\u3000\u3 Shengda Resources Co.Ltd(000603) 138 Beijing Vastdata Technology Co.Ltd(603138) )
Event: on April 20, 2022, the company released the annual report of 2021 and the first quarterly report of 2021. In 2021, the company achieved an operating revenue of 421 million yuan (YoY 6.02%) and a net profit attributable to the parent company of 11 million yuan (yoy-67.47%), and the performance was in line with expectations. In the first quarter of 2022, the operating revenue was 79 million (yoy-22.84%), and the net profit attributable to the parent company was – 11 million (yoy-312.18%).
Continued R & D investment, accelerated the iteration of database products, and significantly improved the gross profit margin. In 2021, the company invested 74 million yuan in R & D (YoY 54.39%), accounting for 17.50% of operating revenue (a year-on-year increase of 5.48 percentage points). Continuous R & D investment provides guarantee for the company to improve its technical service level and product competitiveness. In 2021, the gross profit margin of the company increased by 4.49 percentage points to 35.36% compared with the same period of the previous year, of which the gross profit margin of database products increased by 8.78 percentage points; In the first quarter of 2022, the gross profit margin of main business increased by 4.82 percentage points to 37.30% compared with the same period of last year.
In the first quarter of 2022, affected by the epidemic in some areas, the growth rate of revenue decreased year-on-year. More than 60% of the company’s revenue in 2021 came from South and East China. In the first quarter, the business development was limited due to the local epidemic, resulting in a decline in the growth rate of revenue in the first quarter. With the mitigation of the subsequent epidemic, it is expected to resume growth.
Strengthen information innovation adaptation and complete multi platform ecological integration. The vastbase database independently developed by the company has been compatible with mainstream domestic chips such as Kunpeng CPU, Feiteng CPU and haiguang CPU, and can run smoothly in mainstream operating systems such as Tongxin operating system and Qilin operating system; Smooth connection of Beijing Tongtech Co.Ltd(300379) application server software, Kingdee Apusic application server software and other general-purpose middleware; It supports mainstream public cloud platforms such as Huawei cloud, Qingyun and Inspur cloud, and seamlessly connects office software, ERP software, CRM software, electronic ticket software, geographic information service software and other application software.
The rising star of China’s database has benefited from the development of Kunpeng computing industry. Based on the opengauss community version, the company launched the enterprise relational database vastbaseg100, which has been widely recognized: 1) the company is one of the first directors of the opengauss Community Council; 2) At present, the company ranks second in the community contribution, second only to Huawei, and has become the best partner recognized by opengauss; 3) Vastbaseg100 database has obtained Kunpeng validated certification and entered the central procurement list in 2021. It has been used in finance, government, power, manufacturing and other industries, and is gradually entering the stage of large-scale promotion.
Maintain the “buy” rating. After 15 years of deep cultivation of database, the company has become a leading database product and service provider in China. With the gradual polishing and maturity of products in the future, the gradual easing of Huawei’s constraints, and the substantive expansion of industry information innovation, Beijing Vastdata Technology Co.Ltd(603138) as the leader of opengauss database in Kunpeng industrial ecology, it is expected to continue to benefit. We expect the net profit attributable to the parent company from 2022 to 2024 to be 29 million yuan, 147 million yuan and 268 million yuan respectively. It is expected to maintain the “buy” rating.
Risk warning: the input and output of new business is less than expected; Macroeconomic downturn; Industry competition intensifies; There may be errors in key assumptions.
