\u3000\u30 Guangdong Tengen Industrial Group Co.Ltd(003003) 79 Beijing Tongtech Co.Ltd(300379) )
Under the high base, the revenue in the first quarter of 2022 decreased by 47.3% year-on-year Beijing Tongtech Co.Ltd(300379) released the first quarterly report of 2022 on the evening of April 26, and realized a revenue of 79 million yuan in 22q1, a year-on-year decrease of 47.3%; The net profit attributable to the parent company was – 47 million yuan, compared with 25 million yuan in the same period last year.
Historically, the proportion of revenue in the first quarter was relatively low, and there were occasional factors in 21q1 Beijing Tongtech Co.Ltd(300379) 2022 first quarter revenue 79 million yuan, down 47.3%. The company’s main customers focus on government enterprises, operators, finance, etc. general projects focus on revenue recognition in the second half of the year, superimposed with factors such as the Spring Festival, so the revenue in the first quarter is usually relatively low. The revenue of 2021q1 was 149 million yuan, the highest in history, mainly due to the postponement of some orders in 2020 to 21q1. Under the high base factor, the income growth of 22q1 is under overall pressure.
The chairman of the board and the chief financial officer made a big increase to demonstrate the confidence of the management. The company issued a shareholding increase announcement simultaneously with the first quarterly report. Huang Yongjun, chairman of the company, and Xu Shaopu, deputy general manager, chief financial officer and board secretary, plan to increase their shareholding in the company, with a total amount of 30-50 million yuan. The management’s large-scale shareholding increase shows their confidence in the future development of the company.
The prosperity of financial information and innovation can be expected, and digital business is in the ascendant. 2022 is expected to be the first year of industrial credit innovation. The construction of industry-level credit innovation with financial institutions as the pioneer is worth looking forward to, and the sinking of government credit innovation is also expected to bring new opportunities. In 2021, the company’s middleware business revenue was 333 million yuan, with a year-on-year increase of 23.6%. If the industry with broader market space is promoted, it will greatly promote the company’s middleware business. On the other hand, in 2021, the company’s non information innovation business achieved rapid growth. The revenue from safety products, intelligent emergency and government enterprise digital transformation was 240 million yuan, 160 million yuan and 120 million yuan respectively, with a year-on-year growth rate of 30%, 68% and 43% respectively. The total revenue has reached 61%. The company’s non basic software business mainly includes three major fields: information security, intelligent emergency and digital transformation, which are the key construction segments of downstream customers in the future under the digital economy.
Issue equity incentives and set high growth targets Beijing Tongtech Co.Ltd(300379) made an announcement on the evening of April 27 to launch the stock option incentive plan. The number of stock options to be granted is 16.875 million, accounting for 3.68% of the total share capital. The incentive objects are Qu Tao and Zhang Chunlin, two deputy general managers, and the remaining 260 core backbones. The performance unlocking condition is that the net profit in 2022 and 2023 will not be less than 375 million yuan and 500 million yuan respectively. The net profit attributable to the parent company in 2021 was 248 million yuan. The unlocking conditions of the equity incentive plan gave higher performance growth guidance, which once again reflected the confidence of the company’s management in the future.
Investment suggestion: we estimate that the net profit attributable to the parent company from 22-24 years is RMB 395 / 552 / 737 million respectively, with a year-on-year growth rate of 59.2% / 39.8% / 33.5%. The current stock price corresponds to 17 / 12 / 9 times of PE from 22-24 years. The company is a leader in domestic middleware and has realized the dual wheel drive of middleware + wechat. Considering the high growth of the company and the potential market space brought by industry information innovation in 2022, the company maintains the “recommended” rating.
Risk tip: the localization process of middleware is not as expected; Intensified market competition; There are seasonal fluctuations in the demand for wechat services.
