\u3000\u30003 Jiangsu Rainbow Heavy Industries Co.Ltd(002483) 00248)
Event: the company issued the 2021 annual report and the 2022 first quarter report. In 2021, the company achieved an operating revenue of 1.017 billion yuan, a year-on-year increase of 8.23%, a net profit attributable to the parent company of 161 million yuan, a year-on-year decrease of 11.48%, and a net profit not attributable to the parent company of 154 million yuan, a year-on-year decrease of 5.44%. In 2022, Q1 achieved an operating revenue of 170 million yuan, a year-on-year increase of 8.25%, a year-on-year decrease of 138.56% in the net profit attributable to the parent company of -18 million yuan, and a year-on-year decrease of 112.00% in the net profit not attributable to the parent company of -22 million yuan. The performance is in line with market expectations.
Smart campus business drives revenue growth in 2021, and profitability is temporarily under pressure due to the impact of the epidemic. 1) In 2021, the company made an in-depth layout of K12, secondary vocational and other fields, opened up new space for development, achieved an operating revenue of 1.017 billion yuan, an increase of 8.23% and an overall gross profit margin of 61.11%, an increase of 2.78 PCT year-on-year. Among them, the income of smart campus application solutions was 557 million yuan, an increase of 8.27% and a gross profit margin of 44.29%, a year-on-year decrease of 1.35 PCT; The revenue of smart campus cloud platform solution was 168 million yuan, an increase of 20.83% and the gross profit margin was 93.71%, an increase of 3.51pct year-on-year; The revenue from smart government enterprise application solutions was 142 million yuan, a decrease of 12.33% and a gross profit margin of 57.32%, an increase of 11.54 PCT year-on-year; The revenue from operation and maintenance services was 149 million yuan, an increase of 20.88% and a gross profit margin of 90.69%, a year-on-year decrease of 1.04pct. 2) In 2021, the company realized a net profit attributable to the parent company of 161 million yuan, a decrease of 11.48% at the same time, which was mainly due to the impact of the epidemic and the flood in Zhengzhou, the delay of goods delivery, project acceptance and income collection, the increase of R & D and market investment, and the rapid growth of labor costs and expenses.
R & D investment maintains core competitiveness, and the cost rate is basically stable. 1) The company's R & D investment continued to grow. In 2021, the company's R & D investment was 210 million yuan, an increase of 11.70%, accounting for 20.66% of operating revenue, with a year-on-year increase of 0.64pct. The team of R & D personnel continues to expand. In 2021, the number of R & D personnel reached 1235, accounting for 44.57% of the total employees. Intellectual property rights also continue to increase. In 2021, 23 patents and 69 copyrights were obtained, further consolidating the company's core technical advantages. 2) In 2021, the overall expense ratio of the company was 42.58%, with a year-on-year increase of 2.63 PCT, which remained basically stable. Among them, the sales expense ratio was 24.69%, with a year-on-year increase of 0.99 PCT; The rate of administrative expenses was 7.24%, with a year-on-year increase of 0.32pct; The financial expense ratio was -0.48%, with a year-on-year increase of 0.41pct; The R & D expense ratio was 11.13%, with a year-on-year increase of 0.91pct.
Q1 revenue in 2022 is in line with expectations, and orders on hand provide future revenue guarantee. 1) In Q1 2022, the company achieved an operating revenue of 170 million yuan, an increase of 8.25% and a net profit attributable to the parent company of - 18 million yuan, a decrease of 138.56%. It is expected that the delivery, acceptance and payment collection are affected by the epidemic, and various costs and expenses are also increasing. 2) By the end of 22q1, the parent company's orders on hand were about 700 million yuan, an increase of about 100 million yuan over the same period in 21 years, providing guarantee for the company's future revenue.
Perfect the foundation of tens of millions of online traffic on campus, and digital RMB is expected to accelerate the landing of the scene. 1) By the end of 2021, the perfect campus app had been accessed to nearly 1500 colleges and universities in China, nearly 26 million college students had been registered online, and the number of real name authentication users had reached more than 19 million. The average weekly activity is about 21%, the average monthly activity is about 42%, and the daily activity is about 14%. More than 1.8 million students obtain innovative services such as campus payment, study and life, talent growth and so on through the "perfect campus" every day. The perfect campus also builds a campus life service platform for students and businesses around the campus around the campus around the campus e-commerce and campus local life service circle, diverts the perfect campus online traffic to partners and offline stores, and expands the perfect campus ecology. 2) From 2019, the company began to connect with banks, plan and discuss the application scenarios of digital RMB in closed campuses and enterprise parks, and accumulated a deep foundation of technology, customers and scenarios. The 2022 Universiade and the Asian Games will be suitable application scenarios for the pilot of digital RMB. With its own advantages, the company will strengthen the operation of the existing perfect campus sub wallet, and actively explore new application scenarios and cultivate new performance growth points by combining the technical reserves of digital RMB umbrella wallet, account wallet and value wallet.
Maintain the "buy" rating. It is estimated that the operating revenue from 2022 to 2024 will be 1.125 billion yuan, 1.236 billion yuan and 1.355 billion yuan respectively, and the net profit attributable to the parent company from 2022 to 2024 will be 203 million yuan, 234 million yuan and 269 million yuan respectively. Maintain the "buy" rating.
Risk tip: the promotion of smart campus business does not meet expectations; Fiscal expenditure tightened; Increased industry competition risks.
