increase of 1.89 percentage points. The high R & D investment drove the company’s new generation collaborative technology platform V8 to accelerate its landing. At present, V8 has completed the overall infrastructure and platform capacity-building, and a number of large organizations have participated in the prototype verification. In a variety of practical application scenarios, it verifies the requirements analysis, business design, product design and interactive experience, so as to realize the rapid iterative improvement of the platform and products. In 2021, the company’s revenue from projects with a contract value of more than one million yuan was 217 million yuan, with a year-on-year increase of 74.51%. The launch of V8 will help the company further explore the key customer market.
Profit forecast and valuation
In 2021, the revenue and cash flow increased simultaneously, the credit innovation and cloud business accelerated, the new generation V8 platform completed customer verification, and the future growth can be expected. It is estimated that the net profit attributable to the parent company from 2022 to 2024 will be RMB 200 million, RMB 276 million and RMB 378 million respectively; The corresponding EPS is 2.60, 3.58 and 4.90 yuan, maintaining the “buy” rating.
Risk tips
The macro-economy affects the downstream expenditure, the industry competition intensifies, and the expansion of emerging businesses is less than expected.
