\u3000\u30 Guangdong Tengen Industrial Group Co.Ltd(003003) 48 Shenzhen Sunline Tech Co.Ltd(300348) )
Revenue and performance are affected by the settlement cycle and are under short-term pressure. The company's operating revenue was 1.57 billion yuan, a year-on-year increase of 1.4%, the net profit attributable to the parent was 130 million yuan, a year-on-year decrease of 46.7%, and the deduction of non attributable to the parent was 1.1, a year-on-year decrease of 52.6%. Among them, the fourth quarter revenue was 790 million yuan, a year-on-year decrease of 12%, the net profit attributable to the parent was 110 million yuan, a year-on-year decrease of 47%, and the deduction of non attributable to the parent was 100 million yuan, a year-on-year decrease of 50%. From the revenue side, on the one hand, the company gradually expanded from the core system to other business lines and added a comprehensive value management product line. On the other hand, the income growth was affected by the delay of project settlement caused by entering the big bank. From the profit side, the company's overall gross profit margin was 42.2%, down 8 points year-on-year, mainly due to the fact that the company invested more high-end personnel in large banks and the settlement method of large banks was inconsistent with previous customers; The sales / management / R & D / financial expense ratio increased by 2.1%, increased by 1.6%, decreased by 1.8% and increased by 0.6% respectively. The expenses during the period were relatively stable. The decrease of R & D expense ratio was mainly due to the investment of some R & D personnel in the project and included in the project cost. Generally speaking, the company is under short-term pressure in revenue recognition and performance due to the impact of entering the big bank. In the future, with the gradual recognition of the big bank's revenue, the company's performance will return to the growth track.
Business prosperity is still high, and forward-looking indicators continue to be verified. Due to the continuous progress of Xinchuang in the industry, the prosperity of the company's business is still high. In 2021, the total number of people in the company was 6479, with a year-on-year increase of 16.2%. Sufficient personnel have brought a solid foundation for subsequent project implementation and delivery. At the same time, the company's inventory is 510 million, an increase of 170 million compared with the end of 2020, basically all of which are contract performance costs, and the contract liabilities are 288 million yuan, an increase of 30 million year-on-year at the end of last year. The increase of inventory and contract liabilities indicates that the company's subsequent growth momentum is strong.
Overseas business grew rapidly and international business entered a new stage. The company's overseas business has made rapid progress, with a revenue of 160 million in 21 years, a year-on-year increase of 65%, and the amount of new orders signed in the whole year increased by 95% year-on-year. The company has made great breakthroughs in major Southeast Asian countries such as Thailand, Malaysia and Indonesia. The average bid winning rate of ICORE core system in Southeast Asian market is more than 25%, beating major international manufacturers, and has achieved profitability in 21 years. In the future, with the continuous expansion of overseas business, the company's global business pattern will gradually take shape. At the same time, the higher gross profit margin of overseas business will effectively improve the company's profitability (the gross profit margin of overseas business is about 66%, much higher than that of Chinese business).
Risk warning: industry competition intensifies; Personnel costs have risen sharply; Poor overseas business development.
Investment suggestion: maintain the "overweight" rating. It is estimated that the net profit attributable to the parent company from 2022 to 2024 will be RMB 253 / 329 / 422 million, with a year-on-year growth rate of 100.7 / 30.1 / 28.0%; Diluted EPS = 0.35/0.46/0.58 yuan, and the current share price corresponds to PE = 32.2/24.8/19.3x. Corporate banking is a leading IT enterprise, maintaining the "overweight" rating.
