\u3000\u30 Chongqing Baiya Sanitary Products Co.Ltd(003006) 87 Guangzhou Sie Consulting Co.Ltd(300687) )
Intelligent manufacturing has a high boom and maintains the "buy" rating
The company is a leading enterprise in the fields of industrial Internet and intelligent manufacturing, core ERP and business operation in China. It is expected to benefit from the high prosperity of the industry. We maintain the original profit forecast and add the profit forecast for 2024. It is estimated that the net profit attributable to the parent company from 2022 to 2024 will be RMB 287, 364 and 460 million, and the EPS will be RMB 0.72, 0.91 and 1.16 per share. The current share price corresponds to PE of 26.9, 21.2 and 16.8 times, maintaining the "buy" rating.
Event: the company released 2021 annual report and 2022 first quarter report, and the revenue increased rapidly
The company issued the 2021 annual report and the first quarterly report of 2022. In 2021, the company achieved an operating revenue of 1.935 billion yuan, a year-on-year increase of 39.68%; The net profit attributable to the parent company was 225 million, with a year-on-year increase of 27.53%. If the impact of share based payment expenses of about 36.84 million yuan is deducted, the profit growth rate is about 45.6%; The net cash flow from operating activities was 253 million yuan, a year-on-year increase of 108.45%, and the cash flow improved significantly. In the first quarter of 2022, the company achieved an operating revenue of 492 million yuan, a year-on-year increase of 28.93%; The net profit attributable to the parent company was 14 million yuan, a year-on-year increase of 28.26%.
The revenue and profit of intelligent manufacturing maintained rapid growth, and the growth of Pan ERP business exceeded expectations
In 2021, the company's intelligent manufacturing business revenue increased by 43.23% year-on-year, maintaining a rapid growth rate; Thanks to the continuous improvement of product modularity and industry suite standardization, as well as the continuous optimization of relevant prototype implementation methodology, the gross profit margin of the sector has increased steadily, from 41.03% in 2020 to 42.12% in 2021, and the profitability contribution ability has been gradually realized. The company's Pan ERP segment revenue grew by 37.07% year-on-year, higher than the growth rate in 2020 and the management's plan at the beginning of the year. The rapid growth of segment revenue benefited from (1) the reduction of core ERP participants, the improvement of industry concentration and the full benefit of leaders; (2) Continuous optimization of the company's operation capacity; (3) The synergy with industrial software business is gradually released, the full stack product portfolio capability is gradually recognized by the market, and the combat advantages of the corps are emerging.
Continue to increase research and development and wait for the release of performance
In the first quarter of 2022, the company's R & D rate was 13.32%, with a year-on-year increase of 4.94 PCT, mainly due to the implementation of fixed growth and the increase in the company's investment in R & D and innovation. We are optimistic that the Taiwan product development of the company's self-developed business operation will continue to accelerate and is expected to become a new business growth pole. The company's management fee rate increased by 0.69pct to 7.12%, mainly due to the increase of share based payment expenses, the depreciation of use right assets according to the new leasing standards and the depreciation of purchased real estate.
Risk warning: the epidemic situation repeatedly affects the project acceptance and delivery; The company's R & D was less than expected.
