\u3000\u30 Shaanxi Zhongtian Rocket Technology Co.Ltd(003009) 35 Beijing Yjk Building Software Co.Ltd(300935) )
The architectural structure design is outstanding, the product performance is excellent, and the “buy” rating is maintained
Considering the impact of the company’s increased R & D investment and equity incentive expenses, we lowered the forecast of the company’s net profit attributable to the parent company from 2022 to 2023 to 82 and 111 million yuan (the original forecast was 101 and 138 million yuan), increased the forecast of 2024 to 142 million yuan, EPS to 146, 1.97 and 2.51 yuan / share, and the corresponding current price PE to 33.7, 25.0 and 19.5. Considering the company’s leading position in the field of architectural structure design, we maintained the “buy” rating.
In 2021, the income exceeded the expectation, and the investment increased to accumulate power for long-term development
(1) in 2021, the company achieved an operating revenue of 231 million yuan, a year-on-year increase of 53.61%, and a net profit attributable to the parent company of Jiangsu Sainty Corp.Ltd(600287) million yuan, a year-on-year increase of 8.30%. (2) The gross profit margin of the company’s sales was 91.97%, down 7.27 percentage points year-on-year. This is mainly because the company implements project management for large-scale customized software development projects, and the corresponding labor costs are collected and carried forward according to the project. In 2021, the company invested 564655 million yuan in R & D, a year-on-year increase of 105.77%, accounting for 24.47% of operating revenue. In addition, the company’s sales expenses increased by 66.69% year-on-year, and the management expenses increased by 110.27% year-on-year. Various inputs were increased to store energy for long-term development.
In 2022q1, the revenue continued the high growth trend, and the gross profit rate decreased slightly
In 2022q1, the company achieved an operating revenue of 276576 million yuan, a year-on-year increase of 70.14%, with a sustained high growth. The net profit attributable to the parent company was -7.5071 million yuan, a year-on-year decrease of 180.27%, and the net profit deducted from non attributable to the parent company was -116708 million yuan, a year-on-year decrease of 186.11%, mainly due to the rapid growth of the company’s sales expenses, management expenses and R & D expenses. The gross profit margin of 2022q1 company was 97.33%, down 1.45 percentage points year-on-year.
Deepen the structural design market, speed up the field replication and expansion, and open up the growth space
(1) the company will continue to dig deep into the structural design market, continuously upgrade and iterate yjk architectural structural design software system, deeply excavate and launch special product modules, and improve user coverage and penetration of special design modules. (2) Actively replicate and expand industrial structure design, underground engineering structure design, municipal facilities and other fields to achieve cross domain development. (3) Build an integrated BIM collaboration platform for the whole process, build an application ecology, and provide participating customers with data sharing, collaborative work of various disciplines, project virtual construction and fine management system based on multi-dimensional building information model in the whole life cycle of the building.
Risk warning: market competition intensifies; Government IT budget tightening; The promotion of channel strategy was less than expected.
