\u3000\u3 China Vanke Co.Ltd(000002) 609 Shenzhen Jieshun Science And Technology Industry Co.Ltd(002609) )
Event: the company announced its 2021 annual report & the first quarterly report of 2022: 1) in 2021, the company achieved a revenue of 1.505 billion yuan, a year-on-year increase of 9.75%; The net profit attributable to the parent company was 161 million yuan, a year-on-year increase of 0.93%; The net profit deducted from non parent company was 145 million yuan, with a year-on-year increase of 9.20%; 2) 2022q1: the company achieved a revenue of 149 million yuan, a year-on-year decrease of 18.45%; The net profit attributable to the parent company was – 48.2 million yuan, compared with – 8.43 million yuan in the same period last year; The net profit deducted from non parent company was -51.92 million yuan, compared with -12.43 million yuan in the same period last year.
1. The gross profit of intelligent hardware business is stable, and the cloud of software business is progressing smoothly
In 2021, the company’s intelligent hardware business revenue was 1.232 billion yuan, with a year-on-year increase of 2.84%, and realized a gross profit of 537 million yuan, with a year-on-year increase of 3.65%. Under the background of rising raw material prices and weak real estate demand, the gross profit of the intelligent hardware business remained basically stable. In 2021, the company’s cloud hosting, management software and other software cloud businesses progressed smoothly, and the revenue of software and cloud service business was 184 million yuan, with a year-on-year increase of 63.88%. The cloud hosting business began to be promoted among medium and large customers through batch project pilot, combined the parking time business with cloud hosting, and more than 4800 cloud hosting lanes were newly signed throughout the year (including successful contracts); The cloud and remote rate of management software has increased from 29% in 21q1 to 68% in 21q4.
2. The Czech Republic’s parking business continues to grow rapidly, innovatively launching the parking time business
In 2021, jiejie parking expanded the source of large-scale b-end parking lot outside the parent company Shenzhen Jieshun Science And Technology Industry Co.Ltd(002609) and the coverage of the parking lot continued to expand. At the end of the year, there were 21000 signed smart parking lots (more than 5000 new ones), more than 75 million online users (more than 43 million new ones), more than 2.2 million transaction orders per day on the average on Sunday at the end of the year (an increase of 400000 transactions per day), and the annual cumulative online water flow was 7.045 billion yuan (an increase of 3.03 billion yuan). In 2021, the company’s smart parking operation revenue was 80.23 million yuan, a year-on-year increase of 41.45%. The company innovated and launched the parking time business, combined with the cloud hosting business, and signed a 130 million time contract through time replacement and time purchase, reflecting the model innovation of the company in the whole ecological layout of parking.
3. The epidemic affected the delivery of some projects in 2022q1, and the inventory increased significantly
In 2022q1, the company’s performance declined. We expect that the covid-19 epidemic in Shenzhen and other regions will affect the delayed delivery of the project. The company’s inventory at the end of the first quarter was 403 million yuan, an increase of 204 million yuan compared with the first quarter of 2021 and 46.54 million yuan compared with the end of 2021. Referring to the disclosure of the company’s 2021 annual report, we believe that the company’s inventory growth in the first quarter was mainly due to the preparation of raw materials, the inventory of delayed delivery projects and goods in transit, which provided guarantee for the improvement of the company’s supply chain anti risk ability and future performance growth.
Profit forecast and investment suggestions: considering the rebound of China’s epidemic in 2022, we adjusted the profit forecast according to the company’s annual report and the first quarter report. We adjusted the company’s net profit from 245 / 317 million yuan to 201 / 265 million yuan in 20222023. It is estimated that the net profit in 2024 will be 337 million yuan. The net profit of the company from 20222024 corresponds to 24.09/18.25/14.34 times of the current market value PE respectively, maintaining the “buy” rating.
Risk warning: the risk of rising cost caused by the rising price of raw materials; Large scale risk of accounts receivable; Risk of large inventory; The risk that the development of new business is not as expected; The performance is lower than expected.
