\u3000\u3 China Vanke Co.Ltd(000002) 153 Beijing Shiji Information Technology Co.Ltd(002153) )
Event: on the evening of April 27, the company released its annual report for 2021, realizing an operating revenue of 3.215 billion yuan, a year-on-year decrease of 3.09% (after adjustment); The net profit attributable to the parent company was -478 million yuan, a year-on-year decrease of 608% (after adjustment), which was in line with the preliminary notice. On April 28, the company released its report for the first quarter of 2022, realizing an operating revenue of 573 million yuan, a year-on-year decrease of 5.60%; The net profit attributable to the parent company was 31 million yuan, a year-on-year decrease of 25.53%; Net profit deducted from non parent company was 03 million yuan, a year-on-year decrease of 91.66%.
Epidemic factors affect business development in the short term, and SaaS cloud products are firmly promoted. 1) In 2021, the company achieved a total operating revenue of 3.215 billion yuan, a year-on-year decrease of 3.09% (after adjustment), which is mainly due to the significant adverse impact of the continued high incidence of overseas epidemics and the repeated epidemics in China, and the company’s business development has not yet met expectations. 2) In terms of business, the business of hotel information management system was 785 million yuan, a year-on-year decrease of 8.66%; The social catering information management system was 79 million yuan, a year-on-year decrease of 15.35%; Payment system business was 104 million yuan, a year-on-year increase of 17.53%; The business of commercial circulation management system was 683 million yuan, a year-on-year increase of 8.18%; The business of tourism and leisure system was 36 million yuan, a year-on-year decrease of 20.14%; The third-party hardware supporting business was 985 million yuan, a year-on-year decrease of 14.41%; Its own intelligent commercial equipment was 510 million yuan, a year-on-year increase of 18.26%. 3) At the end of 2021, the revenue of the company mainly from the international hotel and catering system increased by 26.5% year-on-year to 8.47 million yuan, mainly from the end of 2021; The total number of enterprise customers (end users) stores is about 80000 hotels, with an average renewal rate of more than 90%. Among them, cloud POS has entered a period of stable and rapid development, and the total number of online customers has reached 2271; Cloud PMS launched 27 hotels, including 1 Peninsula Hotel and 2 Intercontinental Hotels. 4) In 2022q1, the company achieved an operating revenue of 573 million yuan, a year-on-year decrease of 5.60%; The net profit attributable to the parent company was 31 million yuan, a year-on-year decrease of 25.53%; The net profit deducted from non parent company was 03 million yuan, with a year-on-year decrease of 91.66%, of which the kalibri33.5% will be held by Shiji America 21% of the equity was sold for us $14.5 million, and the investment income was 32.91 million yuan.
Withdraw large amount of goodwill impairment and adhere to the internationalization and platform development strategy. 1) From the perspective of profit, in 2021, the company realized a net profit attributable to the parent company of -478 million yuan, a year-on-year decrease of 608% (after adjustment). On the one hand, the company evaluated and calculated the goodwill formed by the acquired Shiji retail Information Technology Co., Ltd., galasys PLC and other companies in combination with the judgment of industry development and enterprise operation. Affected by the epidemic and other factors, the company made a provision for goodwill impairment of 352 million yuan. 2) On the other hand, the company has always adhered to the internationalization and platform development strategy, increased investment in product testing and promotion, and increased R & D expenses and sales expenses, resulting in large fluctuations in profits. In 2021, the company realized sales expenses of RMB 284 million, with a year-on-year increase of 11.13%; The management fee was 700 million yuan, a year-on-year decrease of 0.82%; The R & D cost was 418 million yuan, a year-on-year increase of 37.05%. 3) In 2022q1, the company realized sales expenses of 61 million yuan, a year-on-year increase of 0.17%; Administrative expenses were 178 million yuan, a year-on-year increase of 16.94%; The R & D cost was 62 million yuan, a year-on-year increase of 25.35%.
The new generation of cloud products have significant competitive advantages, and a new growth curve is about to open. 1) In 2014, Microsoft became a global leader in the development of cloud technology, while Microsoft became a relatively high concentration of other IT companies. The company is keenly aware of industry changes and has strong strategic foresight. Since the start of international transformation in 2015, Early independent investment in the research and development of a new generation of “stone based enterprise platform – hotel industry solution” based on Cloud Architecture (i.e. SEP) 。 At present, in order to form a relatively perfect cloud product line, the company has achieved phased results and an international leading position in big data application services, hotel catering management system, background system and hotel foreground management system. 2) After years of research and development, cloud products represented by cloud POS and cloud PMS have significant advantages in performance. Among them, the new generation SEP has been recognized by Peninsula Hotel and intercontinental hotel, an international well-known hotel group. In addition, with rich experience in customized service for large customers and rapidly expanding global network layout, the company is expected to fully benefit from the trend of hotel it cloud and obtain the leading position in the global hotel it market. Referring to micros volume, the company’s long-term income space is expected to reach 10-15 billion yuan. 3) Affected by the global epidemic, the business progress of the company slowed down to a certain extent in 2020 and 2021. Considering the successive implementation of the cooperation agreements between the company and Peninsula, intercontinental and other international famous hotel groups, the company is also participating in the bidding and testing of the new generation hotel information system by several important international hotel groups. Relying on the leadership of technology and products, the company is expected to be finally selected. With the global epidemic or gradually stabilized in recent years, the company’s internationalization and platform strategy is expected to continue to advance, and a new growth curve is about to open.
Maintain the “buy” rating. According to key assumptions, we expect the company’s operating revenue to be RMB 3.842/4.664/5.736 billion from 2022 to 2024, and the net profit attributable to the parent company to be RMB 261 / 4.27/608 million, maintaining the “buy” rating.
Risk tips: the risk of continuous impact of the epidemic, the risk that the overseas market promotion of cloud products is less than expected, and the risk of intensified trade friction
