\u3000\u30 Guangdong Tengen Industrial Group Co.Ltd(003003) 48 Shenzhen Sunline Tech Co.Ltd(300348) )
In the first quarter of 2022, the revenue increased by 62.6% Shenzhen Sunline Tech Co.Ltd(300348) released the first quarterly report of 2022 on the evening of April 21. In the first quarter of 2022, the operating revenue was 276 million yuan, a year-on-year increase of 62.61%; The net profit attributable to the parent company was -9.867 million yuan, up from 119468 million yuan in the same period last year; The net profit after deduction was -116211 million yuan, compared with 3.4848 million yuan in the same period last year.
Revenue has significant seasonality, but high growth still shows the growth of the company. Considering the project delivery cycle and the acceptance and settlement of downstream customers, the absolute value of bank IT manufacturers' revenue volume in the first quarter is usually low. However, under the influence of the epidemic in early 2022, the company still achieved a high growth of more than 60%, which is enough to prove the growth attribute of the company itself. At the same time, considering the difference between the company's sales cash inflow of RMB 1.589 billion in 2021 (a year-on-year increase of 16%) and its operating revenue of RMB 1.572 billion (a year-on-year increase of 1.37%), the apparent growth rate of operating revenue in 2021 can not fully represent the company's annual operation, and the order growth rate and cash inflow can better represent the company's growth.
It is expected that the running in of the bank will become more and more mature, and the financial indicators are expected to hit the bottom and rebound. In 2021, the company successfully entered the field of large state-owned banks, built core systems for large banks and further opened its own market space. The Dahang market has higher requirements for project delivery and personnel quality, so 2021 is a year of investment and running in for the company. In terms of financial indicators, the gross profit margin in 2021 was 42.2%, down 8.1pct year-on-year; The sales rate and management rate were 8.4% and 15.0% respectively, with a year-on-year increase of 2.2 and 1.6pct; The overall staff size reached 6479, with a year-on-year increase of 16%. The expansion of staff size and cost expansion also led to the transformation from win to loss in the first quarter. Looking ahead, after a long period of running in, the company's operating efficiency in the field of large banks is expected to continue to improve in 2022, which will drive the recovery of the gross profit margin of the company's business lines and strengthen the profitability.
Financial information innovation is the main line of the whole year, and the overseas market is worth looking forward to. 2022 is expected to be the first year of financial information innovation. The bank's IT investment continues to tilt towards domestic software manufacturers, superimposing the bank's own digital transformation needs. The whole bank's IT investment is expected to double-click in 2022. In 2021, the company's digital finance increased by 17% year-on-year, and the big data application increased by 26% year-on-year. At the same time, the company's overseas revenue was 162 million yuan, with a year-on-year increase of 65%. Exporting financial technology products to Southeast Asia and other regions has become another potential focus of the company.
Investment suggestion: we expect the net profit attributable to the parent company in 22-24 years to be 205 million yuan, 260 million yuan and 308 million yuan respectively, with a year-on-year growth rate of 63%, 27% and 18% respectively. The current market value corresponds to 35, 27 and 23 times of PE in 22-24 years. The company is a leading enterprise in bank it, with product business attributes. It is expected to maintain good growth and maintain the "recommended" rating under the catalysis of financial Xinchuang.
Risk warning: the promotion of financial information innovation is not as expected; The competition for it talents leads to the accelerated rise of costs; The epidemic situation affects the implementation and delivery of the project.
