\u3000\u3 Guocheng Mining Co.Ltd(000688) 369 Beijing Seeyon Internet Software Corp(688369) )
The revenue and collection increased rapidly, and the deduction of non net profit performed well.
In terms of revenue, in 2021, the total operating revenue was 1.031 billion yuan, with a year-on-year increase of 35.10%, of which Q4 increased by 28.70% year-on-year. In the whole year, the cash received by the company from selling goods and providing labor services was 1.022 billion yuan, with a year-on-year increase of 30.24%, and the payment collection increased rapidly; In terms of profit, the company realized a net profit attributable to the parent company of 129 million yuan, a year-on-year increase of 19.69%; The non net profit attributable to the parent company was 120 million yuan, with a year-on-year increase of 35.92%; Net operating cash flow was 135 million yuan, a year-on-year increase of 8.19%.
The orders of Xinchuang doubled and the demand of Xinchuang in the industry was significantly released.
In terms of information innovation, the company actively arranged the field of information innovation and launched exclusive products for government information innovation and industry information innovation. In the newly signed direct sales contracts in 2021, the contract amount of information innovation was RMB 229 million, with a year-on-year increase of 103.37%, of which the contract amount of government information innovation was RMB 138 million, with a year-on-year increase of 37.23%, and the contract amount of industry information innovation was RMB 917299 million, with a year-on-year increase of 631.41%. The industry information innovation has made significant efforts. The revenue from projects with a contract value of more than one million yuan was 217 million yuan, an increase of 74.51% year-on-year. The company grasped the localization trend of OA, strengthened the construction of head customer operation and delivery system, and accelerated the acquisition of head high value institutions.
Increase investment in cloud transformation, and V8 has entered the verification stage.
The company accelerated the “cloud transformation” strategy. In 2021, the total number of the company increased by 36.06% year-on-year, of which the R & D personnel increased by 32.72% year-on-year, the R & D investment reached 181 million yuan, a year-on-year increase of 51.38%, and the R & D investment accounted for 17.56% of the operating revenue, an increase of 1.89 PCT compared with the same period in 2020. In 2021, the cloud business revenue was 105 million yuan, with a year-on-year increase of 123.16%. The company vigorously promotes the research and development of a new generation of collaborative technology platform V8. V8 adopts mainstream technology stacks such as cloud native and micro service architecture to meet the digital transformation needs of large / large group organizations, support the exclusive cloud deployment of large / large organizations and the business model of SaaS online subscription of small and medium-sized organizations. At present, several large organizations have participated in the prototype verification of V8.
Investment suggestion: industry Xinchuang continues to make efforts to lay the foundation for the future demand growth of the company. The company continues to expand product categories, and it is expected that new products may significantly help the company’s later performance. Based on the company’s annual report in 2021, the company adjusted its revenue forecast for 20222023 to be 1.373/1.847 billion yuan (the original forecast was 1.372/1.783 billion yuan), increased its revenue forecast for 2024 to be 2.369 billion yuan, adjusted its net profit forecast for 20222023 to be 168 / 229 million yuan (the original forecast was 161 / 213 million yuan), increased its net profit forecast for 2024 to be 303 million yuan, and maintained the “buy” rating.
Risk tip: the localized orders are not received as expected, and the sales of new product V8 are not as expected. The market environment forms a certain pressure on the demand of medium-sized enterprises
