\u3000\u30006 Zhongrun Resources Investment Corporation(000506) 00050)
Event overview: on April 21, 2022, the company released the first quarter report of 2022, realizing an operating revenue of 89.022 billion yuan, a year-on-year increase of 8.20%; The net profit attributable to the parent company was 2.031 billion yuan, a year-on-year increase of 20.02%; The net profit deducted from non parent company was 2.007 billion yuan, a year-on-year decrease of 7.1%.
Revenue and profit in a single quarter reached a new high
22q1 company achieved a revenue of 89.022 billion yuan, a year-on-year increase of 8.2%, of which the main business income was 81.197 billion yuan, a year-on-year increase of 9.8%, and the net profit attributable to the parent company was 2.031 billion yuan, a year-on-year increase of 20.0%. The absolute value of revenue and profit hit a new high in the first quarter. The net profit deducted from non attributable assets was 2.007 billion yuan, a year-on-year decrease of 7.1%, mainly due to the year-on-year decrease of 63.9% in the impairment loss of non current assets in non recurring profits and losses.
Optimize the revenue structure, focus on the five main businesses, double the growth of Unicom cloud, strong growth of innovative business, and continuous optimization of the revenue structure. 22q1’s industrial Internet business achieved a revenue of 19.419 billion yuan, a year-on-year increase of 34.8%, accounting for 23.9% (18.5% in the whole year of 21), and further increased its contribution to the growth of main business revenue to 69% (59% in the whole year of 21).
22q1, the company changed the disclosure caliber of business data, focused on the five main businesses of “big connection, big computing, big data, big application and big security”, and comprehensively launched the main channel of digital economy.
“Big connection”: the user base of mobile, fixed line broadband and Internet of things has been continuously consolidated, and all businesses have achieved good growth. In terms of mobile business, the number of 5g package users reached 171 million (a net increase of about 16 million compared with the end of the 21st century), driving the main mobile revenue to increase by 2.2% year-on-year to 41.99 billion yuan. Broadband services comprehensively upgraded the Smart Home Pan integration product system, and the fixed network broadband access revenue increased by 5.5% year-on-year to 11.5 billion yuan. In the field of Internet of things, we focused on breaking through 5g slicing capability and CAT1 differentiation advantages. The number of Internet of things terminal connections increased to 313 million, and the revenue of Internet of things business reached 2.121 billion yuan, a significant year-on-year increase of 40.7%.
“Big computing”: integrate network, computing power and IDC resources, and double the growth of Unicom cloud. Unicom cloud launched seven scene cloud capabilities, including 5g edge cloud, IOT perception cloud and autonomous controllable cloud, to accurately meet the needs of subdivided industry scenes. 22q1 Unicom cloud achieved a revenue of 9.12 billion yuan, a year-on-year increase of 114%. Relying on the national “5 + 4 + 31 + X” new data center system, IDC business achieved a revenue of 6.231 billion yuan, a year-on-year increase of 14.5%. Driven by the good growth of computing power network business, the main business of fixed network achieved a revenue of 38.462 billion yuan, a year-on-year increase of 19.1%.
“Big data”: strengthen the core technical capabilities of big data, artificial intelligence and blockchain. 22q1 big data achieved a revenue of 972 million yuan, a year-on-year increase of 54.1%. “Big application”: promote the upgrading of information consumption at the C / h end and create new applications such as cloud disk, RBT and 5g message; The “sailing” action plan of 5g application was deeply implemented at the b-end, and the scale promotion of 5g solution was accelerated. The number of virtual private network service customers in 5g industry reached 1421. “Big security”: Launch Unicom yundun, big network situational awareness, password Ca, cloud WAF and other products, and gradually form large-scale replication capability.
Investment suggestion: we are optimistic about the continuous realization of the company’s competitive advantage in industrial Internet differentiation. It is estimated that the net profit attributable to the parent company from 2022 to 2024 will be RMB 7.224/82.90/9.530 billion respectively, the PE multiple corresponding to the current market value is 15x / 13X / 11x, and the valuation center of the company in recent five years is 38 times. Maintain a “recommended” rating.
Risk warning: capital expenditure investment exceeds expectations; The effect of co construction and sharing is less than expected; The development of industrial Internet is less than expected
