Dragged down by operating costs, period expenses, increased credit impairment losses and other factors, Taiji Computer Corporation Limited(002368) ( Taiji Computer Corporation Limited(002368) . SZ) had basically the same net profit in 2021 under the condition of steady growth of revenue. The company announced on April 15 that in 2021, the company achieved an operating revenue of 10.505 billion yuan, an increase of 23.11% year-on-year; The net profit attributable to shareholders of listed companies was 373 million yuan, an increase of 1.19% year-on-year; The net profit attributable to shareholders of listed companies after deducting non recurring profits and losses was 281 million yuan, a year-on-year decrease of 6.33%. The company plans to distribute a cash dividend of 1.94 yuan (including tax) for every 10 shares.
Taiji Computer Corporation Limited(002368) is a leading enterprise in e-government, smart city and informatization of key industries in China. The company's main business is to provide information system construction, cloud computing, big data and other related services for government affairs, public security, enterprises and other industries, covering information infrastructure, business application, data operation, network information security and other comprehensive information technology services.
promote the "cloud + number + application + ecology" model
In terms of revenue structure, by product, network and information security are the main source of the company's operating revenue, accounting for 42.76% of the operating revenue in 2021, with a total amount of 4.492 billion yuan, a year-on-year increase of 43.89% and a gross profit margin of 10.91%; System integration services achieved an operating revenue of 2.905 billion yuan, a year-on-year decrease of - 2.78% and a gross profit margin of 10.58%; Smart applications and cloud services achieved an operating revenue of 2.259 billion yuan, a year-on-year increase of 39.94% and a gross profit margin of 40.59%; Cloud services achieved an operating revenue of 698 million yuan, a year-on-year increase of 3.26%P align = "center" figure: Taiji Computer Corporation Limited(002368) revenue structure data source: annual report of the company
Taiji Computer Corporation Limited(002368) said that in 2021, relying on the integrated service mode of "cloud + number + application + ecology", based on "cloud + number" and taking resource integration and industry digitization as the main line, the company continued to strengthen research and development, and deeply integrated the new generation of information technologies such as artificial intelligence, big data and blockchain with industry applications. During the reporting period, the company's cloud service, smart application and service business achieved revenue of 698 million yuan and 226 million yuan respectively, with a total increase of 29.12% over the same period last year. The business is more product-oriented, service-oriented and platform oriented.
In the digital government field, the company relies on the government cloud, and supports the two platforms with the data integration and service platform and the energy output and open platform. It creates a government service "one network through the office", the Internet plus regulation "one network management system" and an integrated social management product system, and has successfully won several provincial and ministerial level projects. According to the report "market share of Chinese integrated government service platform solutions, 2020" released by IDC in July 2021, the market share of the company's integrated government service platform solutions accounts for 16.8% of the country, ranking second.
During the reporting period, the company participated in the development and construction of Beijing health treasure big data support platform based on years of government services and digital capabilities. The platform has opened up more than 1000 data from health, community, civil aviation, railway, highway and other departments, and has made important contributions to the epidemic prevention and control and resumption of work and production in the capital. By December 2021, the consumption of Beijing health treasure had reached 11.4 billion people, providing services to more than 95 million people. After the epidemic test, the application of Beijing health treasure has been an important sample of digital infrastructure, which has made an important exploration for the urban governance model based on multi-source data fusion.
In the field of digital enterprise, relying on TECO industrial Internet platform and focusing on the core business of production, the company has formed five typical application scenarios: intelligent production, networked collaboration, intelligent decision-making, service extension and digital management. The company's industrial Internet business has spread over many industries such as power, petrochemical and electronic manufacturing.
database business performance
During the reporting period, the company's e-mail and public security business continued to develop steadily, the large-scale delivery of information innovation projects was promoted rapidly, and the network security and self controllable business realized an operating revenue of 4.492 billion yuan, an increase of 43.89% over the same period of last year. The company has strengthened its expansion in the market of Party and government e-government and important industries, signed nearly 3 billion yuan of new credit and innovation projects, and continued to maintain the market leadership.
In order to further focus on the basic software industry, the company used part of the funds raised by convertible bonds to acquire the minority equity of Jincang of the National People's Congress and further increase its capital. At the same time, it participated in the investment in Puhua software. After the completion of the transaction, the company holds 51.29% equity of Jincang of the National People's Congress and becomes the second largest shareholder of Puhua software, forming a complete basic software industry system covering operating system, database and middleware, and becoming one of the few digital service providers in the whole industry chain in China.
