\u3000\u3 China Vanke Co.Ltd(000002) 609 Shenzhen Jieshun Science And Technology Industry Co.Ltd(002609) )
Event: the company released its 2021 annual report. In 2021, it realized an operating revenue of 1.505 billion yuan, a year-on-year increase of 9.75%; The net profit attributable to the parent company was RMB 9.3 billion, a year-on-year increase of 61.0%; The net profit attributable to the parent company after non deduction was 145 million yuan, a year-on-year increase of 9.20%.
The company released the first quarterly report of 2022, realizing an operating revenue of 149 million yuan, a year-on-year decrease of 18.45%; Net profit attributable to parent company -48 million yuan; The net profit attributable to the parent company after deduction of non-profit is -52 million yuan.
The new business performed well and comprehensively promoted the cloud strategy. Among the company’s new businesses, more than 4800 cloud hosting lanes were newly signed, and the sales revenue of software and cloud service business was 184 million yuan, a year-on-year increase of 63.88%; The number of users reached by Czech parking reached 75 million, an increase of 43 million compared with the beginning of the 21st century; The sales revenue of smart parking operation business was 80 million yuan, with a year-on-year increase of 41.45%. The company’s traditional smart parking revenue was 1.232 billion yuan, a year-on-year increase of 2.84%.
The overall cost remained stable. The gross profit margin of the company’s sales in 2021 was 45.41%, an increase of 0.61 percentage points compared with last year. The company’s sales expense ratio was 19.00%, an increase of 1.86 percentage points compared with the same period last year; The management expense ratio was 7.86%, a decrease of 1.84 percentage points compared with the same period last year; The R & D expense rate was 7.64%, an increase of 0.55 percentage points compared with the same period last year.
Constantly push through the old and bring forth the new to adapt to the new opportunities for the development of smart parking. In the face of the development of smart parking industry, the company continues to push through the old and bring forth the new. The company innovated and launched the parking duration business in the industry. Through the two ways of duration replacement and duration only purchase, the company signed 130 million duration contracts in 21 years. Considering the construction of charging facilities and the development of charging services in the parking lot, the company launched the parking space level charging operation solution, which aims to provide users with an integrated solution of “parking + charging + operation”.
Investment suggestion: the smooth development of parking SaaS business and the high growth of Czech parking’s operation data have laid a solid foundation for the company’s transformation. It is estimated that the company’s EPS from 2022 to 2024 will be 0.34/0.42/0.52 yuan respectively, maintaining the buy rating.
Risk warning: the progress of parking SaaS is not as expected; Industry competition intensifies.
