\u3000\u30 Guangdong Tengen Industrial Group Co.Ltd(003003) 48 Shenzhen Sunline Tech Co.Ltd(300348) )
Shenzhen Sunline Tech Co.Ltd(300348) released its 2021 annual report on the evening of April 14, with annual revenue of 1.572 billion yuan, a year-on-year increase of 1.37%; The net profit attributable to the parent company was 126 million yuan, a year-on-year decrease of 46.73%; The net profit after deducting non-profit was 106 million yuan, a year-on-year decrease of 52.60%. The performance in 2021 is basically in line with expectations.
Revenue recognition faces short-term pressure, and a number of financial indicators show the healthy growth of operation. The revenue growth rate of the company in 2021 was 1.37%, which was mainly due to the fact that in 21 years, the company entered the field of large commercial banks to provide banking core system solutions for the leading large banks. However, large banks have higher requirements on project delivery and personnel quality, and the characteristics of long approval process make the company’s project delivery under pressure, which affects the recognition of short-term revenue. However, from the perspective of actual operation, the overall contract amount of the company increased by more than 20% in 2021; The inventory account in the financial statements was 511 million yuan, a year-on-year increase of 49%; Contract liabilities were 290 million yuan, a year-on-year increase of 13%; The cash received from selling goods reached 1.589 billion yuan, a year-on-year increase of 16%. From a number of business indicators, the company still achieved good growth in orders in 2021, and the future growth potential is still worth looking forward to.
The core system business has broken through big banks, and the growth of big data and overseas business is bright. Specifically, from the perspective of orders, digital finance increased by 17% year-on-year, big data applications increased by 26% year-on-year, and technical services increased by 200% year-on-year. The demand for orders in the field of financial technology is still strong. From the perspective of revenue, the revenue of digital finance business in 2021 was 690 million yuan, a year-on-year decrease of 26.4%; The revenue of big data application business was 540 million yuan, a year-on-year increase of 36.8%; The revenue of the whole financial value chain management business was 200 million yuan, a year-on-year increase of 9.0%. In addition to the pressure of revenue recognition faced by the core system business, the big data application has achieved good growth. At the same time, the company’s overseas revenue is 162 million yuan, with a year-on-year increase of 65%. Exporting financial technology products to Southeast Asia and other regions has become another potential focus of the company.
The pressure of personnel cost is expected to ease, and the profit elasticity is worth looking forward to. The tight pattern of talent supply and demand makes the rising cost become one of the main contradictions in the computer industry in 2021. In the 21st year of Changliang, the total number of employees reached 6479, with a year-on-year increase of 16%. The cash paid to employees was 1.13 billion yuan, with a year-on-year increase of 29%. There is great pressure on the rise of personnel costs. However, looking forward to the next 22 years, on the one hand, the continuous running in with big banks is expected to improve the delivery efficiency of the company and then improve the revenue growth; On the other hand, the tight supply and demand situation of IT talents is expected to be alleviated, and the pressure of personnel cost of the company is expected to be reduced.
Investment suggestion: we expect the net profit attributable to the parent company in 22-24 years to be 205, 261 and 309 million yuan respectively, with a year-on-year growth rate of 63%, 27% and 19% respectively. The current market value corresponds to 40, 31 and 26 times of PE in 22-24 years. The company is a leading enterprise in bank it, with product business attributes. It is expected to maintain good growth and maintain the “recommended” rating under the catalysis of financial Xinchuang.
Risk warning: the promotion of financial information innovation must be less than expected; The competition for it talents leads to the accelerated rise of costs; The epidemic situation affects the implementation and delivery of the project.
