\u3000\u3 China Vanke Co.Ltd(000002) 609 Shenzhen Jieshun Science And Technology Industry Co.Ltd(002609) )
The company issued the annual report and the first quarterly report of 2021. In 2021, the company achieved a revenue of 1.505 billion yuan (+ 9.75%); The net profit attributable to the parent company was 161 million yuan (+ 0.93%). Q1 achieved a revenue of 149 million yuan (- 18.45%), and a net profit attributable to the parent company of - 48.209 million yuan (- 471.66%). Maintain buy rating.
Key points supporting rating
In 2021, the performance increased steadily and the R & D investment continued to increase. During the reporting period, the company achieved a revenue of 1.505 billion yuan (+ 9.75%); The net profit attributable to the parent company was 161 million yuan (+ 0.93%). In the face of adverse factors such as the sharp rise in the price of raw materials, the interruption of the supply of main chips, the regulation of the real estate industry and the spread of the epidemic, the company insisted on building its advantages in independent R & D and sales network coverage. The R & D and sales expenses increased by 18.26% and 21.68% year-on-year, and the overall performance achieved steady growth. The performance decline in 2022q1 was mainly due to the covid-19 epidemic affecting the delivery of projects in Shenzhen headquarters and other regions. In addition, the company's revenue in the first quarter over the years accounted for a relatively low proportion, and its guidance to the overall revenue was weak.
The cloud parking business is growing rapidly, and the combination of new and old businesses is expected to improve the profit level. The company's new cloud parking business realized a revenue of 184 million yuan (+ 63.88%), accounting for 12.23% of the company's revenue. Under the impact of the epidemic, more than 4800 new cloud hosting lanes have been signed. Meanwhile, the traditional intelligent hardware business achieved a revenue of 1.232 billion yuan (+ 2.84%), accounting for 81.87% of the current revenue. The company actively promotes the combination of new and old businesses, strengthens the brand premium ability through platform centralized control, cloud hosting and other modes, and the profit is expected to be further improved.
A breakthrough was made in the urban parking operation business, and the bid was won for a large public rental housing operation project. Recently, the company won the bid for Chongqing public rental housing project, including 11 real estate garages, with a total of 39555 parking spaces; The annual minimum return is 73 million yuan and the excess share return is 100 million yuan; During the service period, the estimated contract amount is 324 million yuan. The winning of the project provides a good foundation for the company to participate in more affordable housing projects.
Valuation
The adjusted net profit from 2022 to 2024 is 233 million, 317 million and 421 million, EPS is 0.36 yuan, 0.49 yuan and 0.65 yuan, and the corresponding PE is 21x, 15x and 12x. The rapid growth of the company's cloud parking business and the breakthrough of its operation business are expected to drive a new round of revenue growth and maintain the buy rating.
Main risks of rating
The performance growth rate is lower than expected; The epidemic control was not as expected; The recovery of accounts receivable is less than expected.