In 2021, benefiting from the vigorous development of China's information and innovation industry, the subsidiary Jincang of the National People's Congress realized an operating revenue of 341 million yuan and a net profit of 312936 million yuan, a year-on-year increase of 400%. The market share of Jincang of the National People's Congress in the field of Party and government information and innovation continues to maintain a leading position; Support the successful launch of the first real-time online business system in the communication industry; Complete the migration of hundreds of business systems for a single customer in the financial field; Among the "three barrels of oil" localization and upgrading projects, the market share reached Petrochina Company Limited(601857) 100%, CNOOC 75% and 60 Shenzhen Kedali Industry Co.Ltd(002850) % respectively. Jincang database's technological innovation and comprehensive service ability were highly recognized by the market. According to the tracking report on China's relational database software market in the first half of 2021 released by IDC, Jincang database accounts for 5% of the traditional deployment model market.
In order to meet the challenges brought by the migration of large-scale database systems of industry customers, NPC Jincang has newly upgraded its core product kes, equipped with a highly cohesive and low coupling extensible kernel architecture to ensure the stability of the product while rapid iteration, support the computing power requirements of high concurrency and Beijing Vastdata Technology Co.Ltd(603138) , and its performance is comparable to that of Oracle, an international leading manufacturer.
At the same time, the National People's Congress Jincang released the Jincang cloud database service management and control platform krds, which is based on a cloudy environment. The product has the super integration technology of flexible cloud access of one-stop database, which provides strong support for the easy cloud access of Xinchuang applications.
sales net profit margin continued to decline
Although the revenue increased steadily during the Taiji Computer Corporation Limited(002368) period, the company's gross profit margin declined due to the fact that the growth rate of the company's operating costs was faster than the growth rate of revenue and the increase of period expenses, and the net profit margin of sales has continued to decline since 2017.
In terms of operating cost, the operating cost of the company in 2021 was RMB 8.373 billion, with a year-on-year increase of 26.93%, higher than the growth rate of 23.11% of operating revenue, resulting in a decrease of 2.39 percentage points to 20.30%.
Among them, the operating cost of network and information security was 4.002 billion yuan, a year-on-year increase of 56.94%, and the gross profit margin decreased by 7.41 percentage points.
During the reporting period, the company's expenses during the reporting period totaled RMB 1.657 billion, with a year-on-year increase of 10.49%. Among them, the financial expenses increased by 79.09% year-on-year, with a total amount of 103 million yuan, mainly due to the increase of bank loan interest and discount interest expenses, as well as the provision of current interest for the issuance of convertible corporate bonds.
In terms of R & D, the company's R & D investment during the period was 758 million yuan, with a year-on-year increase of 26.66%. The proportion of R & D investment in the current revenue was 7.21%, with a year-on-year increase of 0.20 percentage points. Among them, the capitalization amount of R & D investment was 167 million yuan, with a year-on-year increase of 63.52%, and the proportion of capitalized R & D investment was 22.05%, with a year-on-year increase of 4.97 percentage points. During the period, the R & D personnel of the company increased by 12.20% year-on-year, with a total of 2308 people.
According to wind data, the company's net sales interest rate during the period was 3.75%, a year-on-year decrease of 0.62 percentage points. The company's net profit margin on sales has continued to decline since 2017P align = "center" figure: Taiji Computer Corporation Limited(002368) sales net profit rate source: wind
The reporter of economic information daily noted that in 2021, Taiji Computer Corporation Limited(002368) accounts receivable increased significantly, with a total closing balance of 4.271 billion yuan, a year-on-year increase of 78.27%; Inventories also increased significantly, totaling 3.831 billion yuan, a year-on-year increase of 55.40%. In addition, the company's credit impairment loss also increased significantly year-on-year by 266.59% to 144 million yuan. The company said it was the credit impairment loss accrued for accounts receivable, notes receivable and other receivables, of which the bad debt loss of accounts receivable was 139 million yuan, a year-on-year increase of 299.35%.
According to the audit report, as of December 31, 2021, the book balance of Taiji Computer Corporation Limited(002368) accounts receivable was 4.813 billion yuan, the bad debt provision was 541 million yuan, and the book value was 4.271 billion yuan Taiji Computer Corporation Limited(002368) calculate the expected credit loss of accounts receivable through the default risk exposure of accounts receivable and the expected credit loss rate, and determine the expected credit loss rate based on the default probability and default loss rate. When determining the expected credit loss rate, Taiji Computer Corporation Limited(002368) uses the internal historical credit loss experience and other data, and adjusts the historical data in combination with the current situation and forward-looking information. When evaluating forward-looking information, Taiji Computer Corporation Limited(002368) consider economic policies, macroeconomic indicators, industry risks and changes in customer conditions.
According to the annual report, in 2022, the company will continue to focus on the strategies of "Data-Driven", "cloud leading the future" and "network security in the world", take "being the best digital service provider in China" as the vision, and take the "one body and two wings" Digital development strategy as the guidance, make new breakthroughs in core products and capabilities, promote the industrialization of core products and the digitization of solutions Accelerate the transformation from project and service to high-quality operation platform.
