\u3000\u3 China Vanke Co.Ltd(000002) 230 Iflytek Co.Ltd(002230) )
The performance continued to grow high and maintained the “buy” rating
The company released the 2021 annual report and the first quarterly report of 2022. The growth rate of Q1 revenue in 2021 and 2022 was 40.61% and 40.17% respectively, with high growth in the first quarter. The company continues to promote the “platform + track” strategy, and the tracks in education, consumer, medical and other industries blossom at multiple points. The business has long-term development and sustainable profitability. We maintain the profit forecast for 20222023 and newly added 2024. It is estimated that the net profit attributable to the parent company in 20222024 will be 2.036, 2.708 and 3.584 billion yuan, EPS will be 0.88, 1.16 and 1.54 yuan, and the corresponding PE of the current stock price will be 45.2, 34.0 and 25.7 times, maintaining the “buy” rating.
Event: the company released the 2021 annual report and the first quarterly report of 2022
(1) in 2021, the company achieved revenue of 18.314 billion yuan, with a year-on-year increase of 40.61%; The net profit attributable to the parent company was 1.556 billion yuan, a year-on-year increase of 14.13%; The net profit deducted from non parent company was 979 million yuan, with a year-on-year increase of 27.54%. In terms of products, the revenue of educational products and services, open platforms and intelligent hardware was 607 million yuan, 2988 million yuan and 1237 million yuan respectively, with a year-on-year increase of 49.47%, 55.55% and 41.63% respectively. The gross profit margin of the company was 41.13%, down 3.99 percentage points year-on-year, mainly due to the decline in the gross profit margin of information engineering business.
(2) in the first quarter of 2022, the company realized a revenue of 3.506 billion yuan, a year-on-year increase of 40.17%; The net profit attributable to the parent company was 110 million yuan, a year-on-year decrease of 20.57%, and the net profit deducted from non attributable to the parent company was 146 million yuan, a year-on-year increase of 37.73%. The rapid growth of income is mainly due to the rapid growth of education and consumer business. The decline in net profit was mainly due to the impact of – 154 million yuan of changes in fair value profit and loss caused by the fluctuation of Cambricon Technologies Corporation Limited(688256) , Three’S Company Media Group Co.Ltd(605168) and other stock prices held by the company. The company achieved rapid growth by deducting non-profit, and its profitability continued to increase.
The company has clear strategic objectives and two engines drive future development
The company’s medium-term strategic objectives are clear. Through the two engines of “base business” and “systematic innovation”, the company strives to achieve “one billion users, one hundred billion income and one trillion ecology, and become the leader of China’s artificial intelligence industry” during the 14th Five Year Plan period. At the strategic implementation level, the company will continue to promote the “platform + track” strategy. The artificial intelligence industry ecology has begun to take shape. The tracks in education, consumers, medical and other industries have blossomed at many points. The business has long-term development and sustainable profitability. The company has clear strategic objectives and is expected to enter the development harvest period.
Risk warning: Education orders are not as expected; The sales volume of learning machines was lower than expected.
