\u3000\u3 Shengda Resources Co.Ltd(000603) 019 Dawning Information Industry Co.Ltd(603019) )
We are highly optimistic about the company's core technical strength and the country's important position, and maintain the "buy" rating. Considering the improvement of the company's business trend and the gradual improvement of domestic high-end computing ecology, we raised the company's net profit attributable to the parent company from 2022 to 2023 to RMB 1603 and 2.166 billion (the original forecast was RMB 1.545 and 2.094 billion), increased the forecast for 2024 to RMB 2.906 billion, and EPS to RMB 110, 1.48 and 1.99 per share, The current share price corresponds to 25.6, 18.9 and 14.1 times of PE from 2022 to 2024, maintaining the "buy" rating.
The guidance of profit super express report, issued a large increase in goods, and verified that the company had sufficient orders on hand
(1) in 2021, the company 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%, slightly exceeding the guidelines of express report; The net profit deducted from non parent company was 773 million yuan, with a year-on-year increase of 46.98%. (2) The gross profit margin of the company's sales was 23.74%, an increase of 1.61 percentage points year-on-year. In 2021, the company invested 1.534 billion yuan in R & D, accounting for 13.69% of the main business income. (3) At the end of 2021, the company's inventory was 5.997 billion yuan, a year-on-year increase of 115.68%. Among them, the book balance of raw materials was 2.171 billion yuan, a year-on-year increase of 204.92%; The issued goods amounted to 3.580 billion yuan, with a year-on-year increase of 83.01%. The increase in issued goods was mainly due to the fact that the sales orders did not meet the conditions for revenue recognition, indicating that the company had sufficient orders on hand. (4) The company realized an investment income of 166 million yuan in 2021, mainly due to the increase in the net profit of haiguang information and other associated enterprises.
Industry Xinchuang welcomes unprecedented development opportunities. The market has poor understanding of the company's position in the domestic server ecosystem. Key industries such as telecommunications, finance and education have issued independent and controllable relevant policy support, started a large-scale pilot and entered the stage of case implementation and promotion, and the proportion of domestic procurement has been increasing. The company has developed a variety of high-end computers, including servers and workstations based on domestic processor chips, which have passed the product quality test of national laboratories, achieved batch supply in the fields of finance, securities, communication and so on, and provided a safe and reliable localization information system scheme. In terms of domestic components, the storage IO module design for the field of cloud computing and artificial intelligence is completed; Based on the open source BIOS and BMC code architecture, the BIOS startup firmware and BMC remote management firmware supporting domestic processors are developed. We believe that the company's position in the domestic server ecosystem is extremely scarce, and the market still has a poor understanding of it.
Risk warning: macroeconomic downside risk; Intensified market competition; Chip business did not meet expectations.
