\u3000\u3 Shengda Resources Co.Ltd(000603) 019 Dawning Information Industry Co.Ltd(603019) )
Event: the company released its 2021 annual report and realized an operating revenue of 11.2 billion yuan, a year-on-year increase of 10.23%; The net profit attributable to the parent company was 1.158 billion yuan, a year-on-year increase of 40.78%; The net profit deducted from non parent company was 773 million yuan, with a year-on-year increase of 46.98%. The performance is in line with expectations.
In 21 years, the performance continued to increase and the gross profit margin improved, so the impairment operation may be more optimistic. 1) In 2021, the company achieved an operating revenue of 11.2 billion yuan, a year-on-year increase of 10.23%, the overall gross profit margin was 23.74%, a year-on-year increase of 1.61 PCT, and the net profit attributable to the parent company was 1.158 billion yuan, a year-on-year increase of 40.78%. The performance continued to achieve high growth. From the perspective of deducting non net interest rate, the company’s profit margin reached 6.90%, up 1.72 PCT year-on-year, and its profitability continued to strengthen. The net cash flow from operating activities was -495 million yuan, which was due to the increase in expenditure on purchasing raw materials. At the end of the reporting period, the balance of contract liabilities of the company was 1.853 billion yuan, and the performance is expected to be released continuously. 2) In 2021, the company’s businesses were progressing smoothly, and the gross profit margin was generally improved. The revenue of high-end computers was 8.88 billion yuan, a year-on-year increase of 10.34%, the gross profit margin was 16.20%, a year-on-year increase of 1.39 PCTs, the revenue of storage products was 1.064 billion yuan, a year-on-year increase of 6.22%, the gross profit margin was 26.96%, a year-on-year increase of 4.69 PCTs, and the revenue of software development, system integration and technical services was 1.253 billion yuan, a year-on-year increase of 12.98%, and the gross profit margin was 74.30, Up 0.11 PCT year-on-year. 3) During the reporting period, the company recognized credit impairment loss of 35 million yuan and asset impairment loss of 166 million yuan, mainly from accounts receivable, inventory and intangible assets. If the impact is excluded, the actual operation situation may be more optimistic.
The overall cost rate is stable, the R & D investment continues to be high, and the advantages of independent technology are consolidated. 1) In 2021, the company’s overall expense ratio was 13.94%, up 0.32 PCT year-on-year, basically stable. 2) The company attaches great importance to R & D investment. In 2021, the R & D expenditure was 962 million yuan, with a year-on-year increase of 30.90%. The R & D expenditure rate reached 8.59%, with a year-on-year increase of 1.36 PCT. The total R & D investment reached 1.534 billion yuan, accounting for 13.69% of the operating revenue. The cumulative R & D investment in the past three years was 3.395 billion yuan. In 2021, the company completed the design of storage IO modules in the field of cloud computing and AI in terms of domestic components, and developed BIOS startup firmware and BMC remote management firmware supporting domestic processors based on open source BIOS and BMC code architecture. Throughout the year, 575 R & D personnel were added and 90 patents were authorized, including 40 invention patents, to further consolidate the company’s independent core technology advantages.
The IT infrastructure strategy of Xinchuang was promoted in an orderly manner, and the Incubation Platform of the Chinese Academy of Sciences driven long-term growth. 1) In the core strategy of Xinchuang, the company is based on building a complete innovation chain and industrial chain of “chip design and manufacturing, whole machine system, software ecology and application services”. 2) In terms of recent progress of Xinchuang, on January 15, 2022, according to the announcement of caizhao.com, “China Mobile’s centralized procurement of PC servers (batch 1) (standard packages 3, 7, 11 and 12) from 2021 to 2022” totaled about RMB 1.422 billion (including tax), and the controllable sales of China Science and technology was about RMB 385 million, accounting for about 27%, ranking second, reflecting the competitiveness of Xinchuang products. 3) In recent years, the company has gradually improved its ability to build it infrastructure around downstream customers such as government affairs, industry, cloud and Internet. At the same time, as the top Technology Incubation Platform of the Chinese Academy of Sciences, the company holds and shares in many high-quality assets such as Shuguang cloud, Zhongke Sanqing, Haiguang, Shuguang digital innovation, Geovis Technology Co.Ltd(688568) and has strong growth certainty.
Haiguang’s shipment exceeded expectations in 21 years, and the listing process was steadily promoted. 1) In 2021, haiguang information achieved a revenue of 2.31 billion yuan, a year-on-year increase of 126.07%, exceeding market expectations, with a net interest rate of 14.16%, turning losses into profits, and has entered a period of rapid development. 2) According to the official website of Shanghai Stock Exchange, haiguang information has passed the meeting and the listing process is expected to move forward steadily. Maintain the “buy” rating. Adjusted the profit forecast according to key assumptions and recent announcements, it is estimated that the operating revenue from 2022 to 2024 will be 13.068 billion yuan, 15.190 billion yuan and 17.595 billion yuan respectively, and the net profit attributable to the parent company will be 1.515 billion yuan, 1.959 billion yuan and 2.460 billion yuan respectively. Maintain the “buy” rating.
Risk tip: the competition in the server industry is intensifying; The mass production of chips is less than expected; Increased trade friction
