\u3000\u30 Beijing Zznode Technologies Co.Ltd(003007) 66 Merit Interactive Co.Ltd(300766) )
[key points of investment]
The performance returned to the growth channel and the business structure continued to be optimized. In 2021, the company achieved an operating revenue of 600 million, a year-on-year increase of 19.8%, and a net profit attributable to the parent company of 114 million, a year-on-year increase of 58.5%. In the fourth quarter of 2021, the company realized an operating revenue of 174 million, a year-on-year increase of 13.0%, and the net profit attributable to the parent company was 25 million, a year-on-year increase of 265.2%. By business: the developer business income was 52 million, a year-on-year increase of 7.4%; The service revenue increased by 213 million, a year-on-year decrease of 11.9%; Risk control service revenue was 93 million, with a year-on-year increase of 72.8%; Public services reached 203 million, a year-on-year increase of 59.2%. The data service structure of the company was further optimized, the growth service structure was adjusted and gradually stabilized, and the high gross margin SaaS business - risk control service and public service accounted for nearly 50% and maintained a high growth rate.
The company is a leading data intelligence service provider in China. "Data machine people" is the core business logic, that is, data accumulation, data governance and data application. In terms of data accumulation, the number of developer service coverage and SDK installation are leading in the industry. By the end of 2021, the cumulative installed volume of the company's developer service SDK had exceeded 83 billion, and the number of daily active independent devices (weight removal) of the SDK exceeded 400 million, of which the cumulative installed volume of smart IOT device SDK exceeded 150 million and the daily active number of smart IOT devices exceeded 25 million. At the level of data governance, the company makes every effort to develop the "daily data governance platform", build a data intelligent operating system with data governance capability, and realize the output of external data governance capability. At the data application level, risk control services, public services and brand services continue to explore new customers and new scenarios, with broad commercialization potential.
Digital economy is a new engine of global economic development, and there is a broad space for digital element collection and processing. In recent years, the state has issued a number of policies and plans to promote the development of digital economy. The organic combination of big data and scenarios in all walks of life shows great potential in data application, data governance and other fields. Data helps improve efficiency and energy in vertical fields and drive innovation and Reform in relevant industries. With the increasing demand for digital upgrading in various fields and the continuous improvement of the ecosystem, the needs of customers are more diversified and complex. Big data companies that have profound data accumulation, leading data governance ability and rich industry experience and can provide integrated solutions will usher in a broader development space.
[investment suggestions]
The company is a leading and compliant data intelligence service provider. In the past two years, affected by the growth demand of the Internet industry and the adjustment of the company's business structure, the growth of revenue and profit has been under pressure. With the increase in the proportion of data intelligence business, the company returned to the accelerated growth track. We estimate that the company's operating revenue from 2022 to 2024 will be RMB 770 / 969 / 1177 million, and the net profit attributable to the parent company will be RMB 137 / 193 / 252 million, corresponding to eps0 34 / 0.48/0.63 yuan, corresponding to 37 / 26 / 20 times of PE respectively, and rated as "overweight".
[risk tips]
Macroeconomic downside risk;
Policy risk.
