\u3000\u30 Guangdong Tengen Industrial Group Co.Ltd(003003) 79 Beijing Tongtech Co.Ltd(300379) )
In 2021, both revenue and non deductible profit increased by more than 30% Beijing Tongtech Co.Ltd(300379) released its 2021 annual report on the evening of April 14, with annual 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 after deducting non-profit was 221 million yuan, with a year-on-year increase of 31.89%; The net operating cash flow reached 255 million yuan, a year-on-year increase of 106.95%.
The revenue side maintained good growth and the operation quality was significantly improved Beijing Tongtech Co.Ltd(300379) in 2021, the annual revenue increased by 34.8% year-on-year, of which the revenue of 21q4 in a single quarter was 471 million yuan, an increase of 7.24% year-on-year. The change of quarterly revenue growth rate was mainly related to the revenue recognition rhythm of Xinchuang orders. From the perspective of the whole year, the company’s revenue still maintained steady growth. In terms of financial indicators, the biggest highlight of the company in 2021 is that the operating net cash flow reached 255 million yuan, with a year-on-year increase of 107%, mainly due to the increase of the company’s revenue and the strengthening of collection management. The cash received from the sale of goods increased by 66% year-on-year. Another indicator worthy of attention is that the company’s R & D investment reached 243 million yuan in 2021, with a year-on-year increase of 21%, of which the R & D cost was 192 million yuan. The company continued to increase the R & D investment of Zhongtai, and gradually formed an it base based on its own middleware advantages and serving the digital transformation of government and enterprises.
The growth rate of non credit creation business is bright and continues to benefit from the digital transformation of government and enterprises. In 2021, the company’s non information and creative business achieved rapid growth. The revenue from safety products, intelligent emergency and digital transformation of government and enterprises were 240 million yuan, 160 million yuan and 120 million yuan respectively, with a year-on-year growth rate of 30%, 68% and 43% respectively. The total revenue has reached 61%. The company’s non basic software business mainly includes three major fields: information security, intelligent emergency and digital transformation, which are the key construction segments of downstream customers under the digital economy in the future. The company is expected to continue to expand its digital business with the brand influence of the leading basic software, so as to bring sufficient power to its future growth.
The first year of Xinchuang industry is approaching, and the performance elasticity is worth looking forward to Beijing Tongtech Co.Ltd(300379) in 2021, the revenue of basic software was 333 million yuan, with a year-on-year increase of 23.62%, and the gross profit margin remained at a high level of about 95%. The revenue growth of middleware business basically conforms to the rhythm of Xinchuang orders. 2022 is expected to be the first year of industrial credit innovation. The construction of industry-level credit innovation with financial institutions as the pioneer is worth looking forward to, and the sinking of government credit innovation is also expected to bring new opportunities.
Investment suggestion: we expect the net profit attributable to the parent company from 22 to 24 to be RMB 433 / 609 / 816 million respectively, with a year-on-year growth rate of 74.6% / 40.5% / 34.0%. The company is a leader in domestic middleware and has realized the dual wheel drive of middleware + wechat. Considering the high growth of the company and the potential market space brought by industry information innovation in 2022, the company maintains the “recommended” rating.
Risk tip: the localization process of middleware is not as expected; Intensified market competition; There are seasonal fluctuations in business demand.
