\u3000\u3 China Vanke Co.Ltd(000002) 609 Shenzhen Jieshun Science And Technology Industry Co.Ltd(002609) )
Event: on April 23, 2022, the company released the results of 2021 and 2022q1. In 2021, the company achieved a revenue of 1.505 billion yuan (YoY 9.75%), a net profit of 145 million yuan (YoY 9.20%) after deduction, and a net operating cash of 32 million yuan (YoY - 79.28%); In 2022q1, due to the delayed delivery of the project affected by the epidemic in some areas, the company realized a revenue of 149 million yuan (YoY - 18.45%), a net profit of -52 million yuan (YoY - 317.61%) after deducting non return to the parent company, and a net operating cash of -201 million yuan (yoy-16.97%).
The traditional main business intelligent hardware business continued to grow, and the gross profit margin increased steadily. In 2021, the tightening of real estate regulation policies led to the weak demand for new real estate projects, which affected the company's intelligent hardware revenue to a certain extent, realizing a revenue of 1.232 billion (YoY 2.84%), contributing 81.87% of the total revenue. At the same time, in the case of a large rise in the price of raw materials, the company improves the bargaining power of products through the combination of new business and intelligent hardware, internally promotes production efficiency and cost reduction and other measures to maintain a steady increase in the gross profit of intelligent hardware products, and the gross profit of intelligent access control channel management system increases by 2.58 percentage points compared with 2020.
The software and cloud services business overcame the adverse impact of covid-19 epidemic and continued to develop on a large scale. In 2021, the company overcame the adverse effects of the epidemic, and the software and cloud service business achieved a revenue of 184 million yuan (YoY 63.88%), contributing 12.23% of the total revenue. As the company's "No. 1 project", the parking lot cloud hosting business has begun to be promoted among medium and large-scale customers and achieved good results. More than 4800 cloud hosting lanes have been signed (including the winning contracts), and continued to grow rapidly.
Smart parking business continues to grow rapidly. In 2021, the company deepened the development of the existing formed channel service, advertising operation, Trading Service Commission and other businesses, and innovatively launched the parking time business. The smart parking operation business achieved a revenue of 80 million yuan (YoY 41.45%), contributing 5.33% of the total revenue, and the company's smart parking operation main body, shunyitong company, realized profit for the first time in 2021.
As the epidemic situation in Shenzhen headquarters and other regions eased, winning large orders helped to restore growth. On April 12, 2022, the company announced that it had won the bid for the smart parking upgrading and operation project of public rental housing in Chongqing. From the date of handover to 6 years 30 days in 2026, the estimated contract amount was 324 million yuan. With the mitigation of the impact of the epidemic, the company's project delivery, marketing and other activities are back on track, and the revenue is expected to resume the growth trend.
Maintain the "buy" rating. As the leader of China's parking lot system, the company holds the b-end parking lot and C-end customer resources. In the future, it has the potential to expand the new energy charging operation business and get through the parking and charging needs of users. We predict that from 2022 to 2024, the revenue will be 1.790 billion yuan, 2.023 billion yuan and 2.304 billion yuan, and the net profit attributable to the parent company will be 195 million yuan, 234 million yuan and 257 million yuan, maintaining the "buy" rating.
Risk warning: macroeconomic downside risk; Deterioration risk of accounts receivable; Management risks brought by new business; Risk of bias between assumptions and estimates
