\u3000\u3 Shengda Resources Co.Ltd(000603) 918 Shanghai Golden Bridge Infotech Co.Ltd(603918) )
In 2021, both revenue and non deductible profit increased by more than 10% Shanghai Golden Bridge Infotech Co.Ltd(603918) released the 2021 annual report on the evening of April 12, with annual revenue of 1.122 billion yuan, a year-on-year increase of 11.75%; The net profit attributable to the parent company was 89 million yuan, a year-on-year increase of 0.12%; The net profit after deducting non-profit was 82 million yuan, a year-on-year increase of 12.78%. The performance in 2021 continues to maintain high-quality and stable growth, and the performance is in line with our expectations.
The innovative business continues to grow, and the traditional main business remains stable. Specifically split the businesses of Jinqiao, the traditional business intelligence scene and intelligent building achieved good growth, with a year-on-year growth rate of 12.1% and 10.5% respectively, and the absolute value of revenue was 660 million and 290 million yuan respectively, which still contributed to the stable performance of the company. Jinqiao’s innovative business big data and cloud service platform achieved a revenue of 173 million yuan in 2021, with a year-on-year increase of 14% and a gross profit margin of 52.35%. The innovative business of the company mainly includes self-developed software such as mobile execution and new generation mobile case handling. With the continuous increase of SaaS revenue, the growth and profitability of the innovative business are expected to continue to improve.
Judicial SaaS continued to advance, with an annual income of 38.08 million yuan. The company provides the court with a SaaS platform based service model. The mobile execution platform has achieved full coverage of 3500 + courts across the country. In 2021, it contributed a revenue of 380879 million yuan, which continues to maintain a high-speed growth compared with the revenue of 12.4 million yuan in 21h1. Considering the number of courts across the country, the growth of mobile execution app business is still far from stopping. On the one hand, judicial SaaS has changed the company’s traditional integration based business model. On the other hand, business companies have more judicial software into the court system, creating benchmark cases.
Financial technology helps the judicial platform to land, and the imagination space is worth looking forward to. The cooperation between Jinqiao and ant in the judicial blockchain is the biggest potential focus of the company. The company disclosed in its 2021 annual report that in January 2022, Jinqiao also signed the operation service agreement with ant blockchain, and the two sides jointly built a judicial online service platform based on blockchain to provide relevant operation services for Jizhi Auto Finance Co., Ltd. The signing of the contract marks the landing of the company’s overall solution for Internet financial dispute resolution, and lays a good foundation for the next business development in the field of national financial dispute resolution. Empowering financial justice through scientific and technological means is the key direction of Jinqiao’s cooperation with ants. Looking ahead, there are many potential customers. Auto finance companies, banks and Internet giants of major auto enterprises are potential customers of the company, and the imagination space is worth looking forward to.
Investment suggestion: it is estimated that the net profit attributable to the parent company in 22-24 years is 110 million yuan, 150 million yuan and 180 million yuan respectively, and the market value on April 13 corresponds to 24, 18 and 14 times of PE in 22-24 years. Considering the valuation reshaping brought by the company’s SaaS business and the potential market space of innovative business, the “recommended” rating is maintained.
Risk warning: the promotion of new products is not as expected; The impact of the epidemic has hindered the implementation of the project; Increased competition in the industry led to a decline in gross profit margin.
