\u3000\u3 Guocheng Mining Co.Ltd(000688) 369 Beijing Seeyon Internet Software Corp(688369) )
Accelerated delivery revenue achieved rapid growth, which was less affected by the epidemic, slightly exceeding market expectations.
On the revenue side, the company achieved an operating revenue of 142 million yuan, with a year-on-year increase of 20.60%. The company accelerated the delivery of early orders in Q1, and the high growth rate of early orders realized a rapid income transformation, which was less affected by the epidemic as a whole. On the cost side, the overall gross profit margin of Q1 fell to 61.17%. We believe that it is mainly due to the increase in the volume of some projects under the background of localization and the slight increase in the delivery cost of the original factory.
Profit turned to loss year-on-year, mainly due to the transition from high R & D investment to income generation of new products.
On the expense side, the company continued to build new products of OA and non OA. The R & D investment of Q1 company was 473804 million yuan, a year-on-year increase of 48.95%, the proportion of R & D investment in revenue increased by 6.36 PCT to 33.41%, and the average number of R & D personnel increased by more than 40% over the same period of last year. Affected by expenses, the net profit attributable to the parent company in Q1 was -278964 million yuan, which turned into a loss year-on-year.
Issue equity incentive plan, set double indicators of income and profit, and have strong internal confidence
The company issued an equity incentive plan, which plans to grant 1.6 million restricted shares, accounting for about 2.08% of the total share capital of the company. The total number of grant objects is 267, accounting for about 10.71% of the total number of employees of the company. The incentive scope is large, and the grant price is not less than 35 yuan. We believe that the company's release of the equity incentive plan at this time shows the company's confidence in the company's growth. The equity incentive plan sets double indicators of income and profit. From 2022 to 2024, the trigger value of year-on-year growth of income is 20% / 20% / 17%, the target value of year-on-year growth of income is 26% / 24% / 25%, and the target value of year-on-year growth of non parent net profit is deducted by 11% / 24% / 21%. The company has set higher income and profit requirements under the background of the epidemic, and it is expected that the company is expected to further accelerate the transformation of orders and income and profit.
Investment suggestion: maintain the company's revenue forecast of 1.373/18.47/2.369 billion yuan from 2022 to 2023, maintain the net profit forecast of 168 / 2.29/303 million yuan from 2022 to 2023, and maintain the "buy" rating
Risk warning: the confirmed progress of large projects is less than expected; Personnel growth control is less than expected; The project payment collection is less than expected
