\u3000\u3 China Vanke Co.Ltd(000002) 373 China Transinfo Technology Co.Ltd(002373) )
The performance is expected to be released gradually and maintain the "buy" rating
In the first quarter of 2022, the company's performance fluctuated, mainly due to external factors such as the impact of the epidemic on delivery and the decline of fair value caused by market fluctuations. In April 2022, the company won the bid of 357 million large orders for comprehensive traffic control in Beijing, and the project continued to be implemented. With the mitigation of the epidemic, the company's performance is expected to be released gradually. We keep the profit forecast unchanged. It is estimated that the net profit attributable to the parent company from 2022 to 2024 will be 876, 1073 and 1321 million yuan, and the EPS will be 0.55, 0.68 and 0.84 yuan. The corresponding PE of the current stock price is 14.5, 11.9 and 9.6 times, maintaining the "buy" rating.
Event: the company released the first quarterly report of 2022
In the first quarter of 2022, the company achieved a revenue of 1.312 billion yuan, a year-on-year decrease of 26.11%; The net profit attributable to the parent company was -256 million yuan, a year-on-year decrease of 282.49%; The net profit deducted from non parent company was -65 million yuan, a year-on-year decrease of 149.39%. The decline in profits was mainly due to the decline in the fair value of Hangzhou Hopechart Iot Technology Co.Ltd(688288) held by the company due to market fluctuations; The decline in non deduction profits was mainly due to the impact of the epidemic, the company's product sales decreased year-on-year, and some delays in the delivery of transportation solution projects led to the corresponding delay in revenue recognition.
Traffic orders continue to land, and the performance is expected to be released gradually
(1) continued implementation of roadside orders: the national transportation power strategy, the new infrastructure policy and the 14th five year plan continue to promote the digital transformation of the transportation industry. With the growth of transportation digital investment and the concentration of market share, the company, as a leader, is expected to continue to benefit. In April 2022, the company won the bid for the comprehensive traffic management project of Wangjing District, Chaoyang District, Beijing (bid section II), with a bid amount of about 357 million yuan. The project includes seven systems such as 5g + intelligent transportation and intelligent intersection. It is another benchmark case after Beijing Beijing Centergate Technologies (Holding) Co.Ltd(000931) , Beijing CBD and Hangzhou Binjiang. The comprehensive traffic management of the whole region is expected to start large-scale replication. (2) By investing in Lianlu intelligence, the implementation of vehicle road coordination is expected to be accelerated: in 2021, the company will cut into the automotive electronic business in the Internet domain by investing in Lianlu intelligence, so as to realize the complete closed loop of "vehicle + road", and the implementation of vehicle road coordination is expected to be accelerated. (3) Expand scenarios and channels, and the intelligent IOT is expected to continue to open up growth space: the company's AI algorithm continues to iterate, and boguan intelligence has launched 100 + training and learning algorithm, 200 + pre training model and 900 + industry algorithm to expand to different business scenarios; At the same time, the company actively promotes channel sinking and is expected to continue to open up growth space. As the epidemic eases, the company's performance is expected to be released gradually.
Risk tip: the growth of intelligent transportation orders is less than expected; The shipment volume of Internet of things products was lower than expected.
