\u3000\u30 Chongqing Baiya Sanitary Products Co.Ltd(003006) 88 Dark Horse Technology Group Co.Ltd(300688) )
Dark Horse Technology Group Co.Ltd(300688) disclosed the performance forecast for the first quarter of 22 years. It is estimated that 22q1 will achieve a revenue of 92 million yuan – 100 million yuan, with a year-on-year increase of 214% – 241%; The net profit attributable to the parent company is expected to be – 20 million to – 19 million yuan, with a profit of 4.6202 million yuan in the same period last year; The net profit attributable to the parent company after deducting non profits was – 2062 to – 19.62 million yuan, with a profit of 4.5538 million yuan in the same period last year.
The strategic upgrading achieved phased results. The SaaS of enterprises and services driven the high growth of 22q1 revenue. The epidemic affected some offline deliveries, but laid a follow-up foundation for the growth of contract liabilities.
With the development direction of “business enterprise service and Enterprise Service SaaS”, the company’s strategic upgrading drives the substantial growth of the company’s operating revenue. The revenue contribution mainly comes from the intellectual property services, SaaS mode services, fiscal and tax consulting services and other enterprise service businesses invested in construction in 21 years.
However, due to the impact of the epidemic, the offline delivery schedule of some projects of the company’s enterprises accelerating and urban business expansion has not been carried out as scheduled. By the end of 22q1, the company’s stock business (contract liabilities) to be delivered had increased by more than 50% over the same period of last year. At the end of 21q1, the company’s contract liabilities were 74.05 million yuan and more than 110 million yuan in 22q1, laying the foundation for subsequent income growth.
The delivery of offline business is deferred, the superimposed expenses increase, the short-term profit margin is affected, and the follow-up is expected to rebound.
The company’s 22q1 was in a net loss state, mainly due to the deferred delivery of some offline businesses and the sharp increase of operating costs and period expenses. The increase in expenses was mainly due to the fact that the company’s enterprise service and finance and taxation business teams were in the early stage of construction in the same period of last year. In view of the impact of epidemic factors, the offline delivery of relevant projects of the company will be deferred in subsequent quarters to reasonably control project risks and continuously promote the improvement of net profit.
National policies continue to encourage “specialization and innovation”, and industrial development ushers in a dividend period.
“Specialization and innovation” is a new opportunity for the development of small and medium-sized enterprises in 2022. This year’s government work report mentioned that efforts should be made to cultivate “specialized and special new” enterprises, and strong support should be given in terms of funds, talents and incubation platform construction. The Ministry of industry and information technology strives to incubate 1 million innovative small and medium-sized enterprises through “mass entrepreneurship and innovation” of small and medium-sized enterprises, cultivate 100000 provincial “specialized and special new” small and medium-sized enterprises, 10000 “specialized and special new” small giant enterprises and 1000 single champions in manufacturing industry by 2025. In March 22, the company, together with Xinhuanetco.Ltd(603888) and other state-level media, and with scientific research institutes, industry leaders, investment institutions, securities companies, etc., launched the dark horse competition to find specialized and new stars of the future.
Investment suggestions: Dark Horse Technology Group Co.Ltd(300688) is the service leader of small and medium-sized enterprises with characteristics of a shares. The enterprise acceleration service has strong brand support and rich customer resources. The new enterprise service improves the depth of the company’s business. The promotion of SaaS mode opens up the imagination space of scale and efficiency for the company. In terms of policies, the State encourages small and medium-sized enterprises, especially specialized and new enterprises, and relevant industries are expected to usher in a development dividend period. We expect the net profit attributable to the parent company from 2022 to 2024 to be 49.97 million yuan / 86.6 million yuan / 122 million yuan respectively, with a year-on-year growth rate of 337.4% / 73.3% / 40.5% respectively; Maintain the “buy” rating.
Risk warning: macroeconomic fluctuation risk; Policy impact risk; Market competition intensifies risks; The progress of new business promotion and SaaS upgrading did not meet expectations; Epidemic impact; The performance forecast is the preliminary calculation result, and the specific financial data shall be subject to the company’s disclosure announcement.
