\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 570 Hundsun Technologies Inc(600570) )
China’s financial it leader maintained the “buy” rating
In the first quarter of 2022, the company achieved a revenue of 973 million yuan, a year-on-year increase of 29.59%. In April 2022, the company completed the change of management, and most of the new management team came from technology. Under the background of Xinchuang, technology is expected to achieve continuous breakthroughs and inject new growth vitality into the company. We keep the profit forecast unchanged. It is estimated that the net profit attributable to the parent company from 2022 to 2024 will be RMB 1.892 billion, RMB 2.451 billion and RMB 3.175 billion respectively, and the EPS will be RMB 129 million, RMB 1.68 million and RMB 2.17. The PE corresponding to the current share price from 2022 to 2024 will be 27.0, 20.9 and 16.1 times, maintaining the “buy” rating.
Event: the company released the first quarterly report of 2022
In the first quarter of 2022, the company achieved revenue of 973 million yuan, with a year-on-year increase of 29.59%, and the revenue maintained rapid growth; The net profit attributable to the parent company was -41 million yuan, a year-on-year decrease of 124.49%, mainly due to the year-on-year decrease in the company’s investment income and income from changes in fair value; The net profit deducted from non parent company was 15 million yuan, a year-on-year decrease of 59.13%, which was mainly due to the higher salary growth than income growth. In 2022, according to the strategic planning and customer demand, the company adjusted the industry data caliber. According to the new caliber, the IT revenue of large retail was 236 million yuan, a year-on-year increase of 35.81%; The IT revenue of Da asset management was 394 million yuan, with a year-on-year increase of 35.85%, and the core business maintained high growth. According to the company’s annual report, the company’s main revenue budget in 2022 increased by 25% year-on-year, the highest in recent five years. Considering the impact of the epidemic, the company still achieved rapid growth in revenue in the first quarter, laying the foundation for the annual goal.
The new management is expected to inject new growth vitality
On April 15, 2022, the company announced the completion of the change of management, and elected Mr. Liu Shufeng, the former vice chairman and President of the company, as the chairman, and Mr. Fan Jingwu, the former vice president, as the vice chairman and President; Former chairman Peng Zhenggang continued to serve as a director of the company and led the company’s capital market and investment and financing related work. Mr. Fan Jingwu, the new president, has been in charge of the company’s product technology line since he graduated from Zhejiang University. He has led the development of core systems and breakthroughs in key technologies. He has successively served as the general manager and technical director of the company’s R & D center; At the same time, most of the new vice presidents of the company are from technology. We believe that the new management of the company has more technical background, continues to introduce technical talents in recent years, and will continue to adhere to the independent R & D route in the future. Under the background of information innovation, technology is expected to achieve continuous breakthroughs and inject new growth vitality into the company.
Risk warning: product promotion is not as expected; Securities it investment was less than expected.
