\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 446 Shenzhen Kingdom Sci-Tech.Ltd(600446) )
Event: the company released its 2021 annual report. In 2021, it realized an operating revenue of 6.645 billion yuan, a year-on-year increase of 17.76%; The net profit attributable to the parent company was 249 million yuan, a year-on-year decrease of 19.69%; The net profit attributable to the parent company after deduction was 193 million yuan, with a year-on-year increase of 26.51%.
Deduction of non profit performance is in line with expectations. The reasons for the decline in the net profit attributable to the parent company are as follows: 1) the investment income of the company in 2021 decreased by 45 million yuan compared with last year; 2) The accrued estimated liabilities are 49.42 million yuan. The gross profit margin of the company was 19.65%, down 3.88 percentage points compared with the same period last year. The sales expense ratio was 2.72%, down 0.34 percentage points compared with the same period last year; The management expense ratio was 5.26%, a decrease of 1.53 percentage points compared with the same period last year; The R & D expense rate was 8.92%, a decrease of 1.69 percentage points compared with the same period last year.
Focus on financial technology and look for the second growth curve. In 2021, the major contributions to the overall revenue growth of the company include: the revenue from innovative business is 911 million yuan, with a year-on-year increase of 47.95%; The revenue of asset management IT business was 172 million yuan, a year-on-year increase of 53.05%. In the asset management business, the company won the bid of CCB Jinke, BOCOM financial management, China Post Financial Management and other financial management subsidiaries.
The financial IT business fully turns to the cloud original platform. At present, most of the new products of the company's asset management it and securities it are developed on the koca platform, and other products are gradually migrating to the koca platform. Company fs2 0 is developed based on the KCSE koca cloud native technology platform and has been fully put into operation in Anxin securities. Core subsystems such as trading and settlement have been launched in China stock market news securities, Zhongtai Securities Co.Ltd(600918) and other securities companies.
Investment suggestion: with the change of management, the company has ushered in new development opportunities. The financial technology industry where the company is located has broad prospects for development in the future. We expect that the company's EPS from 2022 to 2024 will be 0.36/0.40/0.48 yuan respectively, giving a buy rating.
Risk warning: the exercise conditions of equity incentive cannot be completed; Industry competition intensifies
