\u3000\u30 Guangdong Tengen Industrial Group Co.Ltd(003003) 79 Beijing Tongtech Co.Ltd(300379) )
Event:
The company announced its 2021 annual report: in 2021, the company achieved a revenue of 863 million yuan, a year-on-year increase of 34.80%; The net profit attributable to the parent company was 248 million yuan, a year-on-year increase of 1.53%; The net profit deducted from non parent company was 221 million yuan, with a year-on-year increase of 31.89%.
1. All businesses are progressing smoothly and the operation quality is significantly improved
In 2021, the company's revenue from basic software, security products, smart emergency and government enterprise data transformation achieved rapid positive growth, with revenue of RMB 333 / 243 / 163 / 124 million respectively, with a year-on-year growth rate of 23.62% / 30.02% / 67.94% / 42.68% respectively. The company's middleware products cooperated with Huawei and Alibaba cloud in ecology, market and other aspects. In 2021, the company's gross profit margin was 76.96%, a year-on-year decrease of 2.98 PCT, and the sales expense rate was 21.43%, a year-on-year increase of 7.45 PCT, which affected the profit performance. In 2021, the company's operating quality was significantly improved, with net operating cash flow of 255 million yuan, a significant year-on-year increase of 106.95%, and accounts receivable of 629 million yuan, a year-on-year increase of 5.86%.
2. The performance growth driven by industry information innovation is expected to accelerate in 22 years
Since 2021, the industry information innovation represented by finance and telecommunications has been accelerating. In 2021, the company's revenue of telecommunications, finance, military industry and other industries increased by 46.66% / 101.36% / 338.05% respectively year-on-year, which proves the trend of industry information innovation. From the recent bid winning of several domestic servers in the telecommunications industry and the continuous increase in the number of recruitment related to financial information innovation, we expect that the scale of industry information innovation will continue to accelerate in 2022 and continue to expand in the process of continuous deepening in the next few years. Due to the large volume of the financial industry, it is expected to lead the industry information innovation, Beijing Tongtech Co.Ltd(300379) as a leader of domestic middleware will fully benefit.
3. Release the 2.2 billion new fixed growth plan
On March 2, 2022, the company announced the withdrawal of the previous fixed increase scheme, terminated the strategic cooperation agreement with China mobile capital, and announced a new fixed increase scheme, which plans to raise 2.2 billion yuan for three projects: the excellent ability improvement project of Tong series middleware products, the development project of next-generation sustainable operation security products based on artificial intelligence, and replenishing working capital. The fund-raising scale of the new fixed value-added plan has increased, and the previous fixed price issuance has been changed to competitive issuance, which we believe has given more opportunities for investors to participate.
Profit forecast and investment suggestions: we believe that the company, as a leader in domestic middleware, will benefit from the promotion of information innovation in the industry. Considering that the company has terminated the strategic cooperation agreement with China Mobile and adjusted the profit forecast according to the annual report of the company, the net profit of the company from 2022 to 2023 is adjusted from 567 / 800 million yuan to 348 / 470 million yuan. The net profit in 2024 is expected to be 615 million yuan, corresponding to the current market value PE of 24.37/18.01/13.76 times, maintaining the "buy" rating.
Risk warning: industry competition intensifies; The promotion of industry information innovation is not as expected; There is uncertainty in the progress of the fixed increase project; Systemic risk.
