\u3000\u3 China Vanke Co.Ltd(000002) 368 Taiji Computer Corporation Limited(002368) )
On April 14, 2022, the company released its 2021 annual report, realizing an operating revenue of 10.505 billion yuan, a year-on-year increase of 23.11%, and a net profit attributable to the parent company of 373 million yuan, a year-on-year increase of 1.19%.
Building a platform based on the government cloud, the core business maintained strong growth. Based on the government cloud, the company is supported by data integration and service platform and the platform of enabling output and open capabilities. It is a support for the two platforms, which is to create government service, "Internet through the Internet", Internet plus regulation "one network management" and integrated social management product system, and get several important orders, including the two phase of the central government portal website (first package). A number of provincial and ministerial level projects such as emergency management science and technology resources and decision support platform of Information Research Institute of emergency management department, and participated in the development and construction of Beijing health treasure big data support platform. As of December 2021, the consumption of Beijing health treasure has reached 11.4 billion person times, providing services to more than 95 million people, which not only reflects the company's technical service ability, but also provides important experience for exploring urban information construction in the future.
In 2021, the company's cloud service, smart application and service business achieved revenue of 700 million yuan and 2.26 billion yuan respectively, with a total increase of 29.12% over the same period of last year, and its core business maintained strong growth.
Under the collectivization strategy, the business income and orders of Xinchuang increased significantly, and the value of the core assets of the database became prominent. 1）
Overall situation: the company's online information and public security business continued to develop steadily, the large-scale delivery of Xinchuang projects was promoted rapidly, and the network security and self controllable business realized an operating revenue of 4.49 billion yuan, with a growth rate of 44%. At the same time, the orders of Xinchuang projects increased by nearly 3 billion yuan.
2) layout of important assets: the company is the core industrial platform of CETC's network and information industry. Under the overall planning of the group company, the company has built a basic software industry system covering three important links: operating system, database and middleware, and has become the main platform of CETC's basic software industry.
As a leading enterprise in the database field, the NPC Jincang achieved an operating revenue of 340 million yuan in 2021, with a year-on-year increase of 41%, and a net profit of 31.294 million yuan, with a year-on-year increase of 400%. Jincang of the National People's Congress not only maintained its leading market share in the field of Party and government information and innovation, but also continued to make efforts in the field of industry information and innovation. It supported the successful launch of the first real-time online business system in the communication industry, and completed the migration of hundreds of business systems for a single customer in the financial field; In Petrochina Company Limited(601857) , CNOOC and China Petroleum & Chemical Corporation(600028) localization upgrading projects, the market share reached 100%, 75% and 50% respectively.
Investment suggestion: we expect that the company will further strengthen its advantages in the field of information innovation and build a basic software industry system covering operating system, database and middleware. As the "national team" and "leader" of government cloud and information innovation, the company will usher in new development opportunities. It is estimated that the net profit attributable to the parent company from 2022 to 2024 will be 521 / 649 / 788 million yuan, and the corresponding PE of the share price on April 14 will be 22x, 18x and 15x respectively, maintaining the "recommended" rating.
Risk tip: industry competition intensifies, the progress of technical route reform is less than expected, and the implementation progress of specific industries is less than expected.
