\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 and realized a net profit attributable to the parent company of 161 million yuan in 2022, with a year-on-year increase of 0.93%.
Key investment points:
The company's performance in 2021 was lower than expected due to the hand attack epidemic and the thunderstorm of real estate developers.
The company achieved a revenue of 1.505 billion yuan in 21 years, with a year-on-year increase of 9.75%; The net profit attributable to the parent company was 161.3 million yuan, a year-on-year increase of 0.93%; The net profit deducted from non profits was 144.7 million yuan, a year-on-year increase of 9.20%; The operating cash flow was 31.88 million yuan, a year-on-year decrease of 79.28%. In 2021, due to the sharp rise in the prices of various raw materials, the increased impact of the regulation of the real estate industry on new projects and other adverse factors, as well as the repeated epidemic in various regions of China, the performance growth of the company slowed down significantly this year and the cash flow capacity was weakened.
The cumulative number of users of Czech parking reached 75 million, a year-on-year increase of 134%, and 5000 smart parking lots were added, a year-on-year increase of about 31%, exceeding market expectations.
At the end of 21 years, the number of users of Czech parking increased by about 43 million compared with the beginning of the year, and about 5000 smart parking lots were added. By the end of the year, the accumulated number of users of the company's agile parking business had reached 75 million (accounting for about 26.8% of China's car ownership of 280 million), with a year-on-year growth rate of more than 134%; 5000 smart parking lots were added, with a year-on-year growth rate of about 31%. The company's smart parking business data is growing rapidly, and its large-scale advantages are further reflected.
There are 4900 new cloud hosting business objectives, which are advancing steadily and will greatly optimize the company's cash flow. According to the company's announcement, the company added 4900 cloud hosting channels by the end of 2021, and cloud hosting is currently accelerating. Considering the characteristics of monthly collection and cumulative revenue recognition of cloud hosting, the company's cash flow will be greatly optimized in the future. The introduction of frequent replacement business will increase the growth rate of the company's new business.
Maintain the "buy" rating of the company, with a target price of 15.50 yuan.
It is estimated that the company's revenue from 2022 to 2024 will be 17.31 (- 3.85, - 18.2%), 20.25 (- 4.34, - 17.6%) and 2.43 billion yuan respectively; The net profit attributable to the parent company is 2.34 (- 0.45, - 16.2%), 3.02 (- 0.57, - 15.8%) and 395 million yuan, corresponding to EPS of 0.36, 0.46 and 0.61 yuan respectively, corresponding to PE of the current stock price of 21, 16 and 12 times. Considering the increasing proportion of the company's new business, the target price is maintained at 15.50 yuan, corresponding to pe43 times in 22 years, and the "buy" rating of the company is maintained.
Risk tips
The development speed of cloud hosting is lower than expected, the competition pattern deteriorates again, and there is a risk of impairment of accounts receivable
