\u3000\u3 China Vanke Co.Ltd(000002) 987 Northking Information Technology Co.Ltd(002987) )
Bank it leader, maintaining the "buy" rating
The company is a leader in bank it. Benefiting from bank digital transformation and financial information innovation, the revenue growth rate in 2021 was 33.22%, maintaining rapid growth. Considering the factor of personnel cost, we lowered the profit forecast for 20222023 and added 2024. It is estimated that the net profit attributable to the parent company in 20222024 will be 290, 380 and 487 million yuan (originally 367 and 488 million yuan), and the EPS will be 129, 169 and 216 yuan. The current share price corresponds to 22.5, 17.1 and 13.4 times of PE. The company has plenty of orders on hand and can grow in the future. It will maintain the "buy" rating.
Event: the company released the 2021 annual report and the first quarter report of 2022
(1) in 2021, the company achieved a revenue of 3.054 billion yuan, a year-on-year increase of 33.22%, and a net profit attributable to the parent company of 231 million yuan, a year-on-year decrease of 16.47%. In terms of business, the income from information technology services was 1.826 billion yuan, a year-on-year increase of 47.59%, the proportion of income increased to 60%, and the income structure was further optimized. The overall gross profit margin of the company was 23.58%, a year-on-year decrease of 4.37 percentage points, which was mainly due to the increase of personnel recruitment and the increase of per capita salary. The company's sales, management and R & D expense rates were 2.21%, 3.93% and 9.20% respectively. The company increased R & D investment and the R & D expense rate increased by 0.79 percentage points.
(2) 2022q1: the company achieved a revenue of 833 million yuan, a year-on-year increase of 20.12%, and a net profit attributable to the parent company of 24 million yuan, a year-on-year decrease of 53.67%. Under the background of the epidemic, the company's revenue maintained a stable growth. Due to the impact of some projects of the epidemic and the rigid expenditure of human costs, the company's profits were affected to a certain extent. From the perspective of orders, by the end of March 2022, the signed contract amount of the company's information technology services was RMB 4.573 billion, and there were abundant orders on hand, laying a foundation for future business development.
The industry drive is clear, there are abundant orders on hand, and the future growth can be expected
Bank IT investment is a rigid expenditure, and digital transformation and financial innovation are the core drivers of the industry. At the same time, with the accelerated promotion of digital RMB, bank it prosperity and certainty are ready. Big bank is the leader in digital transformation and financial information innovation, with higher IT investment. The company is the leader in bank it. In 2021, the revenue of six big banks and joint-stock banks accounted for 63.9% and 15.3% respectively, which is expected to benefit fully. At present, the company has plenty of orders in hand. With the mitigation of the epidemic, the industry demand is expected to continue in large quantities, and the future growth can be expected.
Risk warning: policy promotion is not as expected; The bank's IT investment is less than expected
