\u3000\u3 China Vanke Co.Ltd(000002) 236 Zhejiang Dahua Technology Co.Ltd(002236) )
The revenue increased by 24% to 32.8 billion yuan in 21 years, and the net profit deducted from non parent company increased by 13% to 3.1 billion yuan. In the first quarter of the year, the revenue and net profit deducted from non parent company were 5.85 billion yuan and 350 million yuan respectively, with a year-on-year increase of 14% and 11% respectively.
Domestic business continues to grow and strengthen the competitiveness of software: tob business in China has increased by 28% to RMB 8.6 billion. Dahua has insight into more than 3000 business segmentation scenarios and developed more than 1000 business components in the field of enterprise business, forming more than 300 industry solutions. It is competitive in park management, manufacturing, construction, education, energy, medical health and other industries. Through 20 provincial development centers and front-line R & D organizations, the average development cycle of software customization service is shortened by 5.1 days. The software business with a gross profit margin of 67% has a revenue of 1.6 billion yuan in 21 years, and the company maintains a revenue target of 3 billion yuan in 23 years. In terms of software performance, independent accounting is carried out. The task objectives are decomposed to people horizontally and vertically layer by layer. The direct software technology special line improves the response speed of customers. In addition, the additional issuance of China Mobile’s stake in Dahua has recently been approved by the CSRC, which will bring synergy to Dahua in terms of government, enterprise and family business channels.
Overseas business maintained its advantages: overseas revenue increased by 28% to 13.5 billion yuan in 21 years, accounting for more than 40%. In 21 years overseas, Dahua has added more than 2600 Dahua element / image stores, with a total of 5000 stores. The company also directly carries out solution sales to overseas medium and high-end urban customers and industrial customers, and has established an independent overseas software R & D team to strengthen the R & D interaction between the headquarters and R & D branches in Europe and America, so as to provide more professional, reliable and easy-to-use software services for overseas customers. The remote deployment of cloud services and cloud services by small and medium-sized overseas operators can reduce the cost of remote deployment and delivery of cloud services.
High growth of innovative business: the revenue in 21 years increased by 62% to 2.85 billion yuan. Huarui, a subsidiary, realizes import substitution in the field of machine vision, which is widely used in logistics, consumer electronics, textile, electric power, automobile manufacturing and other industries. In the field of mobile Siasun Robot&Automation Co.Ltd(300024) it provides industrial mobile Siasun Robot&Automation Co.Ltd(300024) and patrol mobile Siasun Robot&Automation Co.Ltd(300024) , and provides handling, stacking, automatic patrol and other industrial applications through RCS scheduling system, which can schedule the mixed operations of more than 500 mobile Siasun Robot&Automation Co.Ltd(300024) in real time. The subsidiary Huacheng has built four major civil IOT product systems focusing on “home security, smart IOT, home service Siasun Robot&Automation Co.Ltd(300024) , cloud business”. The number of aiot device access has increased by more than 35% in 21 years, of which the number of overseas users has increased by more than 50%, the number of global user registrations of the platform has increased by more than 40%, the number of Chinese and overseas users has increased by nearly 60%, and the number of monthly active users of Lecheng cloud has increased by more than 60%. Aiming at the front loading market of passenger cars, the subsidiary huaruijie has mass produced L2 + level auxiliary driving system and intelligent parking system through cameras, ultrasonic and millimeter wave radar, domain control and other products, and has obtained project fixed points from many car factories; The commercial vehicle scheme has been widely used in freight logistics, muck, two passengers and one danger, public transport, public security, school bus, sanitation vehicle and other fields.
We predict that the company’s earnings per share for 22-24 years will be 1.54 yuan, 1.77 yuan and 2.00 yuan respectively (the original forecast for 22-23 years is 1.83 yuan and 2.15 yuan, mainly reducing the forecast of gross profit margin and raising the forecast of credit impairment loss). According to the 22-year average 17 times PE valuation of comparable companies, we give a target price of 26.18 yuan and maintain the buy rating.
Risk tips
Downstream demand is lower than expected; AI progress is lower than expected; Credit impairment of accounts receivable; Exchange gain / loss risk.
