\u3000\u30003 Midea Group Co.Ltd(000333) 00033)
Affected by market fluctuations, revenue in the first quarter of 2022 fell by 2.9% year-on-year Hithink Royalflush Information Network Co.Ltd(300033) released the first quarterly report of 2022 on the evening of April 25. 22q1 achieved a revenue of 515 million yuan, a year-on-year decrease of 2.9%; The net profit attributable to the parent company was 112 million yuan, a year-on-year decrease of 34.0%; The net profit after deducting non-profit was 108 million yuan, a year-on-year decrease of 36.0%.
The performance was in line with expectations, and the contract liabilities maintained growth Hithink Royalflush Information Network Co.Ltd(300033) 2022 first quarter revenue of 515 million yuan, taking into account the drastic fluctuations in the market this year, the company’s revenue performance is basically in line with expectations. From several leading indicators, the sales revenue of 22q1 was 648 million yuan, a year-on-year decrease of 5.43%; The scale of contract liabilities reached 1.148 billion yuan, an increase of 10% over the beginning of the year. At the beginning of 2022, the market adjusted significantly, and the transaction heat did not further improve. The transaction volume of 22q1 market increased by 7% year-on-year. The decline in the heat of the securities market affected the company’s short-term performance to a certain extent.
The R & D investment is increased, and the profit side is under pressure. The profit side growth rate of the company declined more significantly in 2022q1, mainly due to the high growth of R & D expenses Hithink Royalflush Information Network Co.Ltd(300033) 2021 significantly increased the investment in R & D, and the R & D expenditure in 2021 was 828 million yuan, a year-on-year increase of 41.6%; In the first quarter of 2022, the R & D expenditure was 261 million yuan, a year-on-year increase of 47.8%. The company continues to increase R & D investment on the AI base platform. New generation market trading system, financial information service terminal, intelligent investment consultant, digital marketing service and other products have strong competitive advantages in the industry. Ifind is expected to become a major growth business of the company.
Wait for the market to pick up and pay attention to the potential growth of emerging businesses. The company’s traditional main business is telecom value-added services and internet promotion. Due to its high correlation with the capital market, it has a certain cyclical attribute. Considering China’s overall loose monetary policy this year, if the subsequent market sentiment warms up, the company’s performance elasticity is expected to rise. On the other hand, the company continued to develop its emerging business in 2021, and the financial terminal Ifind and the fund consignment platform love fund all had good performance. Looking ahead, the two businesses have broad market space, the company is in the initial stage, and the subsequent growth is worthy of attention.
Investment suggestion: it is estimated that the revenue of Hithink Royalflush Information Network Co.Ltd(300033) 2224 will be RMB 4.045 billion, RMB 4.812 billion and RMB 5.591 billion respectively, with year-on-year growth rates of 15.3%, 18.9% and 16.2% respectively; The net profit attributable to the parent company from 22 to 24 years was 2.210 billion yuan, 2.629 billion yuan and 3.060 billion yuan respectively, with a year-on-year growth rate of 15.6%, 19.0% and 16.4% respectively; The current market value corresponds to 18 / 15 / 13 times of PE in 22 / 23 / 24 years respectively. The company is the leader of China’s securities app. While sitting on the huge ecological flow, the innovative business is actively expanding the blue ocean market, providing long-term growth for the company and maintaining the “recommended” rating.
Risk warning: the capital market is less active than expected; The diversion of love fund is less than expected; The market speed of Ifind is lower than expected; The technical improvement was less than expected.
