\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 570 Hundsun Technologies Inc(600570) )
Key investment points
Investment Event: on April 27, the company released the first quarter report of 2022. In the first quarter of 2022, the company achieved a revenue of 973 million yuan, a year-on-year increase of 29.59%; The net profit attributable to the parent company was -41.3 million yuan, a year-on-year decrease of 124.49%; The net profit deducted from non parent company was 15.38 million yuan, a year-on-year decrease of 59.13%.
In the new era and new planning, the business segments are adjusted and merged to better meet the needs of customers. 2022 is the initial year for the company to build a “high-speed rail model” for digital intelligence finance 2030. During the reporting period, the new management team of the company conducted thorough business insight and detailed strategic planning based on this goal, and integrated the original business sectors to a certain extent according to the changes of customer demand dimensions. Specifically, the main adjustments include: 1) the TA related product lines in the large retail IT business were transferred into the large asset management IT business, and a special operation management business headquarters was established with the original valuation and capital clearing in the large asset management IT business; 2) The insurance core IT business is transferred into the enterprise fund, insurance core and infrastructure IT business. The adjusted enterprise fund, insurance core and infrastructure IT business can provide more and more targeted personalized services according to the industry characteristics and customer needs; 3) After this adjustment, data risk and platform technology it mainly includes IT businesses such as data middle office, risk compliance and platform technology. At the same time, the company integrates the original research institute and R & D center and establishes a technology platform headquarters to carry the light strategy and create comprehensive financial technology competitiveness. Based on the adjusted caliber, the two core business lines of 22q1 company, large retail it and large asset management it, achieved revenue of 236 / 394 million yuan respectively, with a year-on-year increase of 35.81% / 35.85% respectively, both higher than the overall revenue growth.
Under adversity, income shows resilience, with a long-term perspective and firm investment. Although the company’s business development was affected by the repeated epidemic, during the reporting period, the company still achieved a revenue of 973 million yuan, a year-on-year increase of 29.59%, and the cash received from selling goods and providing labor services was 625 million yuan, a year-on-year increase of 26.32%. The growth of revenue reflects good resilience. The company’s financial investment in the first quarter was RMB 2.25 billion, but the company’s long-term financial performance was relatively weak, which led to a year-on-year performance of RMB 2.25 billion. At the same time, we recognized that the company’s financial investment in the first quarter was RMB 2.23 billion, which also led to a certain year-on-year performance of RMB 8.8 billion. At the same time, the company’s financial performance in the first quarter was relatively weak. As a leader in the financial technology industry, the company adheres to a high investment level in the future under the guidance of digital intelligence finance 2030. Its short-term performance is expected to gain more development space, leading edge and profit performance in the long term.
Investment suggestion: we estimate that the total revenue of the company from 2022 to 2024 will be 6.876/84.92/10.394 billion yuan respectively, the net profit attributable to the parent company will be 1.309/15.23/1.878 billion yuan respectively, the EPS will be 0.90/1.04/1.28 yuan respectively, and the corresponding PE will be 39 / 34 / 27 times respectively, maintaining the “buy” rating.
Risk warning: the tightening of supervision orientation will have an adverse impact on the company’s business; Weakening the profitability of the industry; The implementation of product development and business promotion are not as expected.
