\u3000\u3 China Vanke Co.Ltd(000002) 230 Iflytek Co.Ltd(002230) )
The event company released the annual report of 2021 and the report of the first quarter of 2022. In 2021, the company achieved a revenue of 18.314 billion yuan, 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 attributable to the parent company after non deduction was 979 million yuan, a year-on-year increase of 27.54%. In the first quarter of 2022, the operating revenue was 3.506 billion yuan, a year-on-year increase of 40.17%; The net profit attributable to the parent company was 111 million yuan, a year-on-year decrease of 20.57%; The net profit attributable to the parent company after non deduction was 146 million yuan, a year-on-year increase of 37.73%.
Artificial intelligence industry leader, revenue growth rate of more than 25% for 10 consecutive years. In 2021, the company achieved a revenue of 18.314 billion yuan, a year-on-year increase of 40.61%. In terms of business, the company’s education field / open platform and consumer business / automobile field increased by 48.85% / 97.42% / 38.92% respectively year-on-year. The company adheres to the two wheel drive strategy of “systematic innovation + base business”, takes solid AI core technology R & D capability as the base, and solves social needs with artificial intelligence through three-tier linkage of g-end / b-end / C-end in many urgent social and livelihood fields such as education, consumers, medical treatment and automobile. The company’s “base business” is deeply rooted, and the scale of application continues to expand. The “base business” accounts for more than 50% of the company’s total revenue. 22q1 company achieved an operating revenue of 3.506 billion yuan, a year-on-year increase of 40.17%, and the high growth trend continued; The net profit attributable to the parent company decreased by 20.57% year-on-year, mainly due to the recognized profit and loss of – 154 million yuan of Cambricon Technologies Corporation Limited(688256) , Three’S Company Media Group Co.Ltd(605168) and other fair value changes caused by stock price fluctuations held by 22q1 company.
Affected by the personnel expansion of “base business”, the gross profit margin is under pressure in the short term, and the profitability is expected to continue to improve in the long term. The gross profit margin of the company in 2021 was 41.13%, a year-on-year decrease of 3.98 PCTs; 22q1 gross profit margin was 40.53%, a year-on-year decrease of 1.54pcts. The main reason for the decline in gross profit margin is that the company’s base business has ushered in the dividend period of large-scale application of artificial intelligence. In order to achieve rapid business landing and more stable development, the operation and resident personnel are arranged in advance. In 2021, the number of personnel increased by 3301, resulting in the growth rate of operating cost higher than that of revenue; Although the increase of personnel brings the increase of expenses and costs, which affects the increase of current profits, it also lays a more solid foundation for the improvement of the company’s profitability in the next stage, the enhancement of the position of industrial leader and the guarantee of sustainable development. In terms of period expense rate, the company’s sales expense rate / management expense rate / R & D expense rate in 2021 were 14.70% / 6.02% / 15.45% respectively, with a year-on-year increase of -1.30 / – 0.56 / – 1.52pcts respectively, and the company’s cost control ability was stable. In 2021, the turnover rate of accounts receivable was 2.83, an increase compared with 2.47 last year, and the collection and liquidity were enhanced in 2021.
The education business continues to be strong, and the growth rate of open platform and consumer business is bright. In terms of education business: in 2021, Iflytek Co.Ltd(002230) smart education comprehensive solution of teaching students according to their aptitude was further replicated on a large scale, and continued to be implemented in nearly 20 cities, districts (counties) such as Jinshui District of Zhengzhou, Wuhan Economic Development Zone, West Coast new area of Qingdao, Dadong District of Shenyang, Changchun City of Jilin Province and Yijiang District of Wuhu City. The “double reduction” policy has further brought about an incremental market for after-school services, layered homework and autonomous learning. At present, iFLYTEK’s after-school service business has covered more than 170 districts and counties and more than 4000 schools. The number of schools operating personalized learning manuals has increased by 50%, the user scale has increased by 40% year-on-year, and the renewal rate has increased from 75% to 90%; In 2021, the sales volume of learning machines for C-terminal increased by 150%, and the sales volume of JD tmall Gmv and increased by 200% year-on-year. The NPs value recommended by users ranked first in the industry with nearly 40%.
The growth rate of open platform and consumer business is bright. In 2021, iFLYTEK’s open platform focused on enabling 18 industrial fields such as finance, agriculture and energy, providing the industry with rich intelligent voice and artificial intelligence capabilities and solutions, and the revenue increased by 55.55% year-on-year; The channel marketing ability of consumer business for consumers has been significantly improved. The sales volume of consumer hardware increased by 140% year-on-year, Gmv increased by 152%, and the growth rate of JD tmall dual platform Gmv exceeded 80%.
Based on its solid AI core technology R & D capability, the investment suggestion company has shown its layout results in multiple scenarios such as education, consumers, medical treatment, automobile and so on. The education business continued to be strong, the growth rate of open platform and consumer business was bright, and the revenue continued to increase. It is estimated that the company’s EPS from 2022 to 2024 will be 0.83/1.28/1.81, corresponding to the PE from 2022 to 2024 will be 47.99x/30.86x/21.83x. For the first coverage, give a “recommended” rating.
The risk indicates that the impact of the epidemic situation exceeds the expected risk; The risk of intensified industry competition.
