\u3000\u3 Guocheng Mining Co.Ltd(000688) 066 Piesat Information Technology Co.Ltd(688066) )
Event: on the evening of April 27, the company released the annual report of 2021 and the first quarterly report of 2022. In 2021, the company realized an operating revenue of 1.468 billion (+ 73.43%), a net profit attributable to the parent company of 200 million (+ 55.19%), and a net profit of 151 million (+ 31.81%) deducted. In the first quarter of 2022, the company achieved operating revenue of 195 million (+ 179.26%).
The high growth trend of the company remains unchanged, and the orders are full, laying a solid foundation for the annual performance. In 2021, the company achieved revenue of 1.468 billion (+ 73.43%), including revenue of 657 million (+ 49.96%) in 2021q4. In the first quarter of this year, the company also achieved revenue growth of 179.26%, continuing the high growth trend. In terms of product lines, the revenue of the company's three product lines of spatial infrastructure planning and construction, pie + industry and cloud service in 2021 was RMB 157 million, RMB 1268 million and RMB 44 million respectively, and the scale of industrial application business increased rapidly (+ 174.37%). The new orders signed by the company in 2021 reached 2.17 billion yuan (+ 88.70%), a new high, and the new orders signed in 2022q1 reached 598 million yuan (+ 269.14%), which laid a solid foundation for the annual performance. The reason for the rapid growth of revenue and orders is that the company continues to increase the construction of national marketing network, and the business structure distribution is more reasonable. By the end of last year, the company had established 63 branches in major provinces and cities across the country. In 2021, the company's revenue outside Beijing reached 909 million yuan, accounting for 61.91%, achieving a historic breakthrough. The national business layout also helps the company to deeply tap the industry demand, smooth the impact of the epidemic on local areas, and then promote the rapid growth of revenue and orders.
The company's profitability is relatively stable and continues to increase sales and R & D investment. In 2021, the gross profit margin of the company was 51.97% (- 1.48pcts), which decreased slightly, mainly because the company actively explored new application scenarios and the initial investment increased. With the improvement of product maturity in the future, the company's gross profit margin is expected to remain stable. The company continues to increase sales and R & D Investment: 1 the company continues to build a nationwide marketing network and gradually forms a four-level marketing system composed of headquarters, regions, provincial offices and urban nodes, with a sales expense rate of 9.42% (+ 2.17pcts); 2> The company continued to increase R & D investment and the R & D team continued to grow. By the end of 2021, there were 1871 technicians (+ 55.66%), the annual R & D cost reached 211 million yuan (+ 61.86%), and the R & D cost rate was 14.38% (- 1.03pcts), which remained at a high level. Under the background of rapid growth of personnel scale, the company actively promotes ipd2 0 (incremental performance management) system construction to improve operation efficiency and human efficiency output ratio.
The product line of pie + industry is expected to continue to increase in volume, and the company's competitiveness will continue to improve. 1> In the special field, the company has become one of the few private enterprises undertaking the overall research and development, and its competitiveness has been significantly improved. In December 2021, the company obtained 279 million orders in special fields as an overall unit through a single source, and is expected to deeply participate in relevant projects in the future; 2> In the field of emergency response, the company's market share in the national risk census ranks first in the country. After Fengpu, the company is also expected to deeply participate in the information construction based on the census data by virtue of the advantages accumulated by Fengpu; 3> In the field of natural resources, the company is deeply involved in the formulation of national standards for the construction of real 3D China. With the leading product pie tdmodeler and the ability to provide comprehensive solutions, the company is expected to obtain greater opportunities in the construction of real 3D China.
Profit forecast and investment suggestions
According to the company's annual report of 2021 and the first quarter report of 2022, we believe that the company's business will maintain steady growth. It is predicted that the company's earnings per share will be 1.57, 2.25 and 3.13 yuan from 2022 to 2024 (the original forecast of 22-23 years is 1.55 and 2.18 yuan, adjusted revenue, various expenses, etc.). With reference to the 48 times P / E ratio given by the comparable company in 2022, the corresponding target price is 75.36 yuan, maintaining the buy rating.
Risk tips
Market competition intensifies and business expansion is less than expected
