\u3000\u30 Jinzai Food Group Co.Ltd(003000) 31 Wuxi Boton Technology Co.Ltd(300031) )
Event:
The company issued the 2021 annual report and the first quarterly report of 2022.
Comments:
In the past 21 years, revenue grew steadily and R & D investment increased
In 2021, the company achieved an operating revenue of 2.76 billion yuan, a year-on-year increase of 4.62%. The net profit attributable to the parent company was 403 million yuan, a year-on-year decrease of 7.81%. Among them, the mobile Internet business achieved a revenue of 1.528 billion yuan and the industrial Internet business achieved a revenue of 1.232 billion yuan. The gross profit margin was 41.23%, a year-on-year increase of 0.4pct, the sales expense rate / management expense rate / R & D expense rate was 19.22% / 6.56% / 4.87%, a year-on-year increase of 0.53pct / – 0.54pct/2.11pct, and the company increased R & D investment. By the end of 2021, there were 443 R & D personnel, a year-on-year increase of 31.45%. In the first quarter of 2022, the company achieved an operating revenue of 662 million yuan, a year-on-year decrease of 9.62%. The net profit attributable to the parent company was 69 million yuan, a year-on-year decrease of 43.96%.
Promote the digital transformation of intelligent transportation business and accelerate the commercialization process
In 2021, the operating revenue of the company’s digital conveyor belt business was 1.062 billion yuan, a year-on-year increase of 13.18%. The company continued to increase R & D investment and market operation investment in digital transportation system, set up subsidiaries in Beijing and Shanghai, Beijing Baotong Zhilian and Shanghai Baotong Xingyuan, invested in the mining area driverless enterprise tangge Zhixing, Yiyu Qianxiang of naked eye 3D technology company, Baoli Zhixing of mining integration company, increased the capital of AR / VR enterprise hasic, and signed Shandong Iron And Steel Company Ltd(600022) group, Citic Pacific Special Steel Group Co.Ltd(000708) Tongling Taifu company and other customers, Expand the implementation of digital transportation products in more scenarios such as smart mines and ports, and accelerate the commercialization of intelligent transportation systems.
Deepen the integrated layout of research and operation, and pay attention to the launch of self-developed customized products
In 2021, Yi Huan released “bleach” in Southeast Asia and “dream link” in Hong Kong and Taiwan, all of which entered the top 10 of the best-selling list in the first week of launch. Hainan’s gaotu water has maintained rapid growth, with two of the six products in circulation running more than 100 million, and King’s three running more than 300 million, promoting the layout of globalization. In addition, the company has completed the construction of self-developed track and established SLG, card placement and other R & D teams in Chengdu and Guangzhou. At present, the game business reserves a variety of self-developed and customized products, such as the final front: inobeta, D3, JS, snd and CBP.
Investment advice and profit forecast
Intelligent products and service technologies in the industrial Internet sector continue to iterate and promote the landing of more commercialization scenarios. The mobile Internet sector expands the integration of global research and operation, and the launch of follow-up agents and self-developed products is expected to contribute to the increment. It is estimated that from 2022 to 2024, the company will realize a net profit attributable to the parent company of 525 / 630 / 733 million, corresponding to EPS of 1.28/1.53/1.78 yuan / share and pe12x / 10x / 9x respectively. Maintain the “buy” rating.
Risk tips
The launch of new games was less than expected, and the flow of old games in the head fell rapidly.
