\u3000\u3 Guocheng Mining Co.Ltd(000688) 080 Beijing Inhand Networks Technology Co.Ltd(688080) )
Performance review
On the evening of April 25, the company released the annual report of 21 years and the quarterly report of 22 years. In the 21st year, the revenue was 450 million yuan, Y / y44.5% 63%； The net profit attributable to the parent company is 105 million yuan, Y / y159 million yuan 65%； Deduct non net profit of 71 million yuan, Y / y119.5% 73%, slightly higher than the median forecast. 22q1 Revenue: 61 million yuan, Y / y15.5 million yuan 32%； The net profit attributable to the parent company is 02 million yuan, Y / y-20.11%; Deduct non RMB 01 million, Y / y-64.30%.
Business analysis
The annual revenue increased significantly and the overseas performance was brilliant. The comprehensive gross profit margin of 21 years is 45.4%, Y / y-1.51pp, which is expected to be mainly caused by the rise of upstream raw material costs. The industrial Internet of things communication revenue was 217 million yuan, Y / y37.5% 55%, gross profit margin 48.88%, Y / y-2.6pp; Iwos sales increased steadily, with a revenue of 99 million yuan, Y / y19.5% 16%, gross profit margin 38.34%, Y / Y1 16PP； The products of intelligent sales control system continued to upgrade software and hardware, and the annual revenue was 73 million yuan, Y / Y108 97%, gross profit rate 32.09%, Y / y-4.51pp. Overseas performance has increased significantly, with overseas revenue of 148 million yuan in 21 years, Y / y59.5% YY accounted for 33.3%, accounting for 54.3% 4pp, gross profit margin 56.46%, Y / Y1 88PP。
Adhere to independent innovation and R & D, with high product upgrading and R & D conversion rate. In the 21st year, the R & D investment was 49 million yuan, Y / Y25 57%, accounting for 10.93% of revenue. During the reporting period, the intelligent vehicle networking system and industrial communication product line were improved, the economics industrial router ir305 and 5g upgraded version were launched, and the “Xinghan” cloud management network scheme was released. Upgrade iwos platform software and algorithm service software, and improve the product line of intelligent distribution network system. For the demand of unmanned retail intelligent terminal, the AI intelligent vending cabinet of antelope purchase will be launched soon. It will be matched with PC terminal management evaluation, adapt to small program terminal, and adopt AI intelligent algorithm + double photography to help new digital retail. The IOT field launched ig502 cost-effective edge computing gateway to meet the needs of “edge collaboration” of enterprises.
Smart power and smart manufacturing have broad prospects and are optimistic about the long-term growth of the company. The 14th five year plan for the development of digital economy proposes that the added value of core industries of digital economy will account for 10% of GDP in 25 years. Among them, there is a strong demand for intelligent transformation of manufacturing enterprises and power operators. The company is expected to seize the opportunities of digital transformation and other industries. The company has increased its sales team and channel construction. At present, its business has covered Europe, America, Asia Pacific and other markets, and continues to strengthen its medium and Taiwan capacity. It is expected that the profit cgar will be about 40% in the next three years.
Profit adjustment and valuation suggestions
We basically maintain the profit forecast (the adjustment range between income and net profit attributable to parent company is less than 5%), and it is estimated that the net profit attributable to parent company in 22-24 years will be RMB 134 / 171 / 211 million, corresponding to pe15 / 12 / 10 times, maintaining the “buy” rating.
Risk tips
Power grid investment is less than expected, new product R & D and market promotion are less than expected, market competition is fierce, overseas market expansion is less than expected, supply chain risk, exchange rate fluctuation risk, shareholder reduction.
