\u3000\u3 Shengda Resources Co.Ltd(000603) 918 Shanghai Golden Bridge Infotech Co.Ltd(603918) )
Event:
The company issued the 2021 annual report after the closing on April 12, 2022.
Comments:
Various business indicators have been successfully achieved, and the overall development trend has maintained steady progress
In 2021, the company's various business indicators were successfully achieved, and the overall development trend maintained a good momentum of steady progress. The annual operating revenue was 1.122 billion yuan, with a year-on-year increase of 11.75%, of which the operating revenue of big data and cloud platform services was 173 million yuan, with a year-on-year increase of 13.62%. The net profit attributable to the parent company was 886482 million yuan, a year-on-year increase of 0.12%; The net profit deducted from non parent company was 817515 million yuan, with a year-on-year increase of 12.78%; The net operating cash flow was 120 million yuan, a year-on-year increase of 2.87%. In April 2021, the company completed a non-public offering of 466334 million a shares, raising a total of about 357 million yuan, improving its anti risk ability. Yunxin venture capital, one of the subscription objects of this non-public offering, has become the third largest shareholder of the company after the non-public offering and is a wholly-owned subsidiary of ant group.
Emerging businesses were launched in an orderly manner, and diversified software products enabled the company to grow
In 2021, the company continued to promote the in-depth integration of R & D and business, and opened up a new field of business growth. The annual R & D investment was 772587 million yuan, a year-on-year increase of 21.84%. By the end of 2021, the company and its holding subsidiaries had 176 software copyrights, 54 software product registrations, 11 utility model patents and 2 invention patents. The company's self-developed software products continue to innovate. Its existing products include the people's court mobile execution platform, the final case intelligent verification system, the execution intensive intelligent auxiliary case handling system, space365 space management platform, cloud video conference and communication platform - easy heyshare. Among them, the mobile execution platform of the people's court is based on the service mode of SaaS platform, which provides highly available and extensible highly professional services for courts across the country, and achieved an operating revenue of 380879 million yuan in 2021.
We actively promoted the development of blockchain business and achieved initial results in financial, legal and technological innovation
In April 2021, the company signed a business cooperation agreement with ant blockchain to carry out all-round cooperation with blockchain related businesses. In order to actively expand the company's business development space and meet the needs of the company's strategic development, the company invested and established Shanghai Jinqiao Yifa Information Technology Co., Ltd. in June 2021. The company is mainly committed to providing systematic solutions for financial legal disputes in the whole life cycle. After its establishment, Jinqiao Yifa actively cooperated and discussed with relevant customers such as government agencies, financial institutions and large enterprises. In January 2022, Jinqiao Yifa signed the operation service agreement with ant blockchain. 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.
Profit forecast and investment suggestions
In recent years, the company has developed rapidly in the field of big data and cloud platform services, and the future growth space has been gradually opened. It is predicted that the operating revenue of the company from 2022 to 2024 will be 1.325, 1.551 and 1.801 billion yuan, the net profit attributable to the parent company will be 123, 168 and 220 million yuan, the EPS will be 0.34, 0.46 and 0.60 yuan / share, and the corresponding PE will be 22.28, 16.38 and 12.46 times. In the past three years, the company's pettm has mainly operated between 25-65 times. Considering the expansion of the company in the field of court informatization, the company has maintained the target PE of 35 times in 2022, and the corresponding target price is 11.90 yuan. Maintain the "buy" rating.
Risk tips
Repeated epidemic of co19-vid pneumonia; Large accounts receivable; Rising labor costs; Risks of emerging business development; Market competition intensifies.
