Jiayuan Technology (301117)
The company's performance maintained high growth in 2021. In 2021, the company realized a revenue of 317 million yuan (+ 66.27%), a net profit attributable to the parent company of 93 million yuan (+ 75.68%), and a net profit not attributable to the parent company of 89 million yuan (+ 66.50%). Both income and profit levels are close to the upper limit of the prospectus notice. In Q4 alone, the company's revenue was 160 million yuan (+ 72.42%), and the net profit attributable to the parent company was 47 million yuan (+ 75.80%). As of the 21st Annual report period, the amount of revenue corresponding to the performance obligations that have signed contracts but have not yet been performed or completed is about 90 million yuan, of which 89 million yuan will be recognized in 2022.
Medical it leads the growth of informatization, and the security business continues to expand. Information technology business, the company achieved a revenue of 107 million yuan (+ 48.93%), of which medical it grew rapidly, with a revenue of 99 million yuan (+ 672.71%). Government informatization is no longer the focus of the company, with a revenue of 12 million yuan (- 74.96%). The company's informatization business focuses on medical and military it. The revenue of network security business is 205 million yuan (+ 76.23%), and the current customers of this business are military customers.
The gross profit margin increased steadily, and the high growth of inventory verified the high prosperity of the industry. The overall gross profit margin of the company was 53.41%, an increase of 1.36 PCT over 20 years, mainly due to the further increase of the proportion of network security business. Among them, the gross profit margin of informatization is 29.21%, and the gross profit margin of network security business is 66.06%, both of which remain stable. In terms of expense rate, the sales expense rate was 2.08%, the same as last year; The rate of administrative expenses was 4.48%, a year-on-year decrease of 1.06 PCT; The R & D expense ratio was 9.20%, with a year-on-year increase of 1.73 PCT. The company has 177 personnel (+ 31%) in 21 years, including 130 R & D personnel (+ 40%). The company's inventory reached 102 million in 2021, with a year-on-year increase of about 48 million, mainly from the growth of raw materials; The company's downstream military safety products need to be prepared in advance to verify the prosperity of the industry.
Wireless encryption is widely used, and the company continues to increase personnel investment. In the field of security, the company mainly focuses on the design and development of software and hardware related to network information security in wireless communication. At present, the products are mainly used in the field of satellite and airborne. According to the market demand and the development of the company, the company will vigorously carry out the R & D, production and sales of radar, missile borne, shipborne and vehicle borne products in 2022. According to the company's continuous increase in R & D investment and the national promotion of informatization and other businesses, the company continues to increase personnel investment. There are only 16 salespeople in 21 years. The company plans to establish an information sales team of 30-40 people and a network security sales team of 15-20 people within 3 years.
Risk warning: the impact of military safety delivery rhythm; The national expansion of informatization is less than expected; The epidemic situation is repeated.
Investment advice: maintain the "buy" rating. It is estimated that the operating revenue from 2022 to 2024 will be 482 / 718 / 984 million yuan, with growth rates of 52% / 49% / 37% respectively, and the net profit attributable to the parent company will be 153 / 242 / 336 million yuan, corresponding to 28 / 18 / 13 times of the current PE, maintaining the "buy" rating.
