\u3000\u3 China Vanke Co.Ltd(000002) 396 Fujian Star-Net Communication Co.Ltd(002396) )
The marginal performance of 2021 is better, and the performance of 2022q1 is expected to exceed expectations. In 2022q1, the company expects to realize a net profit attributable to the parent company of 119147 million yuan, with a year-on-year increase of 200% – 270%; After deducting non recurring profits and losses, the net profit performance was 955368 million yuan – 141536 million yuan, with a year-on-year increase of 440% – 700%, and the operating performance increased significantly year-on-year. In 2021, the company’s revenue reached 13.549 billion yuan, a year-on-year increase of 31.49%; The net profit attributable to the parent company was 550 million yuan, with a year-on-year increase of 27.59%, and the operating performance maintained rapid growth. The company continues to increase R & D investment, and will provide unique and competitive industry solutions in the future. Its performance is expected to continue to maintain a good development trend.
Take root in the industry scene, make innovation, grasp the opportunity of industrial upgrading, and help enterprises with digital transformation. Seizing the market opportunities of the vigorous development of digital economy and the stabilization of capital expenditure of operators, focusing on it, the wave of localization and industrial technology upgrading, the company continues to build a smart technology industry cluster, provide customers with in-depth application needs and provide unique and competitive solutions. The company attaches importance to talent training, and vigorously invests in R & D to promote the continuous upgrading of product performance and the continuous improvement of service quality, so as to help the transformation and upgrading of various industries. Cloud business signed strategic cooperation with China Telecom Corporation Limited(601728) , China Mobile, and cloud desktop won the national excellent scheme; Expand the leading position of smart home market; The Internet of vehicles and communication module business will strengthen product innovation. In the future, relying on the established good brand image, the company will continue to deepen the industrial upgrading of Intelligent Manufacturing in the supply chain system, improve product quality, continue to expand China’s market share, and actively expand overseas markets.
The business performance continued to improve, helped the valuation repair, and gave a “recommended” rating. The company adheres to the innovation driven development strategy to realize the sustainable development of its main business. The company’s financial condition is good, its profitability continues to improve, and its future performance and valuation are expected to rise. Combined with the company’s 2021 annual performance report, we give the company the predicted net profit attributable to the parent company from 2022e to 2024e of 824 million yuan, 1.055 billion yuan and 1.25 billion yuan, corresponding to EPS of 141 million yuan, 1.81 million yuan and 2.14 yuan, corresponding to PE of 14.47 times, 11.30 times and 9.54 times, and give it a “recommended” rating.
Risk warning: the impact of the global epidemic and the uncertainty of China’s foreign policy and macro-economy; Some businesses have high customer concentration and strong seasonality; Supply chain risk of core components; Market competition intensifies, and the market promotion of new products is less than expected.
