\u3000\u3 Guocheng Mining Co.Ltd(000688) 369 Beijing Seeyon Internet Software Corp(688369) )
Event: the company released its 2021 annual report. In 2021, it realized an operating revenue of 1.031 billion yuan, a year-on-year increase of 35.10%; The net profit attributable to the parent company was 129 million yuan, a year-on-year increase of 19.69%; The net profit attributable to the parent company after deduction was 120 million yuan, with a year-on-year increase of 35.92%.
The performance is in line with expectations. The gross profit margin of the company was 72.29%, down 4.77 percentage points compared with the same period last year. The sales expense ratio was 38.94%, down 4.15 percentage points compared with the same period last year; The management expense ratio was 7.70%, a decrease of 1.63 percentage points compared with the same period last year; The R & D expense rate was 17.56%, an increase of 1.89 percentage points compared with the same period last year.
V8 accelerated landing. The new generation of collaborative technology platform V8 developed by the company has completed the overall infrastructure and platform capacity construction and entered the customer verification period. At present, the technology platform has completed the capacity-building of microservices, containerization, multi cloud adaptation, Devops and multi tenant support, and many large organizations have participated in the prototype verification.
The orders of Xinchuang are full, and the users of HR product line are growing rapidly. In 2021, the contract amount of the company's Xinchuang was 2291385 million yuan, a year-on-year increase of 103.37%, of which the contract amount of government Xinchuang was 1374086 million yuan, 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 comprehensively improved the cloud service capability of digital intelligence human resources and optimized the capability of human cloud platform based on AI intelligent engine, big data service engine and low code PAAS platform engine. During the reporting period, the customer scale increased by more than 125% and the monthly live user scale increased by 715%.
Investment suggestion: as a leading professional collaborative software manufacturer in China, the company continues to expand collaborative software ecology and improve product capability under the industry wave of Xinchuang. It is estimated that the company's EPS from 2022 to 2024 will be 2.56 yuan, 3.67 yuan and 4.99 yuan respectively, maintaining the "buy" rating.
Risk warning: the landing of Xinchuang is not as expected; Industry competition intensifies.
